What are the elements of a good business plan?

2014-04-25 13.21.40
Photo credit:  Chesney Bradshaw (Copyright 2014)

You get some new or would-be business owners who scoff at the idea of preparing a business plan. For the business hobbyist, someone who may only be growing vegetables in their garden for sale to friends and family, perhaps a business plan is not required. But for any business that requires reasonably substantial resources, investing money from your savings account or using other people’s money, then it’s hardly likely that you are going to get away without a business plan.

Not having a business plan is like taking a road trip but not planning beforehand. You don’t have a map, you have no petrol in your tank, you haven’t taken the right things to go with you on your journey and you have a general sense of where you going but no specific idea. Well, if that’s how you like to travel in a spontaneous, free-flowing way, then don’t blame anybody if you get lost along the way and never reach your final destination. Continue reading “What are the elements of a good business plan?”