When starting a business you must have a clear vision of your purpose and goals for your business. The best way to do this is through a business plan; a written organized layout for how you want your business to start, perform and excel. With a great business plan you will be able to search for investors they will be able to see your vision clearly through your business plan. It’s an all around great tool for starting a business and also improving upon your business; giving you the path to do it.
Here are the essentials for creating a clear concise business plan!
Within the overall outline of the business plan, the executive summary will follow the title page. The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you’re asking for in the summary.
The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future possibilities. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.
Market strategies are the result of a meticulous market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.
The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.
The purpose of the design and development plan section is to provide investors with a description of the product’s design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.
The operations and management plan is designed to describe just how the business functions on a continuing basis. The operations plan will highlight the logistics of the organization such as the various responsibilities of the management team, the tasks assigned to each division within the company, and capital and expense requirements related to the operations of the business.
Financial data is always at the back of the business plan, but that doesn’t mean it’s any less important than up-front material such as the business concept and the management team.
Now what are you waiting for? It’s time to roll up your sleeves and get to work, just start typing go with your first thoughts. It may take you a while to perfect it don’t stress over it. It will change and morph as you go along. The key is to just start it! 64% of all business owners with a business plan grew their business.
Any questions call the Factoring Expert we are here to help and guide you on your path to growing your business.
* Action is the foundational key to all success.
- Pablo Picasso