In order to create a comprehensive & accurate business plan, do the following things:
• Understand your business: Before you embark upon the task of formulating a business plan, you should understand your business thoroughly. This is done just to make sure that you know what you are going to do. If you understand your business properly you will also write the correct things about it.
• Understand the market: It is just not necessary to understand your business, but it is also important that you understand the market to which your business is focussed on. After all, all your revenues will come from the market.
• Have a vision: Write your business plan in such a manner that truly reflect what you are planning to do in the future & what you are expecting to get from it. Before you start going into all the niity gritties of a business give people something where they can actually visualize the future of your business.
• Capable management: Make sure you have included capable managers in your business & write about their credentials in your plans.
• Have a sound but realistic budget & forecast: Make a sound budget & financial forecasts after thoroughly studying market conditions, economic scenarios, factors which can affect the business in future etc.
• Be prepared to take risks: Be prepared to risks if necessary but unnecessary risk taking must be avoided.
• Write some unique thing in your business plan: try to write things in your business plan which will set you apart from others. But don’t go overboard with them.
• Stick to the plan: No matter what happens stick to your plan but be flexible to make adjustments at the same time.