Where to?
Start by determine were you want to go to .The first step is always to draw a business .plan "write the vision and make it plain on tablets, that he may run with it who needs it ( Hab.2:2). This is what business planning is all about. it is not just having the idea in your head but committing it to paper. By writing it down, you will be able to make amendment and corrections as you review it.
Ultimately the plan has to be well structured, logical and presentable because proper planning prevents poor performance. Take all the time to get this stage right. Do not just rely on human knowledge; you have access to the mind of Christ.
Anatomy of a business plan
A business plan is a detailed proposal for achieving your business aims. It advertises your ambition and confirms that the business is viable. It will help you set target by which you can measure the success of your business. It will help to answer the following questions:
1. What do you want to achieve?
2. How do you want to achieve it?
3. What are you going to need to achieve it?
4. What factors do you need to be aware of to prevent you from falling?
5. How will you know when you have done it?
Advantages?
In addition to answering the above questions, the business plan:
Details minutely just how you will attain sufficient profitable sales to make your efforts worthwhile.
Identifies strength and weakness and develops improvement.
Present a coherent picture of your aims and how this will be achieved.
Focuses the mind effectively on the future of the business.
Composition
The essential component of a business plan is as follows:
Executive summary: this outlines the purpose of the plan and what you want to achieve.
Business and management: the mission statement and objective of the business as well as the key players in the business.
Financial forecast: this covers a calculation of the profit and loss of the business, cash flow and financial projection and founding required. Markets and competitors: this examines market trends, how to identify your market, the strengths and weaknesses of competitors, current and proposed customer and sales forecast. Business strategy: this incorporate the strength, weaknesses and opportunity of your business idea, how to price your goods, your distribution channel contingency planning. Having written the idea down, take it to a business adviser or mentor so they can smooth out the rough edges
Production and service supply.
This a description of your product or services, the futures and benefits, patent trade marks etc.
Having writing the idea down take it to a business adviser or a mentor so they can smooth out the rough edges. You might also want to consider speaking to a Christian who has experience or expertise in that field. They will be able to make suggestions and for improvement and identify any pitfalls.
What have I got?
Having drafted your qusiness plan you need to focus on the financial aspect. This requires a realistic assessment of important factors such as cash flow monies, assets liabilities and profitable. In determining your resource, also consider your time skill and abilities of both your self and other people involved in the business etc. what do you have in your hand.
The important ingredient is to give your business the time and focus it deserves
What else do you need?
You have written the plan and assessed what is n your hand the next step is to identify where your gaps are. Attention to details is important at this stage. You need to go back over your business plan line by line and consider the financial implication of each stage.
Again the important ingredient is to give it the time and focus it deserves. Many business fail because they have not paid careful attention to his stage.
Show me the money!
As Christians, our starting point in sorting out finances is to ask the father who delights to give us all things.
It is wise to seek counsel when you are making important financial decisions
The article in the finance section, biblical provision, examines some ways that God provides for his children.
Ultimately, it is an issue of faith. Some believe that once God gives the vision, he will make the provision and they can believe God for the finances to come in. others however, approach the bank or friends or family to assist.
Others are in between. The important thing is to make an honest assessment of your level of faith. Know what you can believe God for now. Faith increases as you grow in him. Stay tuned to the Holy Spirit and hear his counsel.
It is not wise to seek counsel when you are making important financial decisions in much the same way that you do when you are getting married. There is wisdom in the multitudes of counsellors.
What ever you decide, it is also worth investigating whether you might be eligible for a grant. The advantage that a grant has over a loan is that the grant is not repayable.
Conclusion
Once you have concluded your business plan, you should have answered four key questions 'with a degree of confidence.
1. Will people buy my service or product?
2. Can I produce or provide it?
3. Can I make money from it?
4. Can I finance the project?
Your business plan is the final step in proving to yourself and others that you have a grate business idea. Having embarked on the exercise of writing a plan, you need to monitor your and revisit the plan regularly to assess your performance and make the changes required to make your business a success. |
