If your business plan is complicated, requiring many steps or construction of a facility, a project plan with a timeline will be required at this step of the business plan.
Lenders may schedule payment advances to keep pace with the various steps in the projects. At each step of the project, actual costs will be compared with estimated costs of the business plan. There will exist decision points with respect to cost overruns or cost savings and the reallocation of monies from other parts of your business plan.
A project plan provides a way of planning your time and resources so that all the necessary tasks are carried out within a given timescale. It will provide whoever sees your business plan with a ‘snapshot’ of how you intend to go about setting up your business. It should be broken down into the following sections:
The plan does not need to be complex. It is a simple, disciplined means of getting your project completed within a reasonable timeframe and with minimum confusion as to each person’s responsibilities.