Do You Have the Right Business Plan for Your Company?
Your business plan is a framework for your business and its operations. After reading your business plan, an investor should have a strong understanding of what you plan to do and how you will achieve your specific business goals. However, your business plan should be structured based on what you want to accomplish by writing it. For example, if you are seeking investors, your business plan will focus on the finances and financial plan for your company. If you’re seeking to work with vendors or suppliers, your business plan will focus on your supply chain management and manufacturing process.
No matter the focus of your business plan or its purpose, there are specific elements that are usually included in all business plans. Including these elements will ensure that your business plan addresses the parts of operations that you will need to establish in your organization.
The executive summary is an overview of the entire business plan. Anyone who reads the executive summary should know basically what’s in the entire business plan. It is recommended that the executive summary is written after you’ve written the rest of the business plan.
The business description gives the reader an idea of the industry and what your business will bring to it. This section should include what products and/or services you will be offering.
The marketing strategy for your business explains how you will bring in customers and make sales for your business. This section should include a comprehensive examination of the different methods you will use for marketing, including both print and digital methods.
The competitive analysis explains what your company will be up against in the industry and market. Understanding your competition will help identify why your business is an advantage over competitors. What do you have to do to gain and keep a competitive edge in the industry?
The operations strategy, which is often combined with the management plan, details how the company is to be run. This includes leadership and the supply chain management strategy.
The final section of the business plan should be the financial strategy, which includes your budget, what will be required to meet it, and financial projections for the business.