Published on : 01 June 20202 min reading time
The business plan is probably the most important document in the preparation phase of the business project. It contains the details of the entire project and helps to direct the activities of the owner and his employees towards the expected developments. Here are some tips to help you succeed with your business plan.
Be realistic and consider all costs
All entrepreneurship coaches will tell you, you need to forecast your turnover over three years. It is strongly advised to make a calculation per week, especially when it comes to businesses with delicate activities. For example, for a business whose main activity consists of sending a parcel, counting the turnover on a monthly basis could cause significant risks of error, given the large amount of movement to be reported at the end of the month. In this specific case, setting up a parcel delivery company requires drawing up a business plan that takes into account the charges and margins for each operation. Only then can prices and rates be set for customers. This calculation allows for example to impose the rates for the Colissimo 2019 shipment. These are basic lessons in entrepreneurship and all project leaders seem to follow them. One wonders why so many projects fall through. The reason is simple: in the enthusiasm for business creation and over-optimism, we forget to be realistic and end up exaggerating in the calculation of margins.
Anticipate needs and list your financing well
A good business plan can calculate the maximum needs. The project leader must be able to see more clearly about his legal assets, his tangible and intangible needs. Anticipation is the basis of a successful project. To do this, you will need to familiarise yourself with a tool called the “fixed assets table”. It is a table that calculates, between two balance sheets, the changes in fixed asset items. To gain the confidence of investors, your business plan must contain a table detailing cash contributions, grants and loans.
Manage your cash flow well
Investors and future employees are easier to convince when the business plan shows the working capital requirements. To do this, it is imperative to know as precisely as possible the receipts and disbursements. In short, the business plan shows the effort made by the project leader in anticipating needs.
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