How do you identify the need for change in a company that has been successful for decades? Four years ago, Hager Group – a manufacturer of electrical installations – realised that transformation was a must. Using a combined path of online learning and face-to-face coaching, the company decided to start the journey together with Vlerick.
On Saturday 16 March, more than 250 ambitious professionals headed to Ghent for the Experience Vlerick Days. It was the ideal opportunity to get a taste of Vlerick – from the beautifully renovated seminar building to the modern and colourful campus, the ‘open’ atmosphere, and a series of stimulating workshops led by thought-provoking Vlerick lecturers.
A series of three articles will explain how to write a good business plan. In this first article we will focus on what business plans are and why you need one. The second article will focus on the characteristics of a good business plan. And in the third one, finally, we will discuss the sections to go in it – and what should go into each one… You’ve identified a new business opportunity – and you’re pretty excited about it. But before you start trying to make it a reality, you need to make sure it’s viable. That’s where a business plan comes in.
This is the second article in a series of two. Whereas the first article focusses on what business plans are and why you need one, this second article elaborates on the characteristics of a good business plan. And in the third one, finally, we will discuss the sections to go in it – and what should go into each one… A business plan isn’t just a document for you. It’s the way you’ll showcase your idea to investors and other stakeholders. So make it specific to the opportunity, and tailor it to your company. No two business plans are the same. But there is best practice you can follow. Good business plans generally share these five characteristics…
So you know you need a business plan and you understand the characteristics of a good plan. Now it’s time to sit down and create one for your organisation. But where to start? When it comes to writing your business plan, there’s no one-size-fits-all. But there are some sections you should definitely include – like an executive summary, details of the opportunity and information about your company.
Chris Veeningen has been working in the financial sector for 20 years, first in the equity department of a bank and then ‘on the other side’, as a corporate financier. As the financial adviser of the Start Foundation, a Dutch non-profit organisation, he wishes to help people with a disadvantage on the labour market. By means of a social profit grant, Chris took the two-day Venture Capital and Private Equity Programme at Vlerick.