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Business Plan Checklist by Fran McCully
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Business Plan Checklist |
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Business,Finance & Investment
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An Introduction to Business Plans Business Plan Checklist The following are reasons to think about updating or developing a business plan: ? You have started a new business and do not have a roadmap. ? Your old plan does not reflect reality; maybe things have changed faster than you expected. Or you may have changed the way your business operates. ? There has been a significant market switch. ? You need financing, or additional financing. You need a bank ready plan to apply for a loan. ? Your company is about to develop a new product. ? Your business has changed a lot since you wrote the original plan - obvious time for an update. ? You have had a change in management. New management should have fresh information about your business and goals. ? A new financial period is about to begin. You should update your plan annually, quarterly if your industry is a fast- changing one. ? Your company has crossed a threshold, you have moved out of your home office, made the $1 million sales mark. ? Market analysis was never done or a new market analysis is imperative because of the market switch. Plans differ widely in their length, their appearance, the detail of their contents, and the varying emphases they place on different aspects of the business. Most business plans have a lot of elements in common, for example cash flow projections and marketing plans. Your plan must present you and your business in the best and most accurate manner.
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