There is no single formula for developing a business plan. But certain elements should be considered consistently for getting access to a sound business plan. A good plan emphasizes on executive summary, a sound description of the business, and a proper plan to market and manage businesses.
Writing a business plan has certain best practices to follow and the essential elements can be summarized as below:
- Cover Sheet
- Executive Summary
- Content Table
- Financial data
- Supporting documents
It is necessary to write a good business plan because that is what successful businesses do. Traditional business plans are quite intentional. They are based on strategies like thoughtfulness, analytics, completeness and decisiveness – all hallmarks of smart business plans.
A Business Plan that is workable has to start from a different place and should be based on different sets of operating assumptions. Business plans should be based on tactical strategies and there has to be the feel of relationship and attachment with lending institutions. For making a thriving business, four things should be considered.
1. Dream – It is very important for a business to dream big, in-order, to make it really big. So, big dreams should get reflected in business plans.
2. Purpose – The purpose of the business has to get reflected in business-plans. It is only truly good intentions that are appreciated by financers.
3. Vision – To realize a dream there has to be a proper mechanism. Vision is the means to achieve the Dream.
4. Mission – Mission is the task at hand. It is the action that brings Dream, Vision & Purpose into reality.
Creating a Business plan is pre-requisite for any entrepreneur regardless of the size of the business. It should include copies of purchase documents, personal finance statements, letters of intent, copy of resumes and copies of licenses.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org