Business Plan – Lesson 1 – What Should Your Business Plan Contain?
This is the first part of a 10 part series on business planning which we will run once a week on Fridays. If you want to be sure to see all the posts sign up for the Free Weekly Business Planning Series and recieve a blank business outline too!
What Is a Business Plan?
A business plan is simply a tool to help a business look ahead, allocate resources, focus on key points, and prepare for opportunities and problems. You use it the same way you study a map to plan a route, determine where to turn, and locate key landmarks. A complete plan includes descriptions of the company, product or service, market, forecasts, management team, and financial analysis.
Executive Summary should contain:
- Company description and current status
- Products/services and market description
- Company objectives
- Financial performance and funding plans
History and Position to Date
Here you describe why you started the business, why you believe it will succeed, and how you will define success. It should include:
- Company background
- Sales and other achievements
- Mission, vision, values, and goals
- Business structure and management team
- Product/service description
Market Research Includes
- Description of the target customers
- Product preferences and purchase influencers
- Market trends
- Description of the competitors
Business Strategy – Includes all four elements of your business strategy: Product, Price, Place and Promotion.
Operations
This section is not complete without the milestone schedule, a table that captures all the assignments, commitments, and plans that assign timelines and responsibilities. It shoudl also include your plans for :
- Sales and sales management
- Manufacturing/supply
- Staffing issues
- Business controls and critical risk
Forecasting and Financials - The plan culminates with the financials. Ultimately, your business plan must boil down to results.
Appendix - What goes into the appendix? Everything else!
Find this interesting? Sign-up for our Business Plan in 10 Weeks Newsletter or purchase my “Business Map: A Practical Guide to Business Planning”
YOUR ASSIGNMENT:
- Buy a 3 ring binder, a set a tabs and some paper
- Print your outline and insert the questions in the appropriate sections so you are ready to start writing.
What type of business are you writing about? Would love to have an idea so I can begin to include some examples in future posts.
I am developing a plan for a massage therapy business. I have been a therapist for a number of years. I had a plan when I first started, but due to relationship issues, fell away. I am now ready to develope it again.