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  1. Dec 2023
    1. Writing the Draft Business Plan

      To summarize, when writing a draft business plan, it is suggested to follow these steps:

      1. Use the headings feature in Word to create an outline for your business plan and generate a table of contents automatically.
      2. Incorporate relevant parts of your initial research into your business plan template either by copying and pasting or by inserting the results into the appropriate sections.
      3. Include societal-level and industry-level analyses in the Operating Environment section, market-level analysis in the Marketing Plan, and firm-level analysis across all sections of the business plan.
      4. Incorporate your business model elements into the relevant sections of your plan as there is no specific section for describing the business model.
      5. Fill in as much relevant information as possible under the headings on your business plan template, using information from specific sources or assumptions you made.
      6. Clearly indicate the sources of information, such as supplier catalogs or industry experts, to establish credibility and improve professionalism.
      7. Highlight assumptions in a distinct font color and ensure to replace them with sourced information later.
      8. Use spreadsheet templates to record estimated sales revenue each month, based on well-reasoned criteria and set up with formulas for easy changes.
      9. Flag numbers based on assumptions in a distinct font and clearly indicate the sources of actual numbers.
      10. Use the spreadsheet templates to develop the financial component of your business plan.

      By following these practices, you can effectively write a draft business plan that is well-supported, credible, and includes the necessary financial projections.