Friday, November 20, 2015
The Seven Parts Of A Business Plan
You might be at a loss as to exactly what it means to write the business plan for your company. Many people realize the importance of a business plan for a startup in need of a loan, but actually, a business plan is important for businesses at all points in their lives. A business plan provides you with a tidy, organized document that can give you direction and a definition of purpose. These are the seven elements you will need in your business plan. 1) Executive Summary: You will write the executive summary last, but it will be the first part of your business plan; it basically sums up everything you say in the remainder of the document. 2) Company Description: This part will detail your history up to the present if you are an established business, while it will detail your startup plans if your business is new. 3) Product or Service: You will use this section to not only describe your product or service, but to do so while keeping the focus on the customers themselves. 4) Market Analysis: Especially if you need a loan, this is a very important section. This section proves that you understand the market, what your customers need, and how you will reach them. 5) Strategy and Implementation: In this section, make sure you avoid any vagueness. Explain your company's structure and all of its strategies. 6) Management Team: As you dig into the backgrounds and histories of your key team members, this section can become an excellent selling point. 7) Financial Strategy: Especially if you are a startup company, you have to make sure you understand what you are doing in this section, providing detailed analysis and projections. Whether you are an established business with your feet under you already or a startup trying to gain a foothold, a good business plan can be of great benefit to you and your future success. On the other hand, a bad business plan can keep you from getting the money you need, and it can keep your business from moving forward.