Why Write a Business Plan? Why should a business go through the trouble of constructing a business plan? There are five major reasons:
Business Planning What are the Benefits? There are two main purposes for writing that plan. There is an additional benefit if you do business internationally.
Your business plan will serve as your guide during the lifetime of your operation. It is the blueprint of your business and will provide you with the tools to analyze your operation and implement changes that will increase your sales and, ultimately, your profitability.
A business plan is a requirement if you are planning to seek financing. It will provide potential lenders or investors with detailed information on all aspects of your company's past and current operations and provide future projections.
If you do business internationally, a business plan provides a standard means of evaluating your products' business potential in a foreign marketplace. Business Plan Outline The following pages provide a suggested outline of the material to be included in your business plan.
Your final plan may vary according to your specific needs or individual requirements of your lender or investor. Cover Sheet Serves as the title page of your business plan Name, address, and phone number of the company.
Month and year your plan was prepared. Copy number of the plan. Table of Contents Quick reference to major topics covered in your plan Executive Summary The executive summary is the abstract of your business plan.
It summarizes the content and purpose of your finished plan, covering all of the key points. This is a key section if you are seeking funding. Your Company introductory overview - who, what, where it is and why it is unique Market Opportunity opportunities your company is positioned to take advantage of Capital Requirements, Breakdown of Uses of Funds, Repayment of Loan or Benefits to Investors.
Write the executive summary after you have completed your business plan. It is a summary. The Organizational Plan What is included? This section should include a "summary description of your business" statement followed by information on the "administrative" end of your company.
Summary Description of the Business In a paragraph or two give a broad overview of the nature of your business, telling when and why the company was formed. Then complete the summary by briefly addressing: Tell briefly about your manufacturing process.
Include information on suppliers and availability of materials. Describe the products you sell. Include information about your sources and handling of inventory and fulfillment. If you provide a service: Describe your services List future products or services you plan to provide. Location Describe your projected or current location.
Project costs associated with the location. Include legal agreements, utilities forecasts, etc. Legal Structure Describe your legal structure and why it is advantageous for your company. Management List the people who are or will be running the business.
Describe their responsibilities and abilities. Include resumes in Supporting Documents Personnel How many employees will you have in what positions?
What are the necessary qualifications? How many hours will they work and at what wage? Project future needs for adding employees. What system will you set up for daily accounting?
Who will you use for a tax accountant? Who will be responsible for periodic financial statement analysis?
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Anatomy is the study of the body's internal and external structures while physiology studies the function of those structures, both singularly and in conjunction with one another. Developing A Business Plan. Overview.
The importance of planning should never be overlooked. For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths and competition. They must also have the foresight to plan for future expansion.
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