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An Introduction to Business Plans by Fran McCully
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An Introduction to Business Plans |
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Business,Finance & Investment,Business News
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A business plan is a written description of your business. This document describes what you plan to do and how you plan to do it. The plan can assist in the performance of tasks for those who write and read them. They are often used by investment-seeking business owners to convey their vision to potential investors. They may be used by firms that are trying to attract key employees, prospect for new business, or to simply understand how to manage their company better. What is included in a business plan, and how do you put one together? A business plan conveys your business goals, the strategies you will use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business, and the amount of capital required to finance your venture and keep it going. A business plan follows generally accepted guidelines for both form and content. The primary parts to a business plan: • A business concept, discuss the industry, your structure, particular product or service, and how you plan to make your business a success. • A marketplace section, which describes and analyzes potential customers - who and where they are, what makes them buy. It also describes the competition and how you will position yourself to beat it. • The financial section contains your income and cash flow statement, balance sheet and other financial ratios, such as the break-even analysis. You may need the help of your bookkeeper for this section and a spreadsheet software program. Breaking everything down even further the plan consists of seven key components: Executive Summary 1. Business Description 2. Market Strategies 3. Competitive Analysis 4. Design and Development Plan 5. Operations and Management Plan 6. Financial Factors Additionally, a business plan should also have a cover, title page and table of contents.
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