Developing a Good Business Plan
A business plan is a roadmap that provides directions to enable the business plan its future and avoid bumps on the road. For any entrepreneur, a well written business plan is an important ingredient in preparing for business success. Not only does a plan provide a pathway to success but also assists an entrepreneur to measure actual business performance and also replace assumptions with facts. A good business plan for an SME should reflect the following basic elements:
A clearly defined area of business venture;
Clear mission, vision and value statements;
The right resources for the business (i.e. people, capital, plant, machinery and equipment);
Awareness of the business environment;
The future prospects of the business (including growth projections and profitability).