Monday, October 1, 2012

Essential Parts of a Business Plan



Suggestions on running a business from Magnetic Consulting Group

Business success often relies on having a strong business plan. This plan outlines up to five years ahead of time and helps ensure that your business will stay on track to reach revenue goals.

Of course, creating a good plan takes some time and dedication. Since a business plan outlines the intended track a company will follow for the next several years, it will need to be as detailed as possible. Below is a list of categories to cover when writing a business plan:

1.     Executive Summary—explains the basic goals and profile of your company
2.     Market Analysis—includes research conducted on your business industry and the current market
3.     Company Description—what you do, what makes you different from others, and what markets you serve
4.     Structure—lays out the best organization and management for your company
5.     Marketing & Sales—shows how you will successfully market your business and what sales strategies you will employ
6.     Services & Products—outlines what you offer to the prospective customer and how it potentially benefits them
7.     Funding—determines how you will fund your business, including investors or alternative sources
8.     Projected Finances—backs up funding requests made by providing relevant details on your expected financial situation
9.     Appendix—stores important information and documents not included elsewhere in your business plan, such as permits, license, resumes, leases, etc.

Taking the time to perfect your business plan can majorly impact your business; it could be the difference between success and failure, between owning a business and just working for one.