Seven Steps To Building Your Business Plan

If the time has come for you to write a business plan, you might be at a loss as to how you should proceed. While most people understand that a business plan is important for a startup, it is actually equally important for even those businesses that are already established. A business plan gives your business direction and a definition of purpose, all in a tidy, organized document. These are the seven elements that you will need to include in your business plan.

1) Executive Summary: This will be the last part you write - it is basically a summary of everything you will say in the document - but it will come at the beginning.

2) Company Description: This part will detail your history up to the present if you are an established business, while it will detail your startup plans if your business is new.

3) Product or Service: You will use this section to not only describe your product or service, but to do so while keeping the focus on the customers themselves.

4) Market Analysis: This is hugely important, especially when you need a loan. In this section, you should prove your understanding of both the market and your customer's needs, as well as your plans to reach the customers.

5) Strategy and Implementation: In this section, make sure you avoid any vagueness. Give concrete details about your company's structure and strategies.

6) Management Team: This section can be a great selling point, as you can delve into the backgrounds of all the key members of your team.

7) Financial Strategy: Especially if you are a startup company, you have to make sure you understand what you are doing in this section, providing detailed analysis and projections.

If you are trying to get your feet under your business, a good business plan can help; if your feet are already under you, you can gain even more traction with a solid business plan. A sloppy business plan, on the other hand, can prevent you from procuring necessary financial support, and can keep your business from moving forward.