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Business Plan Tips
Business planning is about results.
What is a Business Plan?
A business plan helps a company look into the future, manage resources, focus on key activities, prepare for good and bad times and maximize opportunities. A business plan is a vital tool for running a business, whether or not outside loans or investments are needed. Companies need plans to optimize growth and develop.
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.
A builder won't begin construction without a blueprint, business owners shouldn't rush into new ventures without a business plan.
Core Questions
Any business plan should answer
- What service or product does the business provide and what needs does it fill?
- Who are the potential customers for your product or service and why will they purchase it from the business?
- How will the business reach it's potential customers?
- Where will the financial resources come from to start the business?
Standard Business Plan Outline
A good, well thought out business plan would include the following sections:
- Company Description
Legal establishment, history, start-up plans, etc.
- Product or Service
Describes what the business will be selling. Focus on customer benefits.
- Market Analysis
You need to know your market, customer need, where they are, how old, gender, how to reach them, etc.
- Management Team
Includes backgrounds of key members of the team, personnel strategy, and details.
- Financial Plan
Includes a current and pro forma balance sheet, an income statement, and a cash flow analysis.
- Executive Summary
A single page or two the highlights the key aspects of the business plan. It is best to write this last.
The sections can be tackled in any order, but remember the Executive Summary is best left to the end.
Best Practices
Best Practice asserts that there is a technique, method, process, activity, incentive or reward that is more effective at delivering a particular outcome than any other technique, method, process, etc. The idea is that with proper processes, checks, and testing, a desired outcome can be delivered with fewer problems and unforeseen complications. Best practices can also be defined as the most efficient (least amount of effort) and effective (best results) way of accomplishing a task, based on repeatable procedures that have proven themselves over time for large numbers of people.
Steps for Best Practices
- Identify one business process or service to improve.
- Look for one metric to measure.
- Find other organizations to study that provide similar products and services.
- Collect information on the successful, best practices of these other organizations.
- Adapt the best practices for our situation.
- Implement the process then measure the results.
Borrowing best practices from other businesses and industries can dramatically improve your small business.
Business Outline
Executive Summary
Hightlights
Objectives
Misson
Keys to Success
Company Summary
Company Ownership
Start-up Summary
Start-up Plan
Company Location and Facilities
Services
Service Description
Competitice Comparison
Sales Literature
Sourcing
Technology
Future Services
Market Analysis Summary
Market Segmentation
Industry Analysis
Industry Participants
Distribution Pattern
Competition and Buying Patterns
Main Competitors
Strategy and Implemenatin Summary
Marketing Stategy
Pricing Strategy
Promotion Strategy
Sales Strategy
Sales Forecast
Sales Programs
Sales Goals
Management Summary
Organizational Structure
Management Team
Management Gaps
Personnel Plan
Financial Plan
Important Assumptions
Key Financial Indicators
Break-even Analysis
Projected Project and Loss
Projected Cash Flow
Projected Balance Sheet
Business Ratios
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