Business plan tips

Each One, Grow One video series

We see hundreds of business plans each year from new and aspiring entrepreneurs. And from that experience, we know there are five areas in the business plan that entrepreneurs may not spend enough time on. This business plan video series contains tips on each of these five areas to help you and your business succeed. Apply the tips in this series and join us at our free Each One, Grow One small business workshops to help you create a great business plan.

Watch the videos:

1. Introduction

Joanne Ha, Vancity's Assistant Branch Manager introduces this Each One, Grow One video series, which includes practical tips and advice for new and aspiring entrepreneurs on developing a great business plan.

2. What's your business objective?

Determining your business objective is essential in a business plan. Eleanor Wong, Vancity's Program Manager in Financial Literacy, shares tips on how to write a clear objective that includes your business vision, mission and values.

3. Developing your S.W.O.T. analysis

A SWOT analysis is a simple way of identifying your business' internal strengths and weaknesses and its external opportunities and threats. Anne Caraan from Vancity shares some questions to help you get started on your SWOT analysis.

4. What's your cash flow projection?

One of the main causes of business failure is lack of cash flow. Brian Cade, Vancity's Account Manager in Community Impact Financing, covers some easy tips on how to start your cash flow projections.

5. What's your competitive advantage?

Brenda Tsang, Vancity's Manager, Cash Management, explains the importance of researching your competitive advantage. Many entrepreneurs believe that their business is so unique that there is no competition, but this is incorrect.

6. What's your market potential?

As an entrepreneur, it’s important that you have full confidence in your business, but, it’s critical that you actually test the market potential of your business. Aspi Ustad from Vancity shares some basic research tips to help you understand your market potential and build a strong business plan.