Seven Steps To Building Your Business Plan

You might be at a loss as to exactly what it means to write the business plan for your company. Many people realize the importance of a business plan for a startup in need of a loan, but actually, a business plan is important for businesses at all points in their lives. A business plan can define your purpose and give your business direction, doing all of this in a tidy, organized document. These are the seven elements you will need in your business plan.

1) Executive Summary: The executive summary will sum up everything you said in the entire business plan, which means that it will be the last part you write, even though it comes first in the document.

2) Company Description: This part will detail your history up to the present if you are an established business, while it will detail your startup plans if your business is new.

3) Product or Service: While this section is straightforward - intended, of course, to describe what you sell or perform - make sure you keep the focus on customer benefits in this section.

4) Market Analysis: This section is especially important if you are a startup in need of a loan. In this section, you should prove your understanding of both the market and your customer's needs, as well as your plans to reach the customers.

5) Strategy and Implementation: In this section, make sure you avoid any vagueness. Talk about your company structure, and detail your company strategies.

6) Management Team: This section can become an excellent selling point, as you bring your management team's strengths to the forefront.

7) Financial Strategy: If you are a startup, make sure you have detailed projections in this section, including cash flow, balance sheet, and break-even analysis.

If you are trying to get your feet under your business, a good business plan can help; if your feet are already under you, you can gain even more traction with a solid business plan. On the other hand, you can miss out on money and on a brighter future if your business plan is sloppy; don't make this mistake!

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