Creating an impressive business plan is one of the most important steps that an aspiring business owner needs to do. This document will serve as your guide in making important decisions for your business particularly with regards to marketing and financing.
If you are a starting a business, you will need to submit a business plan to a potential lender. Nonetheless, even if you own an established business, your business plan is still a major factor in achieving your company’s goals and success.
A standard business plan will include an Executive Summary, Company Description, Product or Service Description, Market Analysis, Strategy and Implementation, Management Team and Financial Plan. Although the outline may be the same, the format and information contained with each heading will vary from one business to another. Let us discuss the basic elements in your business plan.
Executive Summary. As the name suggests, this page must contain the main highlights of the contents of your business plan. Although this should be the first page of your plan, you should create it last, after you’ve completed all the other elements.
Company Description. This is where you describe the legal entity of your business, your mission statement, plus a brief history and background of your company.
Product or Service. This is where you must define the products and services that you want to offer the market.
Market Analysis. This is where you discuss details about your target market (including the demographics) and the marketing strategies you plan to execute, based on the research you conducted.
Strategy and Implementation. Under this heading, you should discuss your plan on managing the business, and the steps you intend to do to meet your goals.
Management Team. This is where you should describe the organization or the people behind your company, especially if you have employees.
Financial Analysis. This is where you should include your financial projections, how you plan to manage your cash flow, utilize your loan, etc.
Preparing Your Business Plan
Keep in mind that your business plan should contain true and precise information about your business. It should clearly define your objectives and goals. While it is not necessary to include all the little details in your document, you must make sure that essential facts are not omitted. For more tips on how to create an efficient business plan, check out the SBA’s website.
About the Author:
Emma Collins is a credit consultant and advocate for entrepreneurs and small business owners. She has been writing articles online for about 7 years now. Corporation Support.com aims to provide you assistance in obtaining corporate credit (business credit lines) for those who want to run or expand their business.