Business Plan Writing

The Importance of a Business Plan

As a business owner, it is essential to understand your company and the goals you which to achieve. A great way to establish these goals is to write up a business plan. Writing a business plan will help lay out what your business is all about, the goals that you wish to achieve, and how you plan on achieving them. A business plan will help determine whether your plan is feasible or not, and what you need to do to make your plan feasible. Once you understand this information, you can start establishing internal goals for your business. When there is a common set of goals it makes it easier to work as a team to accomplish these goals. Keeping these goals in mind will help you organize a smart business strategy that will help your business grow. Focusing on these internal goals will help establish and measure productivity in a realistic, specific, and attainable manner.

Not only do you need to establish and maintain internal goals, but you also need to have a business plan that is presentable to third party and outsourced resources, especially if you are a small or startup business. If you want to attract investors or secure funding from any established institution or investor, you are going to need to write up a developed business plan. Any bank or investor looking to help finance or fund your company needs to understand everything about the business before they can spend their time and money on you. Having a developed business plan will help demonstrate to investors that your business is manageable and effective.

In general, a good business plan contains:

This is where you give a detailed description of the business and its goals. This executive summary should display the company profile and goals. In this you should discuss the ownership of the business, the structure of the business, and the skills that you can bring to the business. You can use this section to portray the specific advantages that your business has over the competitors.

Use this section to thoroughly explain your marketing strategy. Go into detail about your product, the promotion, the placement, and the price. Each of these concepts should have a clear strategy and place in the market. You also have to use targeted market research to identify your market, its size, and who is consists of. Explain how your products and services will be advertised. This should also include your online marketing and social media strategies. You should establish clearly that your product or service is presentable, and has potential in the marketplace to be successful.

Financial Management:
Develop an expected return on investment and monthly cash flow for the first year. You also have to provide projected income statements, and balance sheets for a two-year period. You should discuss bookkeeping, accounting records, and how they will be kept and maintained. You should show that you are aware of potential problems, and that you have strategies and alternative approaches to these problems.

This is where you discuss how your business will be managed, the hiring process, and personnel procedures. You should also cover what type of equipment you will need to produce and provide your goods and services. You also need to cover rent agreements, leasing, and insurance. You have to cover how these payments and agreements will be accounted for.

Concluding Statement:
This section should summarize your business goals and objectives. You need to express your commitment to the success of your business, and the potential in the marketplace that your business has to offer.


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