The process of writing a business plan can be a painstaking experience. A business plan is very specific to each particular business. However, while each business needs a unique plan, the basic elements are the same. To complete an effective business plan you must dedicate time to complete it.
Essential business plan components include the following.
- Executive Summary – a brief description of your statement of purpose and synopsis of the entire business plan
- Company Summary – a description of the business, the industry, and your success factors
- Products or Services – often included in the company summary, a description of your products and/or services and their competitive advantage
- Market Strategy – based on diligent market analysis, define your market, the competition, projected market share, and your position, pricing, distribution, and promotion plans
- Strategy and Implementation Summary – describe how you will develop your product, market, and organization; include procedures, scheduling, costs, and risks
- Management Summary – lay out your organizational structure, personnel requirements, and costs of overhead
- Financial Plan – include income statement, cash flow statement, and balance sheet
A quality finished product incorporates all the necessary elements, including financial forecasts, marketing strategies, and color charts and graphs. And it is created in the Small Business Administration’s preferred format.
Whether you’re seeking a business plan to attract investors, get a loan, or simply determine whether your idea is viable, an adequate planning process will focus your thinking and provide an objective and critical view of your business.
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