By now, if you have been following our blogs, you should be a small business plan expert. You know what elements a business plan contains, you know why having one is important, and most importantly you know that you must update it often. You’ve got a brilliant new idea and you’re ready to implement it. Along the lines, are you thinking to yourself, what information on here will the investor hold more importance over? Do I focus more on my financials? Do I focus more on my products and services? Do I focus more on how my business will grow financially? Investors will care about four elements that are critical to every new venture.
- Opportunity: what will you sell, and to whom? How fast do you plan to grow?
- People involved: present who will be starting and running the business, and any outside parties involved.
- Environment: Any regulatory, demographic trends, or market factors you can’t control that dynamically affect your business.
- Contingency: Explain how you and your team respond when things go wrong.
Business plans can help perform various assignments for the individuals involved in the business. They’re utilized to pass on their vision to potential investors, a prospect for new business deals with suppliers and to align their future goals and objectives. Read also Business Owners Don’t Plan to Fail, They Fail to Plan
Business Plan Outline
Every small business plan has a similar structure, and the basic chapters include:
- EXECUTIVE SUMMARY This section is the introduction to your small business plan; it is the main idea – it is your “pitch”.
- COMPANY SUMMARY The company summary or company description is the section where you will explain your business’ goal, competitive advantages and how you will make the business succeed.
- STRATEGY AND IMPLEMENTATION SUMMARY The strategy and implementation summary will describe how you will develop your product, market, and organization.
- MARKET ANALYSIS This section will showcase your market and industry knowledge; here you will describe the results of your research.
- SALES AND MARKETING STRATEGY The sales and marketing strategy section will focus on how you will reach potential clients, increase brand awareness and promote your product or service.
- MANAGEMENT SUMMARY This section will include your company’s structure, ownership, and management team.
- FINANCIAL PLAN The financial plan is a key element of any small business plan, it will include elements such as startup funding, break-even analysis, projected profit, and loss, projected cash flow and balance sheet.
BizCentral USA is a small business resource center dedicated to helping entrepreneurs start and grow their small business. For more information on how to start a business, how to incorporate or on our business plan writing services contact us today, from startup business plans to established businesses we can help create the road map to your business’ success!