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 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. In this section, you should prove your understanding of both the market and your customer's needs, as well as your plans to reach the customers.

5) Strategy and Implementation: It is absolutely vital that you avoid vagueness in this section. Explain your company's structure and all of its 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.

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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