Once you have completed your market research, the results can be incorporated into your Business Plan.

The purpose of a Business Plan is to outline the planned progress of your business in the next year.  It typically includes:

• a statement of where you are now (your Current Position);
• your Strategy and vision for where you want to go (your Goals);
• how you will achieve those goals (your Tactics) and
• when you are going to achieve each step along the way (the Timelines).

You will gain a clearer idea of the potential for your business once you have completed a SWOT analysis of your business (Strengths, Weaknesses, Opportunities and Threats) as part of the plan.  The first part of a SWOT analysis, Strengths and Weaknesses, is an internal look at your business; the second part looks at external Threats and Opportunities.

The Business Plan will help you determine the feasibility of your idea and will help you explain your ideas to other people (such as bank managers).  Lenders will want to see some key financial documents, such as a Profit and Loss Forecast and a Cash flow Forecast.  These documents will also form an essential element in helping you manage the business.  Your accountant can help you put together these documents.

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There are many formats for Business Plans, but if you include the following sections in your Business Plan you will be on the right track:

• Executive Summary (do this bit last)
• General business information
• The product/service you are providing (include a SWOT analysis)
• A Marketing Plan
• Management structure
• Financial information
• Implementation Schedule

For a comprehensive look at business planning, ask for a free copy of "Planning for Success: A do it yourself kit for developing your own business plan".  The publication includes many useful templates to help you construct your Business Plan.  It is available:

• In book format or as a CD-ROM from the nearest Biz.org.nz office. 
  (Contact Biz.org.nz on freephone 0800 42 49 46 or via email at info@biz.org.nz to request your copy).
• As a free download in PDF format from www.business.govt.nz.