{"id":6039,"date":"2020-01-15T07:05:27","date_gmt":"2020-01-15T05:05:27","guid":{"rendered":"https:\/\/digitalschoolofmarketing.co.za\/?p=6039"},"modified":"2025-01-20T12:01:28","modified_gmt":"2025-01-20T10:01:28","slug":"how-to-put-together-a-business-plan","status":"publish","type":"post","link":"https:\/\/digitalschoolofmarketing.co.za\/blog\/how-to-put-together-a-business-plan\/","title":{"rendered":"How to put together a business plan"},"content":{"rendered":"<section class=\"l-section wpb_row height_medium\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_grid cols_3-1 laptops-cols_inherit tablets-cols_inherit mobiles-cols_1 valign_top type_default stacking_default\"><div class=\"wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"w-image align_center\"><div class=\"w-image-h\"><img decoding=\"async\" width=\"700\" height=\"493\" src=\"https:\/\/digitalschoolofmarketing.co.za\/wp-content\/uploads\/2020\/01\/Picture1-e1579008753250.jpg\" class=\"attachment-full size-full\" alt=\"DSM Digital School of Marketing - business plan\" loading=\"lazy\" srcset=\"https:\/\/digitalschoolofmarketing.co.za\/wp-content\/uploads\/2020\/01\/Picture1-e1579008753250.jpg 700w, https:\/\/digitalschoolofmarketing.co.za\/wp-content\/uploads\/2020\/01\/Picture1-e1579008753250-600x423.jpg 600w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/div><\/div><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p>A business plan is a written explanation of the future of your business. There is no need to make it more complicated. It is document which describes what you plan to do in the company as well as how you are planning to do it. If you write down a paragraph on the back of an envelope which describes your business <a href=\"https:\/\/digitalschoolofmarketing.co.za\/blog\/why-you-need-a-content-strategy-for-social-media\/\">strategy<\/a>, you&#8217;ve penned a plan or at least the kernel of a plan.<\/p>\n<p>Business plans can assist the business owner with performing several tasks for those who write as well as read them. These plans are used by investment-seeking entrepreneurs in order to convey their vision to potential investors. In addition, a business plan may also be used by firms who are attempting to attract key employees, look for new business, deal with suppliers or merely to understand how to handle their companies better.<\/p>\n<h2><strong>The nitty-gritty of a business plan<\/strong><\/h2>\n<p>Stated simply, a business plan communicates your <a href=\"https:\/\/digitalschoolofmarketing.co.za\/blog\/why-you-should-care-about-reviews-of-your-business-on-facebook\/\">business<\/a> goals, the strategies which you&#8217;ll make use of to meet these outcomes, potential challenges which may confront your business in addition to ways to respond to them, the organisational structure of your company (including titles and responsibilities), and lastly, the amount of capital which is required to finance your venture and sustain it until it breaks even.<\/p>\n<p>A substantial part of your business plan consists of your financial statements. These statements are formal archives of your business\u2019s financial activities. Financial statements provide a summary (short and long term) of your company\u2019s financial condition. The four primary financial statements are the following:<\/p>\n<ul>\n<li>Income statement: Your bottom line which is calculated by subtracting costs from revenue in order to calculate net profit<\/li>\n<li>Balance sheet: This is a financial snapshot which shows what you own, what you owe as well as what your company is worth<\/li>\n<li>Cash flow statement: This statement follows the flow of cash in and out of your company<\/li>\n<li>Budget: This financial statement is your financial forecast that indicates where you plan to make as well as spend money<\/li>\n<\/ul>\n<\/div><\/div><div class=\"w-video align_none ratio_16x9 has_iframe\"><div class=\"w-video-h\"><iframe title=\"Vimeo video player\" src=\"https:\/\/player.vimeo.com\/video\/338688078?autoplay=0&loop=0&autopause=0&color=00adef&portrait=0&byline=1&title=1&controls=1&muted=0\" frameborder=\"0\" allow=\"autoplay; fullscreen\" allowfullscreen loading=\"lazy\"><\/iframe><\/div><div class=\"w-video-icon\" style=\"font-size:1.5rem;background:rgba(0,0,0,0.5);color:#fff\"><\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><h2><strong>The sections of a business plan<\/strong><\/h2>\n<p>A business plan is a roadmap for survival which looks at your company at the current moment (by understanding your surroundings) and then takes a look into the future. Your business plan will assist you with preparing if you include these basics:<\/p>\n<ul>\n<li>Plans: Business mission, vision, goals as well as objectives that all work together.