The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects.
A business plan serves several critical functions. For companies at their earliest stages, it focuses the thoughts of the founders, for companies already in business, it focuses them on the fastest and most direct route to profitability and for a company at any stage, a polished business plan is critical for raising capital. Without a top-notch, compelling business plan, no matter how good or unique your ideas and how capable your execution, your business will wilt if your vision, coupled with a coherent strategy, cannot be communicated to others in a clear, compelling manner. The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. You need to keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business.
What's included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you'll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even. Your business plan will become your roadmap to chart the course of your business. But at the outset you cannot predict all the changing conditions that will surface. So after you have opened for business, it is important that you periodically review and update you plan.
Your business plan is going to be useful in a number of ways
First and foremost, it will define and focus your objective using appropriate information and analysis. You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
Your business plan can uncover omissions and/or weaknesses in your planning process.
You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead with overconfidence and without the benefit of input from experts who could save them a great deal of wear and tear.
If you have the main components, the order doesn’t matter that much,
|Executive Summary||:||Write this last. It’s just a page or two of highlights.|
|Company Description||:||Legal establishment, history, start-up plans, etc|
|Product or Service||:||Describe what you’re selling. Focus on customer benefits.|
|Market Analysis||:||You need to know your market, customer needs, where they are,how to reach them, etc.|
|Strategy and Implementation||:||Be specific. Include management responsibilities with dates and budget.|
|Management Team||:||Organization Structure along with Reporting and Responsibilities|
|Financial Plan||:||Include profit and loss, cash flow, balance sheet, break-even,analysis, assumptions, business ratios, etc.|
With most outside investors, you have to break through the cloud of other business plans. A key component of attracting and retaining investors' attention is a thorough, realistic and factually-based plan. Investors are used to seeing hundreds of business plans; and some of those plans would be utterly unrealistic. Business Deals helps you support your plan with real data, real research, and market validation. We model the variables that matter in your business, and we use those variables to base your plan on detailed and logical assumptions