A business plan can be broken into eight core sections. If this is your first time writing a business plan, the easiest way to tackle the project is to walk through each section, one at a time. The end result will be a comprehensive analysis of your company, as it is now and as you hope it will be in the future.
Step-by-step business plan guide | Fin24
Your executive summary is the first chapter and first step in writing a business plan. In fact, it might be the most important part of your business plan. But the executive summary of your business plan should be short and to the point. Remember—short and sweet. Remember to keep your company overview short. Moving further along the process of writing a business plan, your next step is to perform an in-depth analysis of your industry, market, and competitors. What need does it specifically fulfill? How will you create customers and get them interested in your business?
You might not know exactly how this will play out just yet, or which marketing and sales channels will be most successful for you.
But give a clear and concise overview of how you plan on selling your product. Although this section comes at the end of your business plan, it can be the most important part of the whole document. If you have previous data to show, include the following:. The last part of your financial plan should include any funding needs your business has or will have in the future. Specifically, if you have any data points, charts, footnotes, or further explanations that are essential to creating a complete business plan, put those in the appendix.
This is also a good place to insert your own resume and resumes of any key members of your management team. While it is important to learn how to write a business plan, the truth is — only a small subset of businesses still need to go through the formal process and follow a strict template.
Businesses that are keen to attract investors, especially from the formal corporate or financial sector, should absolutely learn how to write a business plan in its strictest fashion. The rest only need to start simple and grow it organically as the venture progresses. Not every business needs to have a business plan, although, it is recommended that every business has a roadmap to guide its progression. If you are a freelance writer who has a copywriting business that makes a little extra cash on the side, then you can probably skip that whole business-plan-writing debacle without suffering too much damage.
There are several good reasons why you should strive to write a business plan , even if you think you do not need funding or you are not inclined to bring on more partners. Some of these benefits include:. Having a business plan in place is a surefire way to convince investors to align their interests — and funding — with your enterprise. A well-crafted business plan gives the appearance of seriousness, professionalism, and a dedication to hard work in the years to come — all of the things that investors want to hear and see before they invest their precious dollars in your company.
Serving as a tool to clearly outline and delineate your company and its objectives, having a business plan benefits your employees and partners while also creating confidence with investors by showing them that they will definitely see a return on their investment with you. When business planning is performed correctly, the constellation of dots that comprise your venture come together in a cohesive fashion that ultimately paints a picture of your company, its goals, and its pathway to success.
Business plan outline : a practical example
A business plan is an excellent tool for entrepreneurs, startups, and small businesses. It helps them focus on their distinctive identities within a competitive market, sharpen their focus on their intended audience, and strategically tailor their product and service offerings to match this audience. Many new businesses make the mistake of jumping into all tasks with vigor and enthusiasm but without planning and strategic prioritizing. This often results is a haphazard slew of unfinished tasks, a chaotic view of goals and priorities, and a confusing, stressful business environment that is difficult to straighten out.
A business plan clearly delineates and characterizes goals, priorities, strategies, and safeguards to ensure your venture gets off the ground and into fruition. By clearly indicating via a business plan where your time, resources, and energy are allocated, you have an easy protocol to follow for guaranteed success.
Bumps in the road are inevitable with any new business venture: things will not always go smoothly. Some endeavors will fail, tasks may need repeating, and priorities may need reorganizing. However, having a business plan in place is an excellent way to deal with the occasional failure or mistake and to move on strategically — smoothly and confidently.
Conversely, businesses without plans in place can often become overwhelmed by failures that occur within the business and may potentially fail due to the lack of provisions and safeguards put in place. With good planning comes clearly set expectations, results tracking, and goal-setting. A business plan is an essential apparatus that requires business owners to conduct regular reviews of their business, where it needs improvement, and where more time and resources need allocating. This ensures they are as educated and informed as possible with respect to their business and its strengths and weaknesses.
Business plans are absolutely necessary to ensure the proper management and handling of cash and other resources. Clearly articulated in the plan, cash and resources are handled, deposited, and invested by specific parties only. Additionally, inventory concerns, the purchasing of assets, and debt repayment responsibilities should be explicitly delegated to the appropriate company employee or officer to limit future problems and misunderstandings. Strategic alignment is an imperative concept in the business world. Every business has its niche product or service. For example, TJ Maxx sells discount clothing to budget-minded consumers, Sony sells top-quality electronics products to discerning buyers, and Five Guys sells premium burgers for food lovers seeking hot, fresh, and fast food.
All of the companies above have successfully aligned their product and service offerings with their intended audience. Does your business plan clearly express the intended audience you are trying to serve? With strategic alignment, the audience is precisely matched with your products and services, thus resulting in future goal-setting and business practices that specifically correlate with that paired relationship.
Therefore, buyers may not make the connection that your company is associated with what they desire to purchase. Functioning to save future frustration, the strategic alignment methods put in place within a business plan remove any ambiguity and describe who and what your company is, the products and services it offers, and the customer base it caters to. A well-crafted business plan articulates the milestones that your company needs to work toward and the achievements that you want to see within your company.
Milestones can vary depending on the type of business. For example, common milestones can include things like reaching a sales goal, hiring the perfect manager, opening a second location, and much more. With a great business plan in place, you can set clear milestones, which, despite their range and scope, will have you working toward the goals you set out to achieve from the inception of your business. Metrics may seem like a confusing concept, but it is actually relatively simple. This tracked data is then scheduled for analyzing on a weekly or monthly basis.
Business plan outline : a practical example
Figures that you ought to be looking at include sales, expenses, and any costs relating to business trips, phone calls, website operation, attending seminars and conferences, as well as anything else that can be considered a business expense. Business plans should always have schedules to mandate the consistent checking and tracking of all relevant business elements, from money in, money out, milestones, the achievement of goals, and anything else pertaining to the business. Owners need to keep on top of their business operations to have an expert view on everything from the ground up.
Putting regular reminders in place to check on various aspects of the business helps make owners aware of achievements and any problems requiring resolution, and allows them to track growth over time. Just as there are guidelines for writing a perfect business plan, there are several essential rules that should also be observed. While these rules are not exactly stipulated in any business plan writing template, they can help make things clear and easy to digest. These rules are really about making things simpler for those who will be reading your business plan, i.
There are specific steps to be followed in order to build an impressive business plan that is not only well-written but well-structured, well-researched, and has realistic goals for the business to follow. What you need to remember is that the right kind of business plan is a document that you will regularly come back to as you try to build and grow your business.
- Business Plan Template: A Step-by-Step Guide For Entrepreneurs;
- Political Economy: A Comparative Approach!
- Palast der blauen Delphine: Roman (German Edition)?
- Down From the Mountain.
- 1. Research, research, research..
- Business Plan Writer - Futurpreneur Canada.
It is a document that will evolve and grow as you learn more about running your business and how to thrive in your own market. Comprising of ten essential sections plus the appendix , a successful business plan outlines everything a business needs to set goals, cultivate the enterprise in a way to achieve those goals, and how to make those goals readily and easily identifiable to each employee or reader of the business plan.
The executive summary is the very first thing that people will read in your business plan. That, however, does not mean that it is the section you should focus on writing first. In fact, it is advisable to write this section last. You will be better placed to write a comprehensive executive summary once you go through the other sections first.
It only makes sense to write it once you have gone through the rest of the document and process. To give you an idea of just how important this section is, some investors only ask for the executive summary as opposed to the entire business plan.