Write a business plan: step-by-step

Your business plan also needs to outline your operational capabilities and any planned improvements. There are certain areas you should focus on.

Business location

• Do you have any business property?
• What are your long-term commitments to the property?
• Do you own or rent it?
• What are the advantages and disadvantages of your current location?

Producing your goods and services

• Do you need your own production facilities, or would it be cheaper to outsource any manufacturing processes?
• If you do have your own facilities, how modern are they?
• What is the capacity compared with existing and forecasted demand?
• Will any investment be needed?
• Who will be your suppliers?

Management information systems

• Have you got established procedures for stock control, management accounts and quality control?
• Can they cope with any proposed expansion?

For more information see stock control and inventory and financial and management accounts.

Information technology

• IT is a key factor in most businesses, so include your strengths and weaknesses in this area.
• Outline the reliability and the planned development of your systems.

For more information see an introduction to IT.