Page 102 - GMN Digital Group Book
P. 102
BUSINESS PLANS
One of the most essential steps in developing
a business is writing a business plan. The plan
sets out the business’ goals, market analysis,
projected income and profit, and much more.
We work closely with you to identify a clear opportunity in the market for your product or service
and define how the business is uniquely positioned to capture that market, given the services or
product on offer. An outline of existing finances and an accurate projection of sales and profit are
important components, especially if seeking external funding.
KEY ELEMENTS
Preparing a business plan can take several weeks and it is worth doing it thoroughly. It is a vital
document for securing funding, so the financial forecasts must be both realistic and accurate.
TOP 5 REASONS TO WRITE A PLAN
The Process - Working through each element ensures nothing is
left out.
Funding - A thorough business plan improves chances of getting
funded.
Costing - The only way to find out whether the business is viable
is to project details of costs and sales over both short-term and
long-term periods.
Areas of Expertise - Making a business plan clarifies where
professional help is needed - for instance, for book-keeping or
marketing.
Getting to Know the Competition - Conducting in-depth market
research is the best way to give a business an edge to success.
100 GMN DIGITAL GROUP
