Many professionals in the industry believe that a creative and well written business plan is one of the most essential aspects of business success. Generally, a good written business plan projects a three-five year window outlook for your company.
A quality written business plan emphasizes the best route your company intends to take and utilize to grow your products, services, and most importantly company revenues in your target market.
The Executive Summary
Although there are many aspects to writing out a business plan, there are specific tactics that are most relevant in business. Executive Summary is a snapshot of your business plan and highlights your company’s profile and goals. In all fairness, this aspect of writing for your business is often considered the most important and viable part of any good business plan. This is where the reader finds out where your company is financially, where you want to take it, and why your particular idea, product or service will prove to be successful.
This is very beneficial when finances are your issue, as the executive summary is your initial opportunity to attract potential investors. When done correctly, this summary should highlight the strengths of your business idea and your operation standard. Typically included is your mission statement, information about your company, revenue growths, products and/or services, and a detailed summary of your future plans with this particular business.
After you have completed this section of your business plan, your next task will be your company description. This section provides an intricate and detailed review of the various elements of your business. Included in this section should be the nature of your business and the particular market you intend to operate in. Also, a detailed explanation of how your services are capable of satisfying the needs of this market.
As mentioned earlier, market analysis plays a big role in determining the levels of success your company can attain. This analysis should include a detailed description of your industry, including size, growth rate, as well as trends and characteristics.
Answering Important Questions
The organization and management of your business is based on market analysis. This process involves the detailing of your company’s organizational structure. Included in this structure is details about the ownership of your company, profiles of your management team, as well as the qualifications of your board of directors. Basically, this process answers several questions potential clients, investors, and business partners usually want to know about your new business. Such as who is doing what in your company? what’s their background, and why have you chosen to bring them in, and what will they be responsible for.
These may seem like redundant or asinine questions, but to those who are reading your business plan and taking an interest in your company will really need to know about all of these important details.