Write Your Own Business Plan
09/08/09 | Kentucky Business Network
There are a number of ways to form your Business plan, we have a few tips that can help make the process a little easier.
When you begin writing your business plan, start by defining your current and past business operation. You will then need to describe your goals for your company’s future and explain fully how a financial investment in your company will enhance your goals and reward potential investors. Be very clear about defining your goals for the future and stressing them above all else.
Step One:
Start with a numbered Table of Contents. You will need to name and number each section of your business plan for clarity and ease of use.
Step Two:
You will need an Executive Summary, comprised of 1-2 pages focusing on your business plan’s primary points of interest. Include descriptions of your management team’s structure and process, marketing techniques, business alliances, market size, profit potential, also be sure to include the dollar amount you are requested and outline your re-payment plan. You may actually decide to write this section last, after all the variables have been defined.
Step Three:
You will need a detailed Business Description that includes your mission statement, a thorough explanation of your company, your business’ philosophy or management model, as well as your primary goals and desired achievements.
Include in your business description a concise overview of the field you are operating in, as well as your services, products, and strengths that are unique in your field to your company. Be sure to include the specifics of the company’s legal form of ownership.
Step Four:
Next you should furnish a more in-depth list of Products / Services that your business offers. This expanded description should include your pricing structure and marketing scheme.
Step Five:
Outline your Marketing Strategy. Describe how your business’ marketing plan will work to capture market share. Give specific details about your public relations strategy.
It is important to include an analysis of Marketing Data. Identify your Target Audience, their demographic and specific information about your target market. Next, identify and define the industry you are operating in. Be specific about market growth, size, trends, and other related details. You also want to include a review of your competitors and the positive and negative ways they are managing their marketing campaigns.
Step Six:
It is important to have a clear explanation of your day-to-day and long term Business Operations. Include details about your company’s location, staff, machinery/equipment, legal considerations, operational expenditures, and the processes used to carry out daily operation. Also add information about operation practices unique to your business.
Step Seven:
A Management Outline is a vital feature in a well-crafted business plan. Explain the experience and strengths of your staff members, include job descriptions, and an delineate of your management processes.
Explain who has the management responsibilities. Even attach key employees’ resumes as supporting materials. All primary employees should have their jobs clearly described. An outline of other important advisors to your business should be included with this portion of the report.
Step Eight:
Devise a clear Financial Plan. You will want to state Financial Projections of up to three years into the future. In order to deliver a clear financial plan, you will need to describe your overall income statement. Include details about your cash flow, break even analysis, forms of funding, balance sheet, spreadsheets, and requests for future funds.
Step Nine:
Close your report with an Appendix. In addition, you will need contracts, supporting documents, letters of intent, research, and any pertinent related information.
