How to Develop a Business Plan by Sandra Ketcham - Updated September 26, A business plan is an important factor in successfully creating a business, and is often an essential part of qualifying for funding.
If you got here, it is likely that you are looking to start your own business and one of your investors, or bank, or accelerator program requested a business plan for your company What is a Business Plan? There is consensus over the concept of Business Plan representing a formal, written statement of the goals of a new venture, and an overview of the original strategy that will be followed to achieve them.
There are several formats in which this document may be prepared. Typical elements of a business plan are an executive summary, business description, SWOT analysis, competitor analysis, market analysis and go-to-market strategy and finally a financial summary.
Based on that structure, a business plan may be as short as a one-page executive summary, or as long as a 50 to page document outlying the specifics of the business. Again, the most common concept of a business plan is this 20 or 30 page-long document that you prepare to demonstrate that the founding team has the right mindset to venture into a new opportunity.
Do you need a Business Plan?
I have written a couple of business plans in my lifetime, for companies that I have started. In both cases, the reality of the business, the user base, and the market have made the plan irrelevant in a matter of months, if not weeks.
This meant we spent or so hours putting together a document that was destined to be obsolete. Still, a business plan is still a fantastic exercise to: Force yourself to put your ideas in order.
On the other hand, a business plan may be a mandatory requirement for: Opening a new bank account. Applying to some startup accelerators and government grants. Immigrant Visa applications for your employees.
More traditional investors or much larger rounds of funding. How to write a Business Plan? Cover Page and Table of Contents Not a lot to add here. Executive Summary The Executive Summary is usually a one-page summary of the contents of the business plan; as I mentioned above, some business plans only consist of this section.
The vision, on the other hand, talks about what the company aspires to be in the future. Business Description A more detailed description of the company, what it will do and how will it make money. SWOT analysis The Strength-Weaknesses-Opportunites-Threats summary is a famous exercise used in business to assess the state of the industry, the market, and the competitor environment.
We have a SWOT analysis template that you can try out here. Competitor Analysis Very much related to the SWOT Analysis mentioned above, the competitor analysis should provide a more personal review of what the company is doing, their traction and state and how the company intends to differentiate.
Market Analysis A market analysis is a review of the state and maturity of the market the venture intends to attack, as well as an assessment of the market size or market potential. Summarize two or three core customer acquisition and growth strategies and a basic overview of how you plan to implement them.
Operations Plan The operations plan is mostly a summary of your plans for the company operation: How many offices will it have? How do you plan to hire?
How will you expand the productivity? Financial Plan The financial plan should be a detailed 12 month projection of the business cash flow, and a simpler year projection.How To Prepare A Business Operations Plan.
Table of Contents. Business plan reviewers know the importance of a well thought out operational plan and place considerable weight on this section since it can mean the success or failure of a business.
The presentation is a business plan and should address all the pertinent areas of business, technology, and management as research in the steps outlined above.
Specifically, it should document how you will execute all phases of the International Business Management for your venture. Business presentation about the latest sales figures; Plan time for a run-through before the presentation. Continue Reading. Which iPad Data Plan is Best? How to Create an Effective Security Awareness Training Program.
How to Create an Unforgettable Business Presentation. BUSINESS PLAN PPT - Download as Powerpoint Presentation .ppt), PDF File .pdf), Text File .txt) or view presentation slides online. Scribd is the world's largest social reading and . How to Prepare a Restaurant Business Plan For potential investors and lenders, the Financials are often viewed as the heart of the business plan and this section will get a lot of attention and even scrutiny from potential lender and investors.
This is where they have the opportunity to evaluate the financial viability of the venture. Preparation of a business presentation often focuses on the body of the presentation and neglects the introduction. The introduction is one of the most important parts of your presentation, though, and deserves just as much attention as the remainder of the presentation.