The Seven Pieces Of Your Business Plan

If the time has come for you to write a business plan, you might be at a loss as to how you should proceed. Many people realize the importance of a business plan for a startup in need of a loan, but actually, a business plan is important for businesses at all points in their lives. A business plan gives your business direction and a definition of purpose, all in a tidy, organized document. These are the seven elements that you will need to include in your business plan.

1) Executive Summary: This will be the last part you write - it is basically a summary of everything you will say in the document - but it will come at the beginning.

2) Company Description: If you are a new business, this will contain your startup plans; if you have been around, this part will include your history up to this point.

3) Product or Service: Keep the focus on the customer in this section, as you desribe in detail what you plan to sell or perform

4) Market Analysis: Especially if you need a loan, this is a very important section. In this section, you should prove your understanding of both the market and your customer's needs, as well as your plans to reach the customers.

5) Strategy and Implementation: Concreteness is important in this section; make sure that you aim to avoid vagueness. Give concrete details about your company's structure and strategies.

6) Management Team: As you dig into the backgrounds and histories of your key team members, this section can become an excellent selling point.

7) Financial Strategy: If you are a startup, make sure you have detailed projections in this section, including cash flow, balance sheet, and break-even analysis.

Whether you are an established business with your feet under you already or a startup trying to gain a foothold, a good business plan can be of great benefit to you and your future success. A sloppy business plan, on the other hand, can prevent you from procuring necessary financial support, and can keep your business from moving forward.

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