<\/li>\n<li>Organisation: A structure for your business which makes sense<\/li>\n<li>Procedures: Efficient as well as effective ways of doing things<\/li>\n<li>Leadership: An ability to influence as well as encourage others around you<\/li>\n<li>Skills: The talents in addition to expertise which your people need to succeed<\/li>\n<li>Culture: Beliefs and attitudes that result in doing the right thing<\/li>\n<\/ul>\n<p>Two critical mistakes while designing your business plan can cause your new business to fail: skimping on research and a lack of preparedness. Avoid becoming a failed business by making sure you don\u2019t commit those mistakes as well as the following:<\/p>\n<ul>\n<li>Lack of a long-term company vision<\/li>\n<li>Failure to establish clear goals and objectives<\/li>\n<li>Misunderstanding what customers want<\/li>\n<li>Underestimating the competition<\/li>\n<li>Inadequate financial planning<\/li>\n<li>Lack of strong leadership<\/li>\n<li>Ineffective procedures and systems<\/li>\n<li>Absence of critical business skills<\/li>\n<li>Inability to change<\/li>\n<li>Failure to communicate the plan<\/li>\n<\/ul>\n<h2><a href=\"https:\/\/digitalschoolofmarketing.co.za\/contact-us\/\">Get in touch with the Digital School of Marketing<\/a><\/h2>\n<p>Want to learn more about succeeding as an entrepreneur in the media industry? If you do then our Entrepreneurship for the Media Course is for you. Follow this <a href=\"https:\/\/digitalschoolofmarketing.co.za\/courses\/entrepreneurship-course\/\">link<\/a> for more information as well as to register.!<\/p>\n<p><a href=\"https:\/\/digitalschoolofmarketing.co.za\/courses\/entrepreneurship-course\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-759 size-shop_single\" src=\"https:\/\/digitalschoolofmarketing.co.za\/wp-content\/uploads\/2018\/08\/DSM_Footer04-600x96.jpg\" alt=\"DSM Digital School of Marketing Digital Marketing course registration\" width=\"600\" height=\"96\" \/><\/a><\/p>\n<\/div><\/div><\/div><\/div><div class=\"wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"w-btn-wrapper align_justify\"><a class=\"w-btn us-btn-style_2\" href=\"#enquiry\"><span class=\"w-btn-label\">Enquire Today<\/span><\/a><\/div><div class=\"w-separator size_medium\"><\/div><h3 class=\"w-text us_custom_6caa4608 has_text_color\"><span class=\"w-text-h\"><span class=\"w-text-value\">Blog Categories<\/span><\/span><\/h3><div class=\"wpb_text_column us_custom_5cd26a65\"><div class=\"wpb_wrapper\"><ul>\n<li class=\"cat-item cat-item-1\"><a href=\"\/blog\/content-marketing\/\">Content Marketing<\/a><\/li>\n<li class=\"cat-item cat-item-2\"><a href=\"\/blog\/digital-marketing\/\">Digital Marketing<\/a><\/li>\n<li class=\"cat-item cat-item-2\"><a href=\"\/blog\/cyber-security-blog\/\">Cyber Security<\/a><\/li>\n<li class=\"cat-item cat-item-2\"><a href=\"\/blog\/graphic-design-blog\/\">Graphic Design<\/a><\/li>\n<li class=\"cat-item cat-item-3\"><a href=\"\/blog\/public-relations\/\">Public Relations<\/a><\/li>\n<li class=\"cat-item cat-item-4\"><a href=\"\/blog\/seo\/\">SEO<\/a><\/li>\n<li class=\"cat-item cat-item-5\"><a href=\"\/blog\/social-media-marketing\/\">Social Media Marketing<\/a><\/li>\n<li class=\"cat-item cat-item-5\"><a href=\"\/blog\/web-design-blog\/\">Web Design<\/a><\/li>\n<\/ul>\n<\/div><\/div><div class=\"w-separator size_medium\"><\/div><h3 class=\"w-text us_custom_6caa4608 has_text_color\"><span class=\"w-text-h\"><span class=\"w-text-value\">You might also like<\/span><\/span><\/h3><div class=\"w-html\"><ul><li><a href=\"https:\/\/digitalschoolofmarketing.co.za\/social-media-marketing-blog\/zero-moment-of-truth-benefit-social-media-marketing\/\" rel=\"bookmark\">Use the Zero Moment of Truth to Benefit your Social Media Marketing<\/a><\/li><li><a href=\"https:\/\/digitalschoolofmarketing.co.za\/digital-marketing-blog\/your-complete-guide-to-ppc-marketing-basic\/\" rel=\"bookmark\">Your Complete Guide to PPC Marketing Basics. Find out more.