The Executive Suite: Using A Business Plan Template

Tuesday, May 7, 2013

Using A Business Plan Template

Writing a business plan takes time, as your plan should thoroughly explain and analyze the entire process of starting and running your business. Fortunately, there are many free business plan templates online that you can use as a guide, which will help ensure your plan flows well and has all of the necessary components.

A Few Suggestions:

Select the free template you want to use for your business plan. If you have already started compiling data in Microsoft Word and Excel, search the Microsoft Office business plan templates (see resources). Other options include SCORE, which offers templates for start-ups and nonprofits, and Bplans, which offers templates for specific business types, like retail and restaurants.
Launch the template, and read through it to ensure you have all of the information needed to fill it out. Depending on the template, you will either fill your information directly into the template, or keep it open as a guide, while you create your plan using the program of your choice.
Write your executive summary, which is typically the first section in any business plan. The summary is usually around two pages and is an overview of the purpose of your business, how you plan to get it started and what you envision for the future of the company.
Create a financial projection in the appropriate section of your template. In addition to filling out the prompts in your template, consider including supporting documents on your business's current financial situation. These documents could include receipts, along with a realistic projection of where you see your company in three years, and the facts on which you base those assumptions.
Create a marketing plan in the appropriate section of your template. This section should include the method of, and revenues for, the advertising and promotional tactics you will employ to spread the word about your product or service, along with a description of your company's target audience.
Fill out the management section of your template, which should feature the most important board and staff members, as well as investors and shareholders, and a bio for each.