Business Planning Tips

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Seek the help of accountants on how to crunch and present your numbers.Eleanor Wong, Vancity's Program Manager in Financial Literacy, shares tips on how to write a clear objective that includes your business vision, mission and values.A SWOT analysis is a simple way of identifying your business' internal strengths and weaknesses and its external opportunities and threats.And if you are to present your plan to your audience, it should answer what’s in it for them.Expect the exercise of writing your business plan to take time because you will do the market research and analysis for your numbers and statements. You are a new company so no one can realistically assume that you can make money from a few months of operating.Look up templates or take inspiration from sample business plan formats.This creativity boosts the appeal of your business plan that ought to be reliable and credible in the first place.Work with this leeway and set goals for your business within a reasonable or a more extended timeframe.As much as possible, break down big goals into clear and doable action items.Anne Caraan from Vancity shares some questions to help you get started on your SWOT analysis.One of the main causes of business failure is lack of cash flow.

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