Introduction and Learning Objectives
The business plan is an essential tool, not an obstacle to be conquered. When drafting a business plan, clients may have the opportunity for the first time to really think through their ideas, their assumptions they have made and all the implications. It is important that they appreciate the business plan’s role in this process. After all, they are the people who will be running the business, taking the risks and selling the product.
A business plan is a living thing, and needs to be updated as a client’s business evolves. For instance, there will be changes in customers and the markets for products, and inevitable variations in the prices of raw materials. One great advantage of working through a personal business plan with your clients is that they will become more confident and skilled in completing the business plan templates that are usually required by potential funders. The process should also sharpen their thinking and their approach to the development of their business.
At the end of this module you will:
- Understand the essential components of a business plan
- Be able to work through the business plan template with your clients
- Be able to explain to clients how business plans are assessed