The series addresses issues raised by members in a survey on financing needs. With the myriad of new opportunities available to telcos today, senior management, lenders, and investors are taking an increasingly critical look at new ventures as they struggle to allocate limited resources and assess financial and organizational risk. These resource providers are relying on well-written, comprehensive business plans as they consider whether to support business expansions or acquisitions. A good business plan is a concise, compelling document that describes a concept, assesses the industry and market in which the business will operate, outlines operational plans, quantifies the necessary resources, and clearly identifies the benefits to those who provide the resources to get the business running. Developing a business plan doesn't need to be an overwhelming task, but the process can become complicated if you don't know where to start.
Simple issues can grind the process to a halt.
The following 12-step process will help you sidestep many common mistakes and develop an efficient and effective business plan. Before you get started, brainstorm ideas with people who will be involved in either the preparation or the evaluation of the plan. Conceptualize the business concept and solicit input from all attendees. Assign research responsibilities and identify the areas in which you need specialized assistance from outside your organization for example, market research or engineering. Establish a preliminary timetable for completion of the research phase and set a date to hold a post-research planning meeting.