Business Resources >>
Business Plan Resources :: Design Your Plan To Fit Your Business
In the United States business market there is a standardization about business plans. You can find dozens of books on the subject, about as many Web sites, two or three serious software products, and courses in hundreds of business schools, night schools, and community colleges. Although there are many variations on the theme, a lot of it still falls into the same standard.
What is a Business Plan?
A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities. Business existed long before computers, spreadsheets, and detailed projections. So did business plans.Unfortunately, people think of business plans first for starting a new business or applying for business loans. But they are also vital for running a business, whether or not the business needs new loans or new investments. Businesses need plans to optimize growth and development according to priorities.
What's a Start-up Plan?
A very simple start-up plan includes a summary, mission statement, keys to success, market analysis, and break-even analysis. This kind of plan is good for deciding whether or not to proceed with a plan, to tell if there is a business worth pursuing, but it is not enough to run a business with.
Don't overestimate the importance of the idea, particularly the importance of the uniqueness of the idea. You don't need a great idea to start a business; you need time, money, perseverance, common sense, and so forth. Very few successful businesses are based entirely on new ideas. A new idea is much harder to sell than an existing one, because people don't understand a new idea and they are often unsure if it will work.
Is There a Standard Business Plan?
A normal business plan, one that follows the advice of business experts, includes a standard set of elements. Plan formats and outlines vary, of course, but generally, a plan will include standard components such as descriptions of the company, product or service, market, forecasts, management team, and financial analysis.
Your plan depends on your specific situation. For example, if you're developing a plan for internal use only (not for sending out to banks or investors), you may not need to include all the background details that you already know. Description of the management team is very important for investors, while financial history is most important for banks. Make your plan match its purpose.
What's Most Important in a Plan?
It depends on the case, but usually it's the cash flow analysis and specific implementation details.
Can you Suggest a Standard Outline?
If you have the main components, the order doesn't matter that much, but here's the outline order we suggest in Business Plan Pro software:
We don't recommend developing the plan in the same order you present it as a finished document. For example, although the Executive Summary comes as the first section of a business plan, we recommend writing it after everything else is done. It will appear first, but you write it last.
Source: Articles on bplans.com
Business Highlights >>
Business Resources >>