Hello Small Business Owners,
I would like to start this blog from the beginning of where a business will be, and generally speaking, new businesses start with a business plan. This can be a formal business plan where you will be structuring it for potential investors, employees or co-directors, and it can be informal where it’s more a basic structure and guidance for yourself and your business goals. ( If you would like to see what can be considered even before doing a business plan, click here)
I am going to outline a basic business plan structure and you can take from it what is relevant to you.
Business Plan Overview:
Though business plans have many different presentation formats, business plans typically cover five major content areas:
– Background information
– A marketing plan
– An operational plan
– A financial plan
– A discussion of the decision making criteria that should be used to approve the plan
– An executive summary
Some of these content areas may be more or less important depending on the kind of business plan. There is no fixed content for a business plan. Rather the content and format of the business plan is determined by the goals and audience. A business plan should contain whatever information is needed to decide whether or not to pursue a goal.
Once a business plan has been developed, the key decision making points are usually summarized in an executive summary.
Start thinking about it now and we’ll go into each area in depth next time!