Introduction to Your Business Plan

• Who are the promoters & what is their previous experience?

Executive Summary

• What is the proposal?
• Who are the personnel?
• When is the proposal launch timed for?
• What finance does the proposal require?

Main Body of Your Business Plan

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• Management of the Business

  • Who will be the directors/principal of the business?

  • Who are the senior management?

  • What other staff are required?

  • Have you considered staff contracts of employment?

  • How will the directors/senior management/staff be paid? i.e. salary, bonuses,commissions, etc.

  • What skills and experience will your staff require?

  • Will you need to provide ongoing training for your staff?

  • Have you considered government incentive schemes for employers?

• Management Information

  • Will you need periodic accounts or other information i.e.weekly/monthly/quarterly?

  • To what extent will you computerise the operation?

  • What personnel will be responsible for providing information?

  • How reliable will the figures be?

  • What have the results been to date?

  • Have you carried out sensitivity analysis?

• Product Details

  • Describe your product or service.

  • What is the required quality of your product?

  • Is there a range of products you wish to provide?

  • What differentiates your products from your competitors?

  • What is the pricing structure of the product(s)?

  • How is this different from your competitors?

• Production Process

  • Does your product follow a production process

  • What are the worker & machinery requirements?

• Image

  • Have you considered the use of brands, patents, copyrights?

  • What sort of image do you wish to project for your product? i.e. quality

  • What image does your competition have?

  • Do you have a logo for your product(s)?

  • Do you know what business stationery you require and have you arranged to print this?

  • Have you arranged for signs to be made for your business premises?

• Business Name

  • Have you decided on a name for your business?

  • Does this name conflict with another on the business names register?

  • If you are trading as a limited company has this been formed?

  • Is your chosen company name on the company registration office register already?

• Market Trends & Promotion

  • Have you done any market research for your business?

  • What are your target markets?

  • Are there any new products coming onto your target market?

  • What range of products are currently being provided on your target market?

  • Have you considered the use of a marketing consultant?

  • How will you present & promote your product on the market?

• Customers

  • Who will be your main customers?

  • What value of business would you anticipate from each of your main customers?

  • Who are your contacts for each main customer?

  • Who are your potential customers?

  • How do you wish to attract new customers?

  • Have you considered the use of internet business?

• Competition

  • What are your main strengths in the market?

  • What do you feel gives you a competitive edge?

• Terms of Trade

  • Do you offer credit and what are your credit limits for your customers?

  • What are your credit terms and how many days do customers have to settle your account?

  • Do you have a debt collection policy to control your credit terms?

  • Can you accept cash, cheque or credit card payments?

  • What payment terms do you have with your suppliers?

  • Do you offer discounts?

• Suppliers

  • What is the quality required of the product supply?

  • How reliable are your suppliers?

  • How available are your supplies?

  • What is the product you need supply of?

  • How will you distribute your product?

• Advisors, Finance & Grants

  • Who are your advisors i.e. financial, legal, technical & marketing?

  • What is your capacity to raise finance?

  • Who are the potential investors in your business i.e. banks/credit unions/government agencies etc?

  • Have you appointed an accountant/tax advisor?

  • What assets/activities will the finance be used for?

  • Have you opened a business bank account and arranged for authorised cheque signatories?

  • What are going to be your main costs?

  • What turnover do you require to break even?

  • What grant aid is available for your business
  i.e. for capital expenditure, labour costs, business development, etc.

• Taxation

  • Have you considered the taxation framework for your business?

  • Have you registered your business for VAT/PAYE/Business Tax?

  • Have you considered the legal structure of your business i.e. sole trader/partnership or limited company?

  • Have you considered the accounting system requirements for your business?

• Health & Safety, Professional and Industry Standards

  • Have you considered the requirements of the health & safety at work legislation?

  • Is your business aware of professional or industry standards and is it regulated in any way?

• Premises

  • What square footage is required?

  • Where do you wish to locate your business?

  • What safety standards apply to your business?

  • Have you considered government tax incentive schemes that may be available in certain geographical areas?

  • Are you going to buy or lease the property?

  • Have you appointed solicitors?

  • Have you arranged for utilities to be connected?

  • Have you considered whether to lease or buy your equipment?

• Insurance Requirements

  • Have you considered the insurance cover for your business i.e. equipment, stock, premises, employers liability, public liability, loss of profits, etc?

• Conclusions

  • What are your personal strengths and weaknesses?

  • What opportunities are available should you take a certain course of action?

  • What are the main threats to your business if you do not take the opportunities available?

  • What contingencies have been provided for?

  • On balance what is the case for investment?

• Appendices

  • List of main assumptions.

  • Financial accounts (both historic and projected)

  • Cashflow projections

  • Sensitivity analysis

  • Detail of premises

  • Capital expenditure projections

  • Staffing projections

  • Management structure

  • C.V.'s of key staff

  • Schedule of grants