A Well Written Business Plan

The business plan outlines in specific terms the financial objectives of your business and how it will position itself to achieve those goals in the context of the current market environment.

A well written business plan. A business plan refers to a written document that comprehensively outlines what your business is where it is going and how it will get there. The first step in writing a strategic plan for your department is to pay attention to your company s overall strategic plan. The elements of a well written business plan most business plans are somewhat formulaic conforming to unwritten standards read that to mean copying whatever worked before. First it can serve as the vehicle to convince potential investors or lenders to provide the financial backing needed to start your business.

A well written business plan can provide two distinct benefits. A business plan as defined by entrepreneur is a written document describing the nature of the business the sales and marketing strategy and the financial background and containing a. There are four main chapters in a business plan opportunity execution company overview and financial plan. The steps in creating a plan for a department are the same as for an overall strategic plan but the mission statement vision swot analysis goals objectives and so on are.

Choose from 500 free sample business plans in a wide variety of industries. Second it can serve as an important management tool providing a blueprint and step by step instructions for transforming your ideas into a. The opportunity chapter of your business plan is where the real meat of your plan lives it includes information about the problem that you re solving your solution who you plan to sell to and how your product or service fits into the existing competitive landscape. You want to make sure the plans align.

That s where your business plan comes in. Whether you re planning to open a shop that makes the best coffee around or you want to sell eco friendly office supplies you ll need to explain why your business is necessary and how it ll differ from its competitors. A well prepared attractive written business plan is an essential document in the quest for either debt or equity financing to provide a benchmark against which to compare actual company performance and to refine strategies and develop ideas on how the business should be conducted from a practical standpoint a business plan serves as a road map for how you plan to grow the business and take. Unless there is good reason to deviate from the standard conforming to the formula is one more thing you can do to establish yourself as an astute business person.

If you re looking for a tool to walk you through writing your own business plan step by step we recommend liveplan especially if you re seeking a bank loan or outside investment and need to use an sba approved format.