What is a business plan?

[Carl Taylor]

What is a business plan?
Why should I Have One? and What are some things I should avoid when writing one?

A business plan is your roadmap; it is used to chart your course in the game of business.

The main value of your business plan is to create a written outline that allows you to evaluate all aspects of your business, its financial viability, the description of what the business is and does, and to help you analyse the marketplace.

Creating a business plan is an essential step for any entrepreneur that wishes to truly succeed. There is a saying that bodes well with this...

What is a business plan? | Articles (http://www.entrepreneursuccessclub.com/Articles/what-is-a-business-plan.html)

[Robert Williams]

Some people they think that success is something very special and elusive, they think that being able to start a business is not so easy, being able to become a millionaire is difficult. So how does one reach his way towards the top and become successful? There are many reasons why successful people achieve success. This secret isn't really a secret, but it is an essential requirement if you want to succeed in anything in your life.

To succeed you must transform your dreams into actions. You must take those actions each and every day to achieve success. To attain success in your own business it is important that your spouse is equally committed to. While the spouse might not be directly involved. It is crucial that you be given the support to do what you have to do. This includes working long hours and sacrificing in other areas.

[josaphlewis]

A business plan is any preparation that works for a business to appear ahead, assign resources, focus on key points and prepare for problems as well as opportunities.

[Barbaragabogrecan]

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.

[Joesi]

A business plan is a strategic and tactical plan, that takes into consideration critical elements such as cash flow, competition, barriers etc ( see Guerrilla MBA: http://www.clickok.org ). There are two types - one that you present to investors and one for yourself that is much more detailed and tactical.

Most people write business plans in wishywashy or derivative ways, but it is really something that should be taken seriously - if you look at it periodically, it will highlight your flawed assumptions and weaknesses (which of course can then be rectified).

[jeremy]

We built a basic website last year just about this exact topic for a client which has more of a focus on risk and how that should be approached. www.businessplan.net.au (http://www.businessplan.net.au)

The definitions everyone has given are very good.

[Steven Hudson]

I have written on my white board "stick to the plan" helps keep me on track....how many other people find don't stick to the plan?

[Karl Thew]

As Steven said it is important that you stay committed to your plan. There is an article on my website by Warren Miller with some simple tips on how to write a business plan that you'll stick to, and ways that you can ensure you stick to it.
1. Set realistic and measurable goals
2. Keep your goals in mind
3. Be flexible
4. Stay persistent
5. Keep it interesting and fun
6. Surround yourself with supportive people
7. Don’t be afraid to ask for help
8. Review your accomplishments
9. Expand your horizons
10. Most importantly…Stay positive

It is explained in more detail on my website at: e-nitiative.com.au/general-business/10-ways-to-stay-committed-to-your-business-plan

[Maxime Deux Gosses]

The only sad (and risky) thing about business plans is they often don't go further than reflecting what you think your intended readers want to read, and turn out not being a realistic roadmap for yourself. Maybe having 2 business plans wouldn't be such a bad idea?

[Cathy Duncan]

The stuff's quite healthy and in my opinion, business plan is the backbone of any business you're allied with.

[marcust]

After building business plans for some of Australia's most successful international start-ups over the past 20 years, I decided to help out the entrepreneurial community. We have raised millions in capital for a range of R&D spin off ventures, and decided to contribute back by developing a technique that enables entrepreneurs to hone their business model and develop an investor quality business plan that we would usually charge 20-30k for for under 1k. We are really excited to be able to help the entrepreneurial community with this new service. Why not check it out at business planning (http://businessplanninghq.com) hq.

[marcust]

A business planning process is about much more than just a document. Consider it as an iterative development process. The more you develop, the more you learn, the more you develop. Keeping your business plan in sync can be a substantial issue. To solve this we developed a new approach to creating your business plan (http://www.businessplanninghq.com).

[Samantha Baker]

One important thing to do with your business plan is to review it regularly.