Creating a business plan

Creating a business plan

Creating a business plan is the most daunting task for both small and large business owner. Taking time and starting to draw a business plan is never easy for most entrepreneurs. However, there a factor of tips that cans the process much easy. Before starting the process, it is comparative to spend some time brainstorming, even before you put a pen o the business plan paper (Khatibi, 2002). Note down anything that occurs to the business environment. A business plan is a document that projects the roadmap of the business in the next 3-5 years ahead. It documents the road a business intends to employ to generate revenues.

Executive summary

As the name signifies, business plan executive summary contains all the information in the rest of the document. It is a snapshot of the business plan and documents the company key goals and profile. In a nutshell, an executive summary should be written last after all the other sections of the business plan have been covered.

Organization and management

Documentation of the best organization structure and management for the business indicate the key players in the management are outlined, together with their resumes.The business owner should use this section to certify to the investors that the team behind the management is indeed professionally competent for the assigned roles. However, it is considered unethical for the owner to lie about the management competency (Mirandola et al 2011).In case any position is vacant, indicate how the issue is going to be managed, for instance by outsourcing the functions of the lacking position holder, e.g. account docket.

Funding request

In case the business is seeking other sources of funds, indicate the potential firms or stakeholders to approach for the funds and document any necessary information about the funding process.

Company Description

Include the products of the business, the difference of the business from others and the market it intends to serve. This is the section that covers all the business idea behind the business plan inclusive of the legal formation of the business.

Service or product line

Indicate what the company sells, how it will benefit the customers, the product lifecycle and cover a brief story about the product or service for awareness purposes.

Financial projections

Suppose the business needs external financial support, provide a clear financial projections in this section. This is critical back up for the financial requests. Incorporate all the necessary information in the financial projections including the amount in possession and the amount needed to kick off the business. 

SWOT Analysis

This is an acronym for strengths, weaknesses, opportunities and threats. Compound on the SWOT of the business and indicate a structure to mitigate on each of them.

 

Market Analysis

Indicate the research strategies for the business industry, targeted market and the potential competitors in the market.

Marketing and sales

This section incorporates the marketing plans, sales strategies of the business. In a nutshell, indicate how the products will reach the consumers.

Supporting documentation

In this section, any relevant document to the company is supplied that might interest the readers of the plan. Include awards, certifications and perceived risk mitigation.

Appendix

This section is optional but it is useful to include any other information such as certificate of the business, that is, if the business operates in an environment that needs certification. Include the management resumes, permits and leases. 

Works cited

Ali, Khatibi. “How Companies Can Sustain Growth and Avoid Pitfalls Creating Knowledge.” Strategic Management Conference (2002 : Kuala Lumpur). (2002): 3. Print.

Development of a Product Model for Manufacturing Planning and Control in a Made-to-Order Business. Emerald Group Publishing Ltd. (Bingley, United Kingdom, n.d..Internet resource.

Mirandola, Carlos M. S. “Solving Global Financial Imbalances: A Plan for a World Financial Authority.” Northwestern Journal of International Law & Business. 31.3 (2011): 535-591. Print.

Mirandola, Carlos M. S. “Solving Global Financial Imbalances: A Plan for a World Financial Authority.” Northwestern Journal of International Law & Business. 31.3 (2011): 535-591. Print.

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