HELP...I Need Cash! (AKA Creating a Business Plan to Acquire Funding) ; Another reason to create a business plan is to acquire funding. In today's struggling economy, having access to cash as a small business is vital. In developing plans for this reason, a much more specific approach is taken. Here, the plan is created with a specific reader in mind: the lender. Whether seeking funds from a bank, an angel investor, or so forth, knowing your audience is vital.
Executive Summary : This is basically an introduction where you can summarise the other sections of the report and give a very basic outline of what the proposed business is about.
Although the term "business plan" conjures many negative images in the eyes of some business owners, taking a step-by-step approach will prove that creating a business plan is much less daunting than one might imagine. Although no two plans are exactly the same (the necessary details of the plan can vary between companies), the contents of a typical business plan include the following topics : Executive Summary - Sell your business to your reader!; Business Overview - Giving a general summary of the business; Market & Competitive Analysis - What environment are you competing in?; Marketing & Sales Strategy - How will you "win" in your market?; Organization Plan - How is your organization structured?; Financial Projections - Current status and future outlook; Funding Sought (if required); Key Milestones - What are your specific & achievable goals?; Critical Risks - What keeps you awake at night?; Appendix/Attachments.
Before you start a catering business it is wise to put together a comprehensive business plan. It is important to set out clearly what you hope to achieve in business and to set measurable goals. Having a business plan will give you direction and keep you on a course for success.