Every business needs a complete and professional plan to help them manage their business. A business plan is not only essential for securing financing funding from outside sources, but it should also be an invaluable reference guide for managing your business. The more time and effort you put into creating a solid business plan, the better resource it will be later on.
Here is how you can create a complete and professional business plan:
Every business plan starts with an executive summary that highlights the various components of your business plan. It is the first section the reader sees and it should be the last part of the business plan you write. The purpose of the executive summary is to provide an overview of the business plan including summaries of your mission statement, your products and/or services, your business’s management, the market, how you expect to obtain customers, your competition, your operational plan, and your financial objectives.
The purpose of the business description is to describe the company structure, current status, and future plans. It is designed to make the reader interested in the business by providing some insight into your company’s purpose that will be further explained throughout the business plan.
Staff & Management Information
This section will outline all of the employees, as well as their qualifications. It should clearly explain each person’s role in the company and how the collaborative effort of everyone will accomplish the business’s goals and objectives.
Accounting System & Funding
A business plan would not be complete without detailed financial planning. You need to plan a budget for your first year of business, pricing and funding strategies, as well your method for managing your finances. It is highly recommended that new businesses start with a simple and free online invoicing provider to invoice clients.
The marketing plan section of your business plan should cover all of your intended methods for promoting your product and/or service. It should include an advertising budget, an outline of the strategic marketing campaigns that will be implemented, and the ROI that will be achieved from each of the campaigns.
The operation plan is used to explain the daily operation of the business, its location, equipment, people, and processes that will be required to manage it. This is the portion where you put aside the conceptual aspects of your business and spell out the specifics of how you are going to make your product, store it, and ship it to your customers.
Always keep in mind that the more detail and research that is involved in developing a complete business plan, means the most useful it will be when you are actually running your business. A little time invested in advance could save you from bigger headaches later on, so do your homework and create one that will truly guide your business to success.