Seven Steps To Building Your 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 gives your business direction and a definition of purpose, all in a tidy, organized document. These are the seven elements you will need 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: This part of the business plan will either detail your company's history or will detail your company's startup plans, depending on where you are in your company's lifetime.

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. 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: 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.

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, 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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