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(Note: This is the 2nd article in a two-part series.Read Article #1)The first five components of a professional business plan provide an overview of the business opportunity and market research to support it. The marketing plan details your strategy for penetrating the target markets.When compiling your business plan, it’s important to stay true to the identity and brand of your organization. When making your business plan, it’s important to know you’re not alone.
A gourmet restaurant (strategy) should not have a drive-through option (tactics.) A lot of components of a business plan depend on the usage.
Internal plans have no need for descriptions of company teams.
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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less! Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.
While every business plan will be unique, we’ve outlined below the necessary elements of any business plan.
You can also find great resources online, like a business plan template from the Small Business Administration. Determining what makes you and your organization special will make your business plan stronger, thus showing others why your organization will inevitably find its desired success.
The Financial Plan is where the entrepreneur communicates how he/she plans to “monetize” the overall vision for the new venture. The Appendix is used to support the rest of the business plan.
Every business plan should have a full set of financial projections in the Appendix, with the summary of these financials in the Executive Summary and the Financial Plan.
Don’t make anybody work to find what information is where in the plan. Use bullets as much as possible, and be careful with naked bullets for people who don’t really know the background. Nothing should be included that isn’t going to be used. Projections look like accounting statements, but they aren’t.
A good business plan is the opposite of written in stone. List assumptions, because reviewing assumptions is the best way to figure out when to change the plan, and when to stick with the plan.