The Seven Parts Of A Business Plan

You might be at a loss as to exactly what it means to write the business plan for your company. 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 can define your purpose and give your business direction, doing all of this in a tidy, organized document. These are the seven elements you will need in your business plan.

1) Executive Summary: You will write the executive summary last, but it will be the first part of your business plan; it basically sums up everything you say in the remainder of the document.

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: While this section is straightforward - intended, of course, to describe what you sell or perform - make sure you keep the focus on customer benefits in this section.

4) Market Analysis: This section is especially important if you are a startup in need of a loan. You need to use this section to detail your understanding of what your customers need and how you plan to reach them.

5) Strategy and Implementation: Concreteness is important in this section; make sure that you aim to avoid vagueness. Explain your company's structure and all of its strategies.

6) Management Team: This section can become an excellent selling point, as you bring your management team's strengths to the forefront.

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.

A good business plan can help you get your feet under you as a business, and if your business already has its feet under it, a good business plan can help you gain traction. On the other hand, you can miss out on money and on a brighter future if your business plan is sloppy; don't make this mistake!

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