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For a new business, a business plan helps improve your chance of securing financing and investment.Established businesses should review their business plan and update it regularly in order to provide direction for growth. Strategies: What are the three or four key strategies you need to work on over the next twelve months?
To kick things off, write an executive summary to outline the key point of your business plan.
This helps give readers an idea of what you’ll be highlighting throughout the plan. Do you imagine a sports bar filled with patrons during the big game, or a speakeasy space with craft cocktails?
The one page action plan allows you to prepare a summarised overview of the current situation, and assists you to implement the right solutions at the right time to achieve your vision/targets. These can be drawn from your SWOT analysis that you have done earlier.
It's also a practical way to record the outcomes of the planning process. Action plans: In this section, list what is to be done. There's no need to put every step into the action plan. These actions can be drawn from the outcomes of your Force Field you completed on your key issues/strategy.
By running a SWOT analysis, you can discover what advantages you have over the competition and plan to take advantage of opportunities.
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What you offer on your menu can attract customers (and investors).
This does not mean you’re excluding people from coming, but it helps you focus your marketing efforts. How many other local bars are there and how do they stack up?
Are there larger bars that would take customers from you? Discuss your bar’s strengths, weaknesses, opportunities, and threats.
Your mission can also help you clearly identify what you need to focus on to draw in customers and beat out the competition.
Think of your company description as the “who, what, when, where, and why” of your business.