Monday, September 26, 2016
The Seven Pieces Of Your Business Plan
You might be at a loss as to exactly what it means to write the business plan for your company. Not only is a business plan important for a startup, or for a business that needs to procure a loan, but a business plan should be part of every business. A business plan gives your business direction and a definition of purpose, all in a tidy, organized document. Here follows the seven elements that your business plan will need. 1) Executive Summary: The executive summary will sum up everything you said in the entire business plan, which means that it will be the last part you write, even though it comes first in 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: While this section is straightforward - intended, of course, to describe what you sell or perform - make sure you keep the focus on customer benefits in this section. 4) Market Analysis: This section is especially important if you are a startup in need of a loan. In this section, you should prove your understanding of both the market and your customer's needs, as well as your plans to reach the customers. 5) Strategy and Implementation: Concreteness is important in this section; make sure that you aim to avoid vagueness. Talk about your company structure, and detail your company 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: Provide detailed projections and analysis in this section; this section of your business plan is especially important if you are a startup company. 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.