The Seven Parts Of A Business Plan

It might be time for you to write a business plan for your company, and if this is the case you might not know exactly what the next step is. While most people understand that a business plan is important for a startup, it is actually equally important for even those businesses that are already established. 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: Keep the focus on the customer in this section, as you desribe in detail what you plan to sell or perform

4) Market Analysis: This is hugely important, especially when you need a loan. This section proves that you understand the market, what your customers need, and how you will reach them.

5) Strategy and Implementation: In this section, make sure you avoid any vagueness. Talk about your company structure, and detail your company 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: Especially if you are a startup company, you have to make sure you understand what you are doing in this section, providing detailed analysis and projections.

If you are trying to get your feet under your business, a good business plan can help; if your feet are already under you, you can gain even more traction with a solid business plan. On the other hand, a bad business plan can keep you from getting the money you need, and it can keep your business from moving forward.

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