Make Sure These Elements Are In Your Business Plan
If you’ve never written a business plan, the thought of it can be quite daunting. It’s important that you have spent a good amount of time preparing and doing your research so that when the time comes to write, you have all the information you need. There are thousands of templates varying in length, style and scope, but there are a few elements that every plan must include.
Executive Summary
The executive summary is where you introduce your business; think of it as your first impression. You want to keep this section short and to the point, usually no more than two pages. However, you want to make sure to include a brief description of your business, financial highlights, what you are looking for in regards to funding and any major achievements.
Business Description, Products and Services
This is the section of the business plan where you can explain what it is that your business does/will do. Don’t shy away from detail. Remember, the reader may know nothing about your market, so you want to let them know exactly what it is that you do and what you will be offering.
Sales and Marketing Strategy
No matter how good your product or service is, it doesn’t matter if the end customer never hears about it. Your sales and marketing strategy should explain what your sales targets are and how you plan to spread the word about your business. Make sure to do your research to ensure that your strategy is appropriate for the market you’re operating in.
Operational Plan
You’ve explained what it is that you do, now you have to explain how you’ll do it. A strong operational plan can make or break a company. Again, detail is key. You want to show that you have truly thought out how you will run the company, and that the operational plan flows and makes sense.
Management Team
The business plan is a sort of resume for your company, but it should also include a resume of the people running your company. This section highlights the qualifications of your management team, and how they will help guarantee the success of your business.
Financial Plan
For many people, this can be the hardest section to complete. You will need to do a lot of research to make sure you are accurately assessing the current and future financial realities of your company.
Exactly how you write your business plan depends on the kind of business you’re running and your motivation for writing the plan. Nevertheless, including these elements is the key to helping you achieve your overall goal.
