The Importance of a Business Plan
Starting a business is complicated and requires more than just a great idea. Data shows that one in five businesses will fail in the first year proving that a well thought out plan is crucial and can make a big difference for small or growing companies.
But do you really need one? The short answer is...yes.
A business plan creates an action plan to assist with setting goals and the steps on how to achieve them. It also determines milestones and timelines for future activities to set distinguishable targets to recognize if you are reaching your goals. You have to determine if there is a need for your product or service, communicate how you intend to build a skilled team, and establish how much funding is needed to start your your venture and stay competitive.
A Goal Without a Plan is Just a Wish
A Business Plan Typically Consists of the Following Sections;
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Executive Summary: This will be the first thing people will read, so it needs to summarize your business perfectly. If you are seeking funding, it needs to outline exactly why you need the money and what it will be used for.
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Table of Contents: Give yourself and your readers a quick reference to jump to specific sections of your plan.
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Business Overview: Here, you will provide more detail about your “why” for doing business and outlining your vision, mission, core values, business goals, and objectives.
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Market Analysis: To launch a viable, profitable business, you need to ensure you have a market for your products or services. This section will share your research into market trends and competitors.
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Products and Pricing: Anything you plan to sell or offer should be detailed here, as well as pricing information. It should also include a section about what makes your company or offerings unique.
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Sales and Marketing: Here, you will provide information about how and where you will be marketing your company and your sales process.
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Operational Plan: This section outlines operational information, a list of equipment and inventory, and a business risk analysis.
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Management Team: This section is used to describe the key roles and personnel in your business as well as any staff you will be hiring.
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Financial Plan: The financial information including the Income Statement, Balance Sheet and Cash Flow Statement projections for three to five years.
Plan ~ Manage ~ Succeed
Writing a business plan from scratch is a huge undertaking that requires market research, statistical analysis and financial calculations. I have assisted a variety of clients from first time entrepreneurs, to small and medium-sized businesses in nearly every industry. No matter where you’re at in the business plan process I can assist you in developing a business plan and getting funding. The more time we have to build and review your business plan, the better the results.
My services are fully customizable whether you need a standard Business Plan or just assistance with the calculations and forecasts for the financial information, I am here to assist. With a range of optional services I have the resources and time to provide a comprehensive review, and work with you on a second and third round of revisions until you are completely satisfied.
Additional Resources