It is essential to all business to write a business plan whether you’re starting a new business venture or applying for a business loans but also business plan is also important for running a business for reaching business goals. A successful business man will keep their business plan handy during the course of their business and review it monthly to monitor business growths. Business is just like human life, if you don’t have plans and goals, you will end up nothing. Business plan is your road map for your business success because you will able to examine business development.
Here are some points in writing a good business plan.
- Executive Summary. Outline business goals and objectives. You will include your business strategy.
- Company History. Explain clearly the history or how the business starts.
- Company Goals. Define short and long term business goals. Also, state your primary customers.
- Company Organization. Give details for management team such as names and backgrounds of members as well as their respective responsibilities.
- Company service or product to be offered. Discuss your product or services to be offered and how it differs from others on the market.
- Market Potential of services or product to be offered. Convince lenders, employees and others that your market is large and growing.
- Marketing Strategy. Include your marketing strategy such as how to advertise your business whether online marketing or TV ads or Web ads.
- Business Financial Projection. A three or five year financial projection is essential to include. Discuss the summary of your financial forecasts such as the spreadsheets showing formula used to reach your projections. Also, you will need balance sheets, income statements, break-even analysis, cash flow projections, assumptions and business ratios.