Before you physically start writing your business plan, you need to spend some time doing in-depth research into your industry and market.
This is important regardless of whether you have previous experience in that particular industry.
You can use the Internet, industry experts and associations, suppliers and existing competitors for the information.
Your research will help you in putting the business plan together as it will give you an understanding of the dynamics and forces affecting the industry.
In reality there is no standard format for the presentation of a good business plan.
Business plans vary in content and size according to the nature and size of the business concerned and on the emphasis that is placed on certain critical areas as opposed to others.
A strategic business plan brings all levels of the business into the big picture, inspiring employees to work together to create a successful culmination to the company’s goals.
A feasibility business plan answers two primary questions about a proposed business venture: who, if anyone, will purchase the service or product a company wants to sell, and if the venture can turn a profit.
A master of strategy, Greg Fisher is a Professor in the Management and Entrepreneurship Department at the Kelley School of Business, Indiana University and is also a visiting lecturer at the Gordon Institute of Business Science (GIBS) in South Africa and at the SKK Graduate School of Business in South Korea. in Entrepreneurship and Strategy from the University of Washington in Seattle and an MBA from GIBS.
He teaches in the areas of strategy and entrepreneurship and he has won teaching awards at Indiana University, the University of Washington and GIBS. Greg Fisher was named on The List of the ‘40 Most Outstanding Business School Professors under 40’ in the USA in 2014 and in 2016 he was named among the ‘Favorite Business School Professors Teaching MBAs’. in Entrepreneurship and Strategy from the University of Washington in Seattle and an MBA from GIBS.