Business Plan Content
A business plan is something that will outline where your business plans on heading and how it will reach its final destination. It's about analysing every aspect of your business, your competitors, how you're going to reach your goals, and so on. Having a business plan is absolutely essential.
A business plan is a written description of the future of your business
Your business plan should include:
i. The executive summary
This is an overview outlining the key points in each section of your business plan. The purpose of this overview is to prepare the readers for the content they will be reading, as well as catch their attention to continue reading.
ii. Basic business concept
The concept is where you take time to discuss the industry you are in, the structure of your business, perhaps outline your products or services and the plan for your business. This should be kept basic and simple.
iii. Your strategy and actions
You should give an overview of your strategy, or goals, and the actions you need to take to reach those goals or implement your strategy. These actions will then allow you to see what needs to be done, and later on see if you are completing these actions to a high enough standard.
iv. Products, services and advantages
These are essential. You need to give information on your products/services and how these can be advantageous to the readers of your business plan. This is essentially you trying to sell your business.
v. Your marketing plan
You need to include your marketing plan. Who you are targeting, who your customers will be, how you will attract enough customers, what methods you will be using and so on. This marketing plan allows you to see how you will promote your product and make predictions for the future of your business in regards to marketing.
vi. Background of your team
More specifically your management team and key employees. Simply give details on what they can do to help your business and how they can do this. You can also give an overview of what they have achieved from a business perspective.
vii. Financial plan
Including all financial information allows you to see the money you will need or have for your business. This section can outline factors such as the amount of money necessary to start or maintain the business, and so on. This simply will help you to see how much money has been spent or will need to be spent; enabling you to budget.
viii. Competitive analysis
Analyse and assess the strengths and weaknesses of your competitors. You can show your readers how you, as a business, will try to compete against them.
You need to outline any projections you have for the future. These need to be realistic expectations of where you think your business can be at in a few years time. Try to maintain a fact based plan.
An average business plan will be around 15-25 pages. Try not to make it too long that people don’t read it, but too short that all credibility and reliability is lost. Make it concise and clear. Be sure to include all sections necessary.
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