Business plans are utilized by start-up companies and existing companies to present strategies to potential business partners and help focus goals.
A business plan is a written document that details an organization’s objectives and steps taken to meet the company’s goals.
Business plans help owners define the objectives of a business; however, business plans are static in nature.
An owner may develop a plan to obtain financing and increase business activity, but once those needs are met the initial business plan is outdated.
You know the market, you have the necessary skills. This must be brief, to catch and hold people’s attention.
Try to describe the goal and mission of your business in just a couple of sentences. Treat this section as an ‘elevator pitch’ document – it should be succinct and easy to remember.
You may be wondering why you need a plan in the first place.
After all, you have a clear idea in your mind about what you want to achieve. Here are just a few of them: This is where you describe your company and the product or service that it will sell.
What other opportunities will you have if your business grows as planned? You need to explain how your business will differentiate itself from all the others. What are the daily tasks that need to be done when running the business?
That might be based on price, service, quality, range or value. Include all business processes such as manufacture and packaging. How will you find people whose skills complement yours? Also think about who you want as your business advisors.