Five tips to consider when writing your business plan.
What is a business plan and why it’s important? Business plans are made to write down the company’s objectives. It must include the business’s economic projections. The business plan is what you present to the bank when you require financing. If you want to develop a winning business plan, have in mind these tips:
Devote time to your business plan
Your business plan requires extensive research and knowledge of the market. You should speak with prospective clients and consider what potential competitors are doing in your industry.
You can also obtain information about your industry and possible competitors by visiting the web page of the Instituto de Estadísticas de Puerto Rico. If you need advice you can also visit the Banco de Desarrollo Económico or the Puerto Rico Industrial Development Company .
Integrate your support network
Include the advice of your bank official, insurer, lawyer and accountant when drafting your business plan. Also, ask your bank’s branch Manager about the financial requirements of the business plan. Discuss them with your accountant or financial advisor.
Identify the company’s strengths and weaknesses
The strengths and weaknesses of your idea will come to light once you start the research and development of the plan. Take advantage of this stage. Consider solutions to these weaknesses and analyze how your business can still be successful.
Do not underestimate the competition
Competitive analysis is one of the most important topics in the business plan. A good analysis of the market and the competition, will give you the assurance that your product or service really has potential customers. Detail all possible competitors of your business, whether they are direct or indirect. This exercise will give you a clear vision of the challenges you may face.
Don’t be afraid of numbers
The more details you include in the financial section of the plan, the more accurate your financing estimates will be. Be as specific as possible when calculating costs. This will prevent running out of cash during the first leg of your entrepreneurial race.
The business plan will help you know better your company. It will also provide you valuable information that will help you draw your path to success. Are you ready? Contact one of our experts and check out what we have to offer.