If the time has come for you to write a business plan, you might be at a loss as to how you should proceed. 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 that you will need to include in your business plan.
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 of the business plan will either detail your company’s history or will detail your company’s startup plans, depending on where you are in your company’s lifetime.
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. You need to use this section to detail your understanding of what your customers need and how you plan to reach them.
5) Strategy and Implementation: It is absolutely vital that you avoid vagueness in this section. Talk about your company structure, and detail your company strategies.
6) Management Team: This section can be a great selling point, as you can delve into the backgrounds of all the key members of your team.
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.