A documented business plan for starting and running your business is critical for success. A plan that is detailed and organized will encourage investment, promote growth, and provide a map for you to follow.
There is no single method to preparing a business plan. Each plan should be tailored to the size and needs of the individual company. However, there are some basic elements that are common to all business plans.
All business plans should incorporate the following elements.
Executive Summary
The executive summary should include a narrative on your business objectives. Include your mission statement in this section.
Company Summary
The company summary should include information about company ownership and structure. A brief explanation of the company's history or start-up plan should also be included in this section.
Products and Services
Describe the products and services you offer. Include a competitive comparison with others in the market. Explain the sourcing and fulfillment channels you have established.
Market Analysis Summary
The market analysis summary should include market needs, trends and growth potential. Provide information about the industry including industry participants, buying patterns and primary competitors.
Strategic Summary
Use the strategic summary to showcase your competitive advantage. Explain your marketing, pricing, distribution and sales strategies in this section. Be sure to include information about any strategic alliances you have developed.
Management Summary
Use the management summary to introduce your management team and explain your organizational structure. Include a description of your personnel plan.
Financial Plan
Potential investors or lenders will want to know the details of your financial plan. Include your sales forecast, break-even Analysis, pro-forma profit and loss Statement, pro-forma balance sheet, pro-forma cash flow statement, your key financial indicators and the basis for your assumptions.
There is no single method to preparing a business plan. Each plan should be tailored to the size and needs of the individual company. However, there are some basic elements that are common to all business plans.
All business plans should incorporate the following elements.
Executive Summary
The executive summary should include a narrative on your business objectives. Include your mission statement in this section.
Company Summary
The company summary should include information about company ownership and structure. A brief explanation of the company's history or start-up plan should also be included in this section.
Products and Services
Describe the products and services you offer. Include a competitive comparison with others in the market. Explain the sourcing and fulfillment channels you have established.
Market Analysis Summary
The market analysis summary should include market needs, trends and growth potential. Provide information about the industry including industry participants, buying patterns and primary competitors.
Strategic Summary
Use the strategic summary to showcase your competitive advantage. Explain your marketing, pricing, distribution and sales strategies in this section. Be sure to include information about any strategic alliances you have developed.
Management Summary
Use the management summary to introduce your management team and explain your organizational structure. Include a description of your personnel plan.
Financial Plan
Potential investors or lenders will want to know the details of your financial plan. Include your sales forecast, break-even Analysis, pro-forma profit and loss Statement, pro-forma balance sheet, pro-forma cash flow statement, your key financial indicators and the basis for your assumptions.
Supporting Documentation
Add a section for your supporting documentation. Supporting documentation should include the tax returns of the principals for the last three years, personal financial statements for the principals, copies of contracts (franchise agreement, building lease, etc.), copies of business licenses, professional profiles of the principals, copies of Letters of Intent from customers or suppliers and copies of other legal documents.
For additional information or assistance regarding business plans, contact your local Chamber of Commerce, the U. S. Small Business Administration, your Certified Public Accountant or a business consultant.
Tom Graves is an independent business consultant. Tom is a Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor. Tom has held various accounting and auditing positions since 1992. Visit http://tomgravesconsulting.com to view Tom's profile and learn more tips.
Article Source: http://EzineArticles.com/?expert=Tom_Graves
Everyone wants to improve their business. Planning is very important thing in business. A well planned business can surely become successful. This is such a great resource that you have provided and you give it away for free.
ReplyDeleteMarketing Strategies
Thanks for sharing about business plans. Every business man choose franchise for their successful future and gain profit using reputed company's logo and rights.
ReplyDeletefranchise agreement
I cannot thank lemeridian funding service enough and letting people know how grateful I am for all the assistance that you and your team staff have provided and I look forward to recommending friends and family should they need financial advice or assistance @ 1,9% Rate for Business Loan .Via Contact : . lfdsloans@lemeridianfds.com / lfdsloans@outlook.com. WhatsApp...+ 19893943740. Keep up the great work.
ReplyDeleteThanks, Busarakham.