The Seven Parts Of A Business Plan

You might be at a loss as to exactly what it means to write the business plan for your company. Not only is a business plan important for a startup, or for a business that needs to procure a loan, but a business plan should be part of every business. A business plan can define your purpose and give your business direction, doing all of this in a tidy, organized document. These are the seven elements you will need in your business plan.

1) Executive Summary: You will write the executive summary last, but it will be the first part of your business plan; it basically sums up everything you say in the remainder of the document.

2) Company Description: If you are a new business, this will contain your startup plans; if you have been around, this part will include your history up to this point.

3) Product or Service: You will use this section to not only describe your product or service, but to do so while keeping the focus on the customers themselves.

4) Market Analysis: Especially if you need a loan, this is a very important section. In this section, you should prove your understanding of both the market and your customer’s needs, as well as your plans to reach the customers.

5) Strategy and Implementation: In this section, make sure you avoid any vagueness. Talk about your company structure, and detail your company strategies.

6) Management Team: This section can be a great selling point, as you can delve into the backgrounds of all the key members of your team.

7) Financial Strategy: Provide detailed projections and analysis in this section; this section of your business plan is especially important if you are a startup company.

If you are trying to get your feet under your business, a good business plan can help; if your feet are already under you, you can gain even more traction with a solid business plan. On the other hand, you can miss out on money and on a brighter future if your business plan is sloppy; don’t make this mistake!

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