In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially. Executive summary Your executive summary should be 1—2 pages long, and provide an overview of your business concept, key objectives of your business and your plan, ownership structure, management team, your product or service offering, target market scompetitive advantages, marketing strategy, and a summary of your financial projections.
The same goes for your new business. Why Take the Trouble? Your business plan serves a number of functions. As you put together your plan, you are developing clear goals in your own mind that will help you to stay on track. Whenever you have a decision to make, you can go back to your plan and ensure that the direction you are taking meets the goals and objectives you have established for your business.
The process is valuable — it is not so much the end result of a written plan that is helpful, but the research you do, decisions you make, and goals that you set while creating the actual business plan.
Doing your homework and dedicating some time to your business plan is not time wasted, but rather time spent wisely. Your business plan is also a sales document. It shows others that your business can and will succeed. A well-written business plan gives you credibility with lenders, investors, employees and clients.
It also allows you to develop financial forecasts and compare planned and actual performance down the road. Starting Your Business Plan Your business is unique and your business plan should be too.
It might be two pages or 30, depending on the complexity of your business, the audience and whether or not you are applying for financing.
Business plans vary in content and length to meet the particular needs of each company. The Executive Summary The executive summary may be the most important section of your plan, particularly if you are pitching your ideas to investors or banks.
It outlines key points, including highlights from each of the other sections. It explains your product or service, target audience, legal structure, objectives and funding requirements.
It should be no more than two pages, but it has to be interesting enough to pull readers in. Use simple terms and explain your product or service as if your reader has no previous understanding of it. The Body of Your Plan While you will want to create a business plan with your own personal stamp on it, there are a number of typical areas that you should cover.
Here are some categories to include: Include a study of your industry, competitors and the advantages your product or service provides. You might wish to include mission and vision statements to give readers and yourself a clear picture of what your business means to you.
Outline who your customers are, how your product or service meets their needs, how much you plan to charge, your delivery methods and your promotion strategies. Note how much is in the budget for marketing costs. What are your short-term and long-term plans for recruiting employees and training them?
Provide brief job descriptions and an organizational chart. Provide financial forecasts for the next few years, including thorough details for the upcoming year.
Consider adding sections for e-business and social responsibility strategies if those areas are important to your business.
Look to others for support and advice. The Government of Canada has online resources to help you create a business plan. TD Canada Trust has a business planner that you can complete online. BMO also offers online resources. BDC offers a detailed business template in Word and Excel.
Remember to leverage resources such as friends, family, mentors and employees as well as business support services in your area.Business summary template persuasive writing sample essays, photo essay lesson plan middle school major three themes from a raisin in the sun movie blogger vending machine business for sale melbourne, school project on animals integers temperature worksheet servite high school curriculum logic homework solutions free printable patriotic borders.
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