Transcript

Your Small Business Plan: Before You Write it, Read This

YOUR SMALL BUSINESS PLAN BEFORE YOU WRITE IT, READ THIS Business Plan: A written description of a business's future explaining what you plan to do and how you plan to do it Business plans are essential for companies seeking loans or investors' money. More importantly, they serve as road maps for companies. They help businesses map out the near and distant future as well as set goals and deadlines. PLAN BEFORE YOU PLAN Research and identify your demographic Ask your customers What makes you unique Solidify basic logistics O Age Ask potential O Figure out what Understand costs makes your product or service different O Profession customers or and pricing users what they think of your O How will you sell the service or product? O Lifestyle O How will you set yourself apart? Likes and dislikes product or service IT'S ALL IN THE STYLE Keep it simple ABC + Times Avoid complicated sentences, buzzwords, and acronyms ABC Arial ABC + Use simple, to-the-point language Calisto O Choose a simple font at 11 or 12 point size CONTENTS 1.The Plan 5..Exection Stay organized O Start with a table of contents 13. 15.Solution 25.The End Problem Make use of topic headers for each section • Use bullet points. • Use bullet points. • Use bullet points. • Use bullet points. • Use bullet points. • Use bullet points. Break up text O Use bullet points with brief explanations O Insert valuable graphics, charts, and photos O Take advantage of white space Title 80% 20% Group 1 Group 2 Stick to a short plan No more than 30-40 pages (excluding supporting documents) WRITING THE PLAN Include some or all of the following sections: Executive summary O Informs the reader what you want O Provides a snapshot of company goals O Keep to 3 to 4 pages Business description What it does, company mission When it was formed O What differentiates it from others in the industry Market analysis Determines the strengths and weaknesses o of competitors Provides marketing strategies to overcome competition Includes market research Design and development plan Describes the product or service Lays out dates, deadlines, and sales forecasts Emphasizes benefits to potential and current customers Sales Forcast 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operations and management plan Explains how the business functions on a day-to-day basis 12 Details responsibilities of team members Financial factors O Offers financial projections O Especially important when requesting funding from investors O Monthly or quarterly projections for year 1, yearly projections for years 2 to 5 Supporting documents Credit reports O Resumes of managers Leases O Contracts Letters of reference O Legal documents O Building permits Patents PUTTING THE PLAN IN PLACE Embrace trial and error. Check in with your business plan regularly to see if you're on track with projections Check grammar and punctuation multiple times Be open to rethinking a product or service after the initial business plan is drafted. Its all in iR the style O Be able to easily explain any facts or figures written in your plan O Schedule an O Update your plan whenever yOU O |t's okay to veer from plans if they aren't working annual revision deem fit REVISIONS Writing a simple but comprehensive business plan is the crucial first step to a successful small business. Brought to you by: In Partnership with SUREPAYROLL A Paychex" Company GHERGICH&Co. Sources: entrepreneur.com inc.com barclays.co.uk businessweek.com torbes.com sba.gov

Your Small Business Plan: Before You Write it, Read This

shared by Ghergich on Aug 20
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Just like a polished, one-of-a-kind resume will make you stand out to potential employers, a unique and impressive business plan will help you stand out to potential investors or banks. www.surepayrol...

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