Constructing a business plan isn't something that should be taken lightly. While some entrepreneurs may see it as a formality that lacks the luster of grand speeches or flashy images and videos, the business plan is crucial. Not only does it sell the potential investor, customer and employee on the vision, it specifically outlines how sound and well run the business will be. Business plans can be long, complicated, and daunting to write, so we highlighted five essential items that must be included in every business plan, no matter the venture. A key purpose of a business plan is to give readers a total understanding of the company's goals and how they will be achieved. Presenting the concept is the best opportunity to do just that.
Not only are you often hiring outside firms to facilitate the process, but you are also using an enormous amount of internal resources to gather data, convert it into meaningful information and sort that data during over days of meetings with your key players. In order to elevate engagement and participation, a communication plan needs to provide great simplicity, clarity and focus, without ambiguity. Review in detail who will be present and what level of detail they will need. You want to create comfort around any changes that might affect them. Think through the negative, as well as positive aspects of the strategic plan. During the meeting, describe the basic principles of a strategic plan, as well as any new terms or definition of terms.
The Eight Key Elements of a Successful Business Plan and How to Make Them Work for You
Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. With that in mind, jump right in. Within the overall outline of the business plan, the executive summary will follow the title page.
Me, too. There is so much pressure around business plans — whether you need one, what it needs to include, how it should be formatted, etc. In fact, you can get started with a business plan in the time it takes you to read this post.