Business Plan 10/3/13
Creating a business plan can be the first step in organizing your efforts to starting a business. Brainstorming ideas, researching, and documenting what you will do solidifies a guide for your journey through possible experiences you’ve never done and let’s other stakeholders know your plans.
Teach A CEO at CEOblognation.com offers a great starting guide for business plan creation. The elements of the plan discussed include:
+ Executive Summary: includes a mission statement, company description, growth highlights, products/services offered, financial info, and a summary of future plans.
+ Business Info: nature if business, business structure, goals and objectives, target market, industry, and strengths and weaknesses.
+ Products and/or services: descriptions, life cycles, intellectual property, and research and development activities.
+ Market activities and competitors: industry description and outlook, target market, competitive analysis, and regulations.
+ Marketing strategy: how products/services will benefit customers, pricing strategy, sale and distribution plan, and customer transaction process.
+ Operational plan: discussion of short and long-term actions that describe goals and processes to be done in daily operations.
+ Management and organization structure to discuss your team and how they will work together.
+ Overall schedule to quickly show milestones to be achieved for goal attainment and product/service offerings scheduling.
+ Critical risks and problems anticipated and how your company will deal with these challenges.
+ Personal financial statements to calculate what your worth and how the company is valued.
+ Financial history can include projections or prior history that shows a track record financially.
+ Financial Plan to show how the company, industry, target market and other variables have done historically while projecting what will occur financially and how to deal with challenges.
+ Technology Plan to lay out what technology is needed and how it will be used.
+ Appendix containing documents, explanations, and exhibits to substantiate the parts of the business plan.
Read more at ceoblognation.com.
The Small Business Association offers a business plan guide here
Entrepreneur.com weighs in on the business plan basics here entrepreneur.com.
(Photo courtesy of Core77.)