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westlothian
Posts:0
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| 18/08/2007 10:45 PM |
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A busness plan is required - here are some tips for drawing up your plan
Give the preparation of your plan careful thought. Many are not well prepared and some do not make sense. Here are some tips for for making sure that your plan is perfect for the PSYBT panel to make an informed decision on your business proposal.
1) Don't assume that the panel members will know about the specific kind of business that you are planning to start. They cannot have a detailed knowledge and understanding of all types of business. Explain without using jargon or technical language what your business does and how you will do it. Tell the panel what market(s) you are in - who your customers are, who your competitors are. Give reliable, impartial information about your market - DO YOUR MARKET RESEARCH.
2) Organise your plan into sections so that it is easy to find the information. Use headings and sub headings. make it easy to find the relevant parts.
3) Support your application for funding with facts and figures. Forecasts must make sense and be achieavable and if possible backed by orders or letters of intent.
4) Be concise and precise. State clearly your objectives and explain the exact purpose of the PSYBT funding you are applying for. Do not use vague phrases like "contribution to the start up costs". Make the plan as short as possible. make the plan readable and interesting.
5) Include information on how you see any borrowing, including from PSYBT, being repaid.
6) Include a section on yourself. The people involved in the business are more important than anything else. Include your CV.
In a nutshell, put yourself in the panel members shoes. Imagine that YOU are considering the business plan.
Plans that stand out are accurate, focused, realistic and above all make sense. If the plan makes sense you should be able to convince PSYBT to support your business.
Remember - you can get help and advice through the PSYBT regional office as you are preparing your plan. |
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