WRITING A BUSINESS PLAN - THE ONLY GUIDE YOU WILL EVER NEED
Do you want your business to succeed? Of course you do. Every business looking to succeed would be wise to take a little time to create a business plan. This important document will help you in any stage of business from start up to expansion to financing a new product or idea. Writing a business plan can help your business to increase its chances of success which is especially helpful during these difficult financial times.
WHAT DO I NEED TO INCLUDE? Your business plan needs to demonstrate that you know what you are doing and that you understand your business. Generally this knowledge and information is broken into distinct sections. This helps you to keep your business plan organized and easy to write. Lets look at each of the nine sections in a little more depth.
EXECUTIVE SUMMARY Since your executive summary leads your business plan, it is important that you carefully construct this first section. In fact, the executive summary is so important that it is placed directly after the title page, even before the table of contents. Many find that writing this key section works best when completed last. The executive summary serves as a synopsis of all the sections of the business plan. If you wait until the end, you will be better able to write a cohesive and complete executive summary.
MARKET ANALYSIS In the second section of your business plan, you will cover the analysis of your specific market. During this section you will showcase your business' ability to succeed. Success is dependent upon accurate and complete market analysis. This section will show that you have done your research. Use this section to sell your business to potential investors. Show them how your business can succeed.
DETAILED DESCRIPTION OF THE COMPANY After showcasing how your business can succeed in your specific market, it is time to illustrate a comprehensive picture of your business. Cover in detail your business including information regarding the type of business, the target market and how you can meet their needs and distinguishing factors that make your business unique.
ORGANIZATION STRUCTURE/MANAGEMENT This section will detail specific information regarding your staff and executive positions. Cover how your company will divide work. Who will do what jobs? How does your business management structure work? Include biographies of key business personnel including owners, board of directors, management and other company executives. You should also discuss employee compensation and benefits.
PRODUCT AND SERVICE OFFERINGS This section may sound like a simple list of your available products or services. While this is one aspect, there is other information that needs to be included in this section. For each service detail the specific benefits of the products and services you offer. Discuss the advantages you have over your competitors with a specific focus on products and services. Also discuss how you can expand your product and services offering as time goes on.
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