The Business Plan
What Is a Business Plan?
Perhaps the most important document for any company, a business plan is a written tool that acts as a roadmap to success. It is built around a clear statement of goals and a feasible plan for achieving those goals. A working business plan should project 12-18 months into the future and explicate how a company intends to grow revenues over that period of time.
There is no one correct way to draft a business plan. While all credible business plans contain common elements, most will vary in length, goals, and scope.
Why Create a Business Plan?
Who Should Be Involved?
- Identify key points that will ultimately lead to successful operation
- Ensure business organization
- Increase the credibility of a company
- Improve the chances of funding or financing from investors and financial institutions
- Effectively point out business functions
- Allow executives to pinpoint where the company is headed
- Help companies identify their target markets effectively and allocate funds more efficiently
- Act as a resource for future planning
Anyone who has accountability. For example:
What Should be Included in a Business Plan?
- Owner and/or general manager
- Sales manager
- Administrative manager
- Technical manager
- A description of your company
- Details about the marketplace
- Sales/marketing information
- Business operations information
Writing a business plan does not have to be a drawn out, groan-inducing process, but it will require you to sit down and analyze your short-term and long-term goals. Whether you’re just starting out, growing your business, or seeking help from investors, a sound business plan will work to keep you on track.
Stay tuned for an in-depth look at the main components of a business plan.