Branson Centre Foundations - Writing a Business Plan

Branson Centre Foundations of Entrepreneurship - Session 6, Part 2:
Writing a Business Plan

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So this is it. The moment we've been working up to over the last five and a half lessons.
*cue dramatic, suspenseful drum roll*

The BUSINESS PLAN!

*boom, crash, thunder, gasp, wide eyes all around*

Those of us who have been paying attention in class (ok... the compliance session doesn't count!) and doing the homework are ready. I feel a little like I'm about to skydive for the first time. I've gone through the training and the parachute is strapped to my back... And I'm clinging onto the plane, white knuckles and all. I can do this!

Starting and running a business without planning properly is like jumping out of a plane without a parachute. If you do survive - it will probably be very painful, and take a long time to fully recover.

A business plan is not just a stack of paper with copy and paste information on it, that will gather dust in some forgotten filing cabinet. It's a working document, and it should change as your business changes. It's also an essential planning tool that forces you to think through your all aspects of your business so that you are fully aware of and able to mitigate the risks.

In South Africa, many small businesses are born out of necessity. With the rate of unemployment and the need to put food on the table, most small business owners are focused on the short term, day-to-day needs. The problem with this approach is that it's not sustainable. If you want your business to survive, you need to be able to think and see beyond your immediate needs. We will always have needs. However, if we fail to plan we will be stuck in a reactive cycle, where our circumstances dictate our life choices. Rather stand back and take stock. Think about where you want your business to be. See it. Plan for it. Aim for it, and then do it.

Now, after that lengthy intro - let me get into the meat of the last session of the Branson Centre Foundations Course:

• First off, keep it simple, formal and professional. Don't include irrelevant information. Nobody is interested in the fact that you won a spelling bee in grade 2. A long business plan does not necessarily mean a good business plan.
• Use spell check! Proof read your plan. Get your grammar nazi friend to proof read your plan. Nothing says "careless" like a business plan with spelling or grammatical errors.
• Make your plan stand out. Don't misunderstand me here. It's possible to go over the top. Remember that the focus is on the written content, and make sure any graphic elements are relevant to your business. For heavens sake, don't use screen bean clipart or the Comic Sans font.
• If you have used reference material as part of your research, by all means, include it - but make sure that you credit the source properly.

A business plan should have the following components:

• Cover page
• An Executive Summary
• Table of Contents
• Business Description
• The Market
• Development and Production
• Sales and Marketing
• Management
• Financials

If you're looking fo a template to get you started - check out www.southafrica.smetoolkit.org