Business Planning

1 Foreword The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) identified a practical business planning guide as a very useful tool for management principally but not exclusively operating in the Small and Medium-Sized Enterprise (SME) area of the market

What is a business plan? A business plan is a written document that accomplishes two basic objectives: 1) a business plan identifies the nature and context of the business opportunity (why does such an opportunity exist?); and 2) a business plan presents the approach the entrepreneur plans to use to take advantage of the opportunity

1 Business overview Use this section to tell your audience what your business is about What product(s) or service(s) does it offer? What problem are you attempting to solve and for whom? How will you solve it? What business model (such as brick-and-mortar retail or direct-to-consumer sales through an online store) will you use to make sales?

The business plan is a tool it is a step in the process of launching a new venture It is a road map and clarity is important Long detailed text and “data dumps” are unlikely to provide the guidance you are looking for Your business plan should state clearly how your business will make money