The Executive Suite: How to Write a Business Plan

Monday, May 6, 2013

Every business should have a business plan. It is your road map to the future and is usually essential if you want to get financing.

Suggestions:

Organize the information for your business plan. Include information on your company, product or service, customers, market, competition and potential risk.
Write an executive summary. This is the first section of the plan--a 2-page description of all the elements covered in more detail later.
Describe your company. Spell out the purpose of your business. Talk about the skills you and your management team have.
Explain your product or service. Detail how you will make or provide it. Analyze the costs associated with this process. List your supply sources.
Talk about the market you're entering. Discuss general trends in the industry. Include details about the market segment you are pursuing, the niche you are targeting and your target customer; provide demographics on your potential customers and explain their buying habits. Analyze your competition.
Describe your marketing plan. Explain how you will generate sales through advertising, promotion and public relations. Estimate all costs conservatively.
Detail your yearly revenue projections and your expenses.