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Grand plan could win Ł10,000

Mar 23 2004

New and expanding businesses could scoop up to Ł10,000 in a competition to find the UK’s best business plan.

The competition is being run in the UK for the first time, having previously been held in the USA, where winners have included a coffee distributor, a security monitoring firm and a not-for-profit arts education group.

Anyone intending to start a business, having started one in the last year or planning to expand an existing enterprise is eligible to enter and try to win the Ł10,000 to help fund their plans. Entrants must have an original idea and be in teams of between one and five people, all of who must be over 18.

The competition organisers also highlight common mistakes made in business plans, mainly in the area of finance. Errors include over-optimistic sales and expectation of payment by debtors, underestimates of initial capital required, poor understanding of internal cost structures and poor credit control procedures, leading to slower than planned collection from debtors.

The deadline for entries is 31 May 2004. Click here for more information and to enter the competition. For help and advice on creating a successful business plan, click here.

(22/3/04)

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