10 things every business plan should contain

Every enterprise should have a business plan. It does not need to be lengthy or filled with jargon. Focus instead on making it short, simple, specific and above all else, realistic. Remember that an over-ambitious business plan may fool others, but you’re the fool left holding the can if it doesn’t work out. Here are ten things your plan should contain.

1. Vision – capture in a sentence what is it that makes this business exciting and utterly irresistible to customers, suppliers and most importantly, to you.

2. Background – describe how you came to conclude that this is the right business to be in right now. What are the circumstances that are coinciding to create your opportunity.

3. Goals – what are the specific short, medium and long term goals by which success will be measured?

4. People – who is in your team and how are they perfect for the job?

5. Products/Services – what are you going to sell and what are the main benefits they offer over what you know is available elsewhere?

6. Competition – who’s already out there and how will you be different? The differences are crucially important, without knowing them you will not succeed.

7. Marketing – how are you going to communicate the benefits you offer to those you seek as customers? How will you measure the response and improve marketing effectiveness?

8. Funding – how will you pay for it all and what can investors (if any) expect in return?

9. Risk – show that you’ve assessed the risks to your success and have them covered.

10. Jumping ship – a business, like anything else, has a natural life span. You need to plan before you start for your exit. Will you sell? Give it to your kids? What?