Writing a Business Plan

Almost all entrepreneurs can say that a business without a plan is just a waste of money and time. It’s like going to war without weapons and strategies. The chance of succeeding is low to none. However, a plan may not be enough if it is not organized or structured properly. It may not even be called a business plan. Learn on how writing a business plan can help your business.

Management Summary and Company Description

To begin writing your business plan, start by a mission statement that explains the main focus of your business. Then it should be followed by the summary of your plans that includes brief products and services descriptions, and basic information of the business (ownership structures, etc.). After that, work on the description of your company. Write the registered name, address, history, names of the key people involved, nature of the business.

Business Vision and Goals

The next page is a statement that defines or tells the reader what are your business goals and how you plan to achieve it. This should include both short term and long term vision of accomplishments.

Management and Structure

his section is where you should write the business entity (sole proprietorship, partnership, or corporation). Followed by all the key people in the business– from owners to the managers, and key employees. Their detailed involvement in the company. 

Products and Services

This is where you should detail everything about your products and services: how it works, pricing, target market, sales/distribution strategy, edge in competition, logo, supplies, order filling, and many more. 

Marketing Strategies

This section is one of the most important parts of a business plan. This should include the strategies that your business will take in order to secure sales and customer loyalty. It should be detailed and highlighting your business’s edge against competitors.

Financial Projections and Analysis

If your business has been up and running, this is where you should put its financial analysis (profit and loss statements, assets, debts, and cash flow). On the other hand, if you are a start-up, you can go directly to financial projections. This is where you will explain your business estimated profit and expenses (monthly, quarterly, yearly). If you are looking for investors or loans, this is where they would be spending more time reading. So make sure that it’s enticing but realistic. 

Appendix

The last part of the business plan. This is where you should write things that don’t fit in the previous sections. Business uses this section to put legitimate proof like licenses, contracts, bank statements, etc. That and other things that you see fit that should be mentioned.

See Also: Saving Tips for Small Businesses and Startups

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