Most of the other steps in the business plan focus on the business and its performance. In this step, you must find out how to manage the specific rules your country asks you to follow.
Under this item in the business plan template you describe how you will organise the daily work in your new business.
Countries choose different ways of
organizing the legal structure of business
life. Therefore, you have to contact your local authority in order to find out
how your country organises its business sector.
Throughout most parts of the world, 3 predominant types of legal forms are used to run small business organisations. These forms are as follows:
Which business form suits you best?
As soon as you register your
business you should open a separate
bank account for it. Never pay for business
expenses from your personal accounts.
If possible, make all your transactions through your bank. It makes your financial administration easy.
Which bank have you chosen?
If you start a small company with just one employee, you will probably be your own accountant. The company will grow and you will hire more staff. More activity in the company will be generated. Then it might become difficult for you to do your own accounting.
Will you hire an accountant or do your accounting work yourself?
Many entrepreneurs find
the paperwork “a
killer” for the business. They prefer to “work” which means build the house,
serve the guests in the restaurant or produce biochemical products.
However, in order to “work” properly, the paperwork has to be in order and you ought to build routines to manage your administrative tasks.
How are your routines?
Business policies are a set of rules you have
decided upon in order to make your company run smoothly.
Brainstorm ideas and formulate policies for at least the following issues:
Which rules will you follow?
If you have any export
expectations, it would be a good idea from the start to focus on
policy. Not only the ones in your own business, but also for staff in companies
you have subcontracted with.
Many foreign customers will ask if you can present social accountability in your business. The consumers in Europe, USA, Australia and other places ask for products produced with respect for the labour force. So, in order to sell your products you must treat your staff in accordance with international agreements.
How are your staff policies?
When running a business, you must take out
proper insurance to minimise your risk. Which and how many insurances you need varies from one
business to another.
Each type of insurance may have different names at different insurance companies. Insurance can be divided into three categories:
Which insurances do you need?
Where would the appropriate place be to locate your business? Many factors have to be taken into consideration, e.g.:
Being the owner of your own small company can be very lonely experience. If you were one of the staff you would be around colleagues. But you are the owner and have few people around to talk to.
Who will be your strategic partner?
Go to Download Center and find the template in which you can write your own business plan.
If you think education is expensive, try ignorance.
– Derek Bok, former president of Harvard University