The Seven Pieces Of 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 provides you with a tidy, organized document that can give you direction and a definition of purpose. 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: This part will detail your history up to the present if you are an established business, while it will detail your startup plans if your business is new.

3) Product or Service: You will use this section to not only describe your product or service, but to do so while keeping the focus on the customers themselves.

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: 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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