SBA Provided Tips for Writing a Business Plan
A business plan is like a roadmap that delineates the current state of your business and where you envision it going. The Small Business Administration suggests that you include the following details in your business plan.
The executive summary is a compressed description of your entire business plan, including your mission statement, history and organization, leadership and employees, financial information, and plans for growth. A potential financial backer should be able to read it and form a basic understanding of your company.
The company description adds details about the target market your company serves, and any advantages that make it rise above the competition. Focus on company strengths such as ideal locations of stores and industry experts in your employ.
The market analysis highlights the target market for your service or product. Provide an overview of themes, trends, and competitors in your industry, and explain how your business can stand out and seize a share of the market.
Organization and Management
Describe the legal and organizational structure of your company. Introduce the key members of your management team and the qualifications and experience that make them the right leadership to run your business.
Product or Service Line
Detail the products you sell or the services you provide and how these offerings benefit customers. Share plans for research and development, and mention filings for patents or copyrights.
Sales and Marketing
Describe your general strategies for marketing and sales, the makeup of your sales force, and the specific sales activities they undertake. Include your ideas on the evolution of your strategies as your business grows.
Supply financial data in the form of balance sheets, income statements, and cash flow statements for the last three to five years. Forecast your financial outlook for the coming five years.
Detail your funding requirements for the coming five years and exactly what you need the financing for.
Provide resumes, letter of reference, contracts, and other supporting documentation.
For more advice on business plans, contact Growth Lending Group at 203-349-8584.