What to include in basic business plan for Startups and SMEs
- Summarize the key product, service, technology, concept, or strategy on which your business is based.
- Clearly state your company’s long term mission- Try to use words that will help direct the growth of your company, but be as concise as possible.
- Summarize your market in the past, present, and future.
- Review those changes in market share, leadership, players, market shifts, costs, pricing, or competition that provide the opportunity for your company’s success.
- Identify problems and opportunities.
- State consumer problems and define the nature of product/service opportunities that are created by those problems.
- Summarize the competition.
- Outline your company’s competitive advantage.
- List five-year goals
- State specific, measurable objectives for achieving your five-year goals.
- List market-share objectives.
- List revenue/profitability objectives.
- List requirements for the following resources:
- Personnel, Technology, Finances, Distribution, Promotion, Products, Services
- Outline a high-level financial plan that defines your financial model and pricing assumptions.
- This plan should include expected annual sales and profits for the next three years.
- Should also include other performance parameters such as IRR, Payback period, ROI etc.
- Summarize the risks of the proposed project and how they will be addressed.
- Estimate expected rewards, particularly if you are seeking funding
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Hoshedar Cooper Associate Partner PKF UAE Hoshedar Cooper, Associate Partner with PKF Dubai has overall responsibility for the Consulting and Back Office Support Service divisions of the firm and has been with PKF since 1992. He is a qualified cost accountant from India and has obtained additional qualifications of CISA and CIA from the USA. Before joining PKF, he was employed with Sharp and Tannan Associates (internationally affiliated with Spicer & Oppenheim, USA) in their internal audit and management consultancy division. Hoshedar specialises in management consultancy assignments besides having substantial experience in System Studies and organization structuring. He also has extensive experience in conducting financial and marketing feasibility studies for new projects and their viability. |
