Seven Steps To Building Your Business Plan

You might be at a loss as to exactly what it means to write the business plan for your company. Not only is a business plan important for a startup, or for a business that needs to procure a loan, but a business plan should be part of every business. 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: The executive summary will sum up everything you said in the entire business plan, which means that it will be the last part you write, even though it comes first in the document.

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: 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: Especially if you need a loan, this is a very important section. 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: This section can be a great selling point, as you can delve into the backgrounds of all the key members of your team.

7) Financial Strategy: Provide detailed projections and analysis in this section; this section of your business plan is especially important if you are a startup company.

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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