<\/a><\/li><li><a href=\"https:\/\/digitalschoolofmarketing.co.za\/blog\/you-can-convey-a-lot-of-meaning-with-just-one-graphic\/\" rel=\"bookmark\">You Can Convey a Lot Of Meaning With Just One Graphic<\/a><\/li><li><a href=\"https:\/\/digitalschoolofmarketing.co.za\/digital-marketing-blog\/would-you-make-a-great-marketing-manager\/\" rel=\"bookmark\">Would you make a great marketing manager?<\/a><\/li><li><a href=\"https:\/\/digitalschoolofmarketing.co.za\/in-the-press\/win-with-bona-magazine-and-the-digital-school-of-marketing\/\" rel=\"bookmark\">Win with Bona Magazine and the Digital School of Marketing<\/a><\/li><li><a href=\"https:\/\/digitalschoolofmarketing.co.za\/in-the-press\/win-a-digital-marketing-course-valued-at-r12-000\/\" rel=\"bookmark\">Win a Digital Marketing Course Valued at  R12 000<\/a><\/li><\/ul><\/div><div class=\"w-separator size_medium\"><\/div><h3 class=\"w-text us_custom_6caa4608 has_text_color\"><span class=\"w-text-h\"><span class=\"w-text-value\">Top Selling COurses<\/span><\/span><\/h3><div class=\"wpb_text_column us_custom_5cd26a65\"><div class=\"wpb_wrapper\"><ul>\n<li class=\"cat-item cat-item-1\"><a href=\"\/courses\/digital-marketing-course\/\">Intermediate Digital Marketing<\/a><\/li>\n<li class=\"cat-item cat-item-2\"><a href=\"\/courses\/advanced-digital-marketing-course\/\">Advanced Digital Marketing<\/a><\/li>\n<li class=\"cat-item cat-item-3\"><a href=\"\/courses\/social-media-marketing-course\/\">Intermediate Social media marketing<\/a><\/li>\n<li class=\"cat-item cat-item-4\"><a href=\"\/courses\/digital-brand-management-course\/\">Brand Management<\/a><\/li>\n<li class=\"cat-item cat-item-5\"><a href=\"\/courses\/graphic-design-course\/\">Basic Graphic Design<\/a><\/li>\n<li class=\"cat-item cat-item-6\"><a href=\"\/courses\/advanced-graphic-design-course\/\">Advanced Graphic design<\/a><\/li>\n<li class=\"cat-item cat-item-7\"><a href=\"\/courses\/national-certificate-of-advertising\/\">National Certificate of Advertising<\/a><\/li>\n<li class=\"cat-item cat-item-8\"><a href=\"\/courses\/national-diploma-of-copywriting-course\/\">National Diploma of Copyrighting<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n<\/div><\/div><\/div><\/div><\/section><section class=\"l-section wpb_row height_medium\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_grid cols_1 laptops-cols_inherit tablets-cols_inherit mobiles-cols_1 valign_top type_default stacking_default\"><div class=\"wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"w-video align_none ratio_16x9 has_iframe\"><div class=\"w-video-h\"><iframe title=\"Youtube video player\" src=\"\/\/www.youtube.com\/embed\/qU8_3jTCydA?autoplay=0&controls=1&origin=https:\/\/digitalschoolofmarketing.co.za&loop=0&mute=0\" allowfullscreen=\"1\" loading=\"lazy\"><\/iframe><\/div><div class=\"w-video-icon\" style=\"font-size:1.5rem;background:rgba(0,0,0,0.5);color:#fff\"><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":6040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[262,1],"tags":[592],"class_list":["post-6039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-marketing-blog","category-blog","tag-entrepreneurship"],"acf":[],"_links":{"self":[{"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/posts\/6039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/comments?post=6039"}],"version-history":[{"count":0,"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/posts\/6039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/media\/6040"}],"wp:attachment":[{"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/media?parent=6039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/categories?post=6039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalschoolofmarketing.co.za\/wp-json\/wp\/v2\/tags?post=6039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}