The process of writing a small business plan can be a painstaking experience. A small business plan is very specific to each particular business. However, while each business needs a unique plan, the basic elements are the same. To complete an effective business plan you must dedicate time to complete it. Click here to view a business plan sample.
Essential Small Business Plan Components Include
- Executive Summary – a brief description of your statement of purpose and synopsis of the entire business plan
- Company Summary – a description of the business, the industry, and your success factors
- Products or Services – often included in the company summary, a description of your products and/or services and their competitive advantage
- Market Strategy – based on diligent market analysis, define your market, the competition, projected market share, and your position, pricing, distribution, and promotion plans
- Strategy and Implementation Summary – describe how you will develop your product, market, and organization; include procedures, scheduling, costs, and risks
- Management Summary – lay out your organizational structure, personnel requirements, and costs of overhead
- Financial Plan – include income statement, cash flow statement, and balance sheet
A quality finished product incorporates all the necessary elements, including financial forecasts, marketing strategies, and color charts and graphs. Additionally a proper small business plan is created in the Small Business Administration’s preferred format. Read Also 10 Ways a Small Business Plan Helps Grow A Strong Business
Whether you’re seeking a business plan to attract investors, get a loan, or simply determine whether your idea is viable, an adequate planning process will focus your thinking and provide an objective and critical view of your business.
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