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Jul 11, 2019

Entrepreneurs Get Training in Developing a Business Plan

A one-day business plan development workshop was held today at the BTEC building on the ITVET Compound in Belize City. It’s sister agency, the Small Business Development Centre, which also falls under BELTRAIDE, has organized a series of workshops to assist entrepreneurs as well as persons with great ideas, who need of technical support for their business. Business Advisor, Loraine Herrera says that this session focuses on the steps needed to develop a business plan, which is critical to access capital from financial institutions.

 

Lorraine Herrera

Lorraine Herrera, Business Advisor, S.B.D.C.

“What is a business plan, the importance of a business plan, why do you need a business plan. So today we are going through objectives of the business plan. We have participants here today that are entrepreneurs or have a business idea, but as you all know that going in for financing, especially the financial institutions ask you for a business plan when you go in for a loan. So that’s what we are doing today; walking through the step by step of the business plan. But not only financing as well you know cause a business plan is also a tool used to measure yourself and measure your business as well. So it is important for that as well. What it does, you list the business name, you list the products or the services that you are going to offer; you list what your plan is going to be for marketing that business. As we all know marketing is a key factor of a business. And so this is very important in listing it in the business plan: your market research, your target market, customers that you are going to be promoting your business to. These are very important aspects of the business plan that you need to include when completing it as well.”


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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