Since there is no substitute for having enough experience in the well drilling business, a business plan is a good way to start. Here are the things you should know.
1. Go Paperless in Creating the Plan
Companies these days stick to paperless transactions.
The same goes for creating an effective business plan; Excel and Word are paramount when you’re creating a business plan. It’s easier as you can encode figures immediately right away when needed.
2. Come Up with a Template
The purpose of the template or Excel model is to easily draft or key all necessary information. It’s where you enter the amount of money you’re going to raise or break down funds, or even loans for your well drilling business.
3. Always Keep a Professional and Unified Structure
It must be overwhelming sometimes but always keep the same structure throughout your entire Excel file. Format or layout cells, structure your worksheet, and consolidate. That way, it would be easier for you to work on the plan.
4. Document Plans Well
Even assumptions must be documented, not only the variables and values. This will lead to an effective well drilling business plan.
5. Calculations Can be Manual
Calculations can be done manually right before you input the document. Everything in the document will automatically update for you.