Who needs a business plan?
Every organization should have a business plan, no matter the size. Sole proprietors and large corporations alike can benefit from having a well-constructed plan for their business.
Your investors and potential financers will want to see a copy of this plan.
What is a business plan?
Your business plan is your basic framework for how you do business and strategy to remain profitable. It will also include copies of documents key to the success of the business. It should include three key elements: a Management Plan, a Marketing Plan, and a Financial Plan.
At the beginning, there will be an Executive Summary which summarizes the full business plan and the end will include an appendix or list of attachments if the document is being filed with a credit application. If you have a lengthy business plan, you may also want to include a table of contents in the beginning.
Where will I keep by business plan?
File it away somewhere safe. Don’t post it on your website or openly share somewhere that isn’t secure as it will contain trade secrets and valuable market research that you won’t want your competitors to get hold of.
Keep a printed copy in a filing cabinet in your office for easy access and an electronic copy in a password protected place on your computer. When sharing it with others, ensure that they understand that the information inside is confidential.
When should I write a business plan?
Right now! Whether your business is just a concept or is already running, there’s no time like the present to start your business plan. As your business changes, make updates and try to keep it current at least on a yearly basis. It may not be a bad idea to compare old business plans to new ones to see how far your business has come.
Why should I write a business plan?
To raise capital
To stay focused
To find customers
To build trust
To discover best practices
Stakeholders, staff, and customers will all be impacted by your business plan. If you want investors to trust you and give you their money, they will first want to see a plan. Similarly, banks will want to see a plan before loaning you money and vendors may even ask to see one before providing you with services, equipment, or property access.
Your business plan will guide you in setting goals and ensuring that you are meeting them. This will help you develop your strategy to grow and also find any flaws in your business idea so that you can adapt your plan.
The marketing strategy in your business plan will help you identify who your customers are, what motivates them, and the best way to reach them to share information about your products and services. If your customers are other businesses or government entities, a business plan may be part of the requirements to submit a proposal, so it’s best to be prepared.
How do I write a business plan?
Writing a business plan is no small task. An executive business plan could easily exceed 30 pages. This will take lots of collaboration, time, research, and crunching numbers. If you need a little help, there are many resources online to guide you for a fee. If this is simply not your strong point as an entrepreneur, that’s perfectly fine! Pink Cloud Management & Consulting has over ten years of experience in crafting executive business plans. Scroll down to get our contact information to book a consultation so that we can get started today.