How To Write A Business Plan That Succeeds And Gets Results
So, you need a business plan? You may be an aspiring entrepreneur, an experienced business owner, or anyone in between. There is an amazing array of situations in which a business plan would prove to be a useful tool in the day to day operation of your business. The fact is, in achieving success in your business, you will very likely find a good business plan is a necessity.
A business plan is a tool. The primary purpose in most circumstances, is to define the goals of the business, describe a series of steps that will be taken to reach those goals, and to convince the audience that the business will reach them. Commonly, it is used to attract investors, but investors are not the only possible audience. It can be used within the business to make employees aware of the goals--financial goals, service goals and others--of the business or their specific department. They can serve as motivation, inspiration and a reminder to employees, company officers, investors and the community where the business is going and what it hopes to accomplish.
A business plan has a purpose and its content is largely driven by its audience. The plan must be detailed and thorough, whatever its motives. It must be intriguing enough to catch the reader's attention and engaging enough to hold on to that attention. And lastly, it must use concise language appropriate to its audience, above all, it must be convincing.
Your business plan is not a document for you to struggle with, do your best on and hope you get it right. Given its critical importance, it makes sense to have it done right--the first time. If it fails in its mission to convince, you may not get another chance with the same audience. The following are some critical areas that your business plan should cover:
Executive Summary
Your business plan should contain an executive summary. An executive Summary is one of the most important aspects of your plan. It includes an overall summary of your business and should be strong enough to grab the attention of potential investors or business partners. Moreover, it should include a summary of your financial goals including your funding requirements. Also, included in the Executive Summary is a list of the products and services that you're planning to offer. It should also include an analysis of your competition including their strengths and weaknesses.
Financial Information
Your plan should also contain extensive financial information. In the financial information, you will want to include your startup costs as well as any funding that you will be need. Also included will be financial projections that give a snapshot of what your business will look like at certain periods in the future.
Supporting Documents
As supporting information, you may also want to submit additional documents such as credit reports, letters of references, bank references and any other supporting information that may prove relevant to your goals.
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