Business Plans
A business plan is the process of developing a company’s business vision, strategies, goals, and how they will be implemented. The business plan will need to be organized and have an introduction, a summary, a body with content, and appendices. Before we can create a business plan, we must plan out everything including the company strategy, financing, company goals and objectives, and determine if the company can obtain what is in the business plan within a reasonable time frame. In order to create a sound business plan that can be followed and implemented, the company needs to have a clear written statement of purpose, values, and a vision for now and the future. The company will also complete a sound SWOT analysis, build a strategy, and base the strategy on sound research knowing the wants and needs of the customers.
The purpose of a business plan for new and established companies include the assistance of raising capital, to help manage a new or rapidly growing operation, and to give notice to potential employees, suppliers, and customers the company mission. The main reason for creating a business plan is to have a roadmap that tells everyone how and what to do in a way to meet the corporate business goals and objectives. In order for the business plan to be implemented with ease, it should practical, specific, and thorough so everyone will have a good understanding of what is expected. The business plan should cover the four stages of business development: planning, financing and resources, implementation, and monitoring progress. Planning allows management and investors know how the company intends to expand, how to identify any unforeseen problems, and make corrections. Financing gives the company the means to implement the plan and continue to grow. Implementation provides a step by step guide as to how the company will operate to meet all of the goals set out. Monitoring gives the company the tools that are needed to measure and control the progress and gives the stakeholders the confidence that the business plan is under control and can be adjusted, if needed, to meet any unforeseen challenges and ever changing customers needs.
The main sections of the business plan include an introduction, summary, body with content, and appendices. The three sections can be broken down even more into seven sections which include the executive summary, business description, market strategies, competitive analysis, design and development plan, operations and management plan, and financial factors. By breaking down the business plan even further, we will create a more thorough and usable plan which can by implemented and measured for success.
The introduction portion of the business plan should describe the company in detail and the purpose of the plan. The introduction should identify the authors and the date of the final revision, if the document was written in house or by an outside consultant, and all contact information needed. The introduction should have a confidentiality agreement to protect the company and a statement that all financial forecast do not constitute a prospectus. The summary should outline the most important information in the plan, answer why the plan is needed, and contain a short description of the information that is in the body of the business plan.
The body of the business plan contains most of the important information as to what the company is planning, why the company wants to get into the new business venture, and how the company plans on being successful with the new operation. The following list contains the main topics that will be discussed in the body of the business plan. The Body of the plan provides a realistic view of nearly every aspect of the company. It should include:
1) The vision and mission statements, the SWOT Analysis, and Strategy Plan
2) A description of the present condition and position of the company
3) A description of the products and services that the company offers
4) A profile of the target market(s)
5) Marketing strategies
6) Technology (if appropriate) and a listing of resources
7) Manufacturing and Operational plans (if appropriate)
8) A description of upper management and their roles
9) High-level financial projections, including income statements, cash flow projections, projected balance sheets, and other documents pertinent to finance
10) Funding proposals (if plans are developed to attract investment capital)
11) Implementation plans, including future decision points, timelines, milestones, required actions, and contingency plans.
The body of this document contains most of the relevant information as to what the company will be doing, how the company will operate, and where the customers will be coming from. The business plan will also discuss the upper management of the new organization and the corporate philosophy. The financials that the company will provide in this section will be the best possible guess based on sound research, market conditions, and customer needs. The Appendices should include: details of items mentioned in the body of the plan, chronological development of the company, historical financial documents, market research, description of competition, and financial projection tables and data.
The business plan should be used to help the company plan for the expansion and to provide focused guidance as the business develops. The business plan will help management measure the results of the new division and provide tools which may be needed to make changes as the market changes. The business plan will also allow for better communications between employees, management, and stakeholders so all will have a better understand in what direction the company is moving and what the company is planning. Taylor and Associates will be glad to partner with your company to help develop a professional business plan which is unique to your operations.
J. Taylor
The purpose of a business plan for new and established companies include the assistance of raising capital, to help manage a new or rapidly growing operation, and to give notice to potential employees, suppliers, and customers the company mission. The main reason for creating a business plan is to have a roadmap that tells everyone how and what to do in a way to meet the corporate business goals and objectives. In order for the business plan to be implemented with ease, it should practical, specific, and thorough so everyone will have a good understanding of what is expected. The business plan should cover the four stages of business development: planning, financing and resources, implementation, and monitoring progress. Planning allows management and investors know how the company intends to expand, how to identify any unforeseen problems, and make corrections. Financing gives the company the means to implement the plan and continue to grow. Implementation provides a step by step guide as to how the company will operate to meet all of the goals set out. Monitoring gives the company the tools that are needed to measure and control the progress and gives the stakeholders the confidence that the business plan is under control and can be adjusted, if needed, to meet any unforeseen challenges and ever changing customers needs.
The main sections of the business plan include an introduction, summary, body with content, and appendices. The three sections can be broken down even more into seven sections which include the executive summary, business description, market strategies, competitive analysis, design and development plan, operations and management plan, and financial factors. By breaking down the business plan even further, we will create a more thorough and usable plan which can by implemented and measured for success.
The introduction portion of the business plan should describe the company in detail and the purpose of the plan. The introduction should identify the authors and the date of the final revision, if the document was written in house or by an outside consultant, and all contact information needed. The introduction should have a confidentiality agreement to protect the company and a statement that all financial forecast do not constitute a prospectus. The summary should outline the most important information in the plan, answer why the plan is needed, and contain a short description of the information that is in the body of the business plan.
The body of the business plan contains most of the important information as to what the company is planning, why the company wants to get into the new business venture, and how the company plans on being successful with the new operation. The following list contains the main topics that will be discussed in the body of the business plan. The Body of the plan provides a realistic view of nearly every aspect of the company. It should include:
1) The vision and mission statements, the SWOT Analysis, and Strategy Plan
2) A description of the present condition and position of the company
3) A description of the products and services that the company offers
4) A profile of the target market(s)
5) Marketing strategies
6) Technology (if appropriate) and a listing of resources
7) Manufacturing and Operational plans (if appropriate)
8) A description of upper management and their roles
9) High-level financial projections, including income statements, cash flow projections, projected balance sheets, and other documents pertinent to finance
10) Funding proposals (if plans are developed to attract investment capital)
11) Implementation plans, including future decision points, timelines, milestones, required actions, and contingency plans.
The body of this document contains most of the relevant information as to what the company will be doing, how the company will operate, and where the customers will be coming from. The business plan will also discuss the upper management of the new organization and the corporate philosophy. The financials that the company will provide in this section will be the best possible guess based on sound research, market conditions, and customer needs. The Appendices should include: details of items mentioned in the body of the plan, chronological development of the company, historical financial documents, market research, description of competition, and financial projection tables and data.
The business plan should be used to help the company plan for the expansion and to provide focused guidance as the business develops. The business plan will help management measure the results of the new division and provide tools which may be needed to make changes as the market changes. The business plan will also allow for better communications between employees, management, and stakeholders so all will have a better understand in what direction the company is moving and what the company is planning. Taylor and Associates will be glad to partner with your company to help develop a professional business plan which is unique to your operations.
J. Taylor
posted by J. Taylor's Blog at 1:35 PM
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