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. 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 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: 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: 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 section is especially important if you are a startup in need of a loan. This section proves that you understand the market, what your customers need, and how you will reach them.

5) Strategy and Implementation: Concreteness is important in this section; make sure that you aim to avoid vagueness. Give concrete details about your company's structure and 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: 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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