Lisa M. Harding. MBA, BSc
Investment Officer
Private Sector Development Division
Caribbean Development Bank (CDB)
So, you have heeded the Student Revolving Loan Fund’s (SRLF) call to consider entrepreneurship as a viable investment. You have a brilliant idea and you are ready to get your business venture off the ground. But have you prepared your Business Plan? You wouldn't walk over to an empty lot and just start nailing boards together if you wanted to build a house, would you? Starting a business without a Business Plan is just as unwise!
A Business Plan can be likened to the ‘house plans’, and can assist you in projecting what the company hopes to achieve and how it plans on meeting it’s objectives. This somewhat arduous but critical process of writing the plan facilitates an investigation, examination and analysis of all factors surrounding the marketing, production and financial aspects of your business venture.
There are three (3) main reasons for writing a Business Plan, which I have outlined below:
- Provides the entrepreneur with an objective, critical, and unemotional look at the proposed business. The business plan:
- Uncover strengths and weaknesses
- Helps to ascertain whether the proposed venture meets his/her social and economic objectives
2. Provides an operating tool, which can be used to assist in the management of the business, it offers:
- Analysis of financial targets and marketing requirements
- Review of the industry/sector
3. Means of communicating to bankers and other partners the nature and amount of assistance
required. It is necessary to apply for:
- Capital for start-up or expansion
Writing a Business Plan is time-consuming, but it's essential if you want to have a successful business that is going to survive the start-up phase. If your business doesn't have one, maybe it's time to start working on one. While business plan styles vary, they should include specific elements if they are to be useful. A typical plan should include these six (6) elements:
- Company Description (including products and services)
- Overview of the Market
- Operations Plan
- Marketing Strategy
- Human Resources Plan
- Financial Plan
Lisa M. Harding holds a Masters in Business Administration (MBA), with a specialization in Entrepreneurship and Innovation Management, from Imperial College in the United Kingdom. Lisa is a firm believer that small and medium sized enterprises (SME’s) are the main drivers of economic growth, locally and regionally. A first class honors graduate of the Cave Hill Campus of the University of the West Indies (UWI), Lisa has pursued ongoing training in small business development in international markets including Japan, Scotland and Switzerland.