The Seven Parts Of A 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 can define your purpose and give your business direction, doing all of this in a tidy, organized document. 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: If you are a new business, this will contain your startup plans; if you have been around, this part will include your history up to this point.

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: This is hugely important, especially when you need 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. Explain your company's structure and all of its 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: 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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