Whether you’re preparing to open a store that makes the best drink around or you want to market eco-friendly facility equipment, you’ll need to demonstrate why your company is essential and how it’ll vary from its contenders. That’s where your business plan comes in. It provides investors, lenders and potential partners with a perception of your company’s formation and its purposes. If you’re trying to create one, check out 10 key components of a business plan.
Creating an extensive business plan is unnecessary for most businesses to get started. However, creating a short business plan offers several benefits that more than outweigh the investment of time:
The process of thinking and writing the plan provides clarity for the business.
If capital is needed from outside sources, investors want to see a plan that demonstrates a solid understanding and vision for the business.
The plan will help prioritize tasks that are most important.
With growth, the plan offers a common understanding of the vision to new leaders.
A simple business plan for a start-up service company can be completed rather quickly. Keeping in mind who the intended audience is, write simply. The plan needs to be understandable, readable, and realistic.
This template is organized into seven sub-plans or sections to be completed.
Marketing and Sales Plan
It is recommended to complete the Executive Summary last, after all of the other sections have been completed. As information is filled in, from the Company Overview to the Financial Plan, the writing should tell the story of the motivation and vision behind the business. Be sure to include what will make the business successful, how success will be achieved, and how success will be measured.
It is important to keep the business plan updated in order to see progress, celebrate success, and adjust where issues arise. This is best done on a quarterly, if not monthly, basis.
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