What Is An Business Plan

What Is An Business Plan-67
In fact, more important to your business's future than having a 30-page, coil-bound plan to distribute is the business planning process that you undertake on a regular basis to hopefully keep your ship headed in the right direction without losing sight of your long-term destination."In my company, we've been working on the same plan for more than 20 years—we review it every month and revise it every year.

In fact, more important to your business's future than having a 30-page, coil-bound plan to distribute is the business planning process that you undertake on a regular basis to hopefully keep your ship headed in the right direction without losing sight of your long-term destination."In my company, we've been working on the same plan for more than 20 years—we review it every month and revise it every year.

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Berry recommends that business executives review the business plan regularly to see if they are on track with expectations or to revise those expectations going forward.

"One of the great mistakes people make is to view the business plan as something you do once a year and then follow it blindly," Berry says. Planning is a continuous process."Berry advises that executives revisit the plan once a month.

A great business plan is a living, breathing blueprint for your business that can help you navigate and manage your company while also helping potential investors, partners, lenders, and others understand your business strategy and your chances at success.

A business plan is never quite finished because you're always revising it, reviewing it, and building upon it.

How to Write a Business Plan: Reasons to Write a Business Plan For those of you just starting a business, writing a business plan is a crucial first step.

It can help you describe your product or service, detail your marketing strategy, and lay out your sales and operational forecasts—including the ever important cash-flow projection so as to keep your business on track for profits.Include charts where appropriate, and appendices for monthly projections at the end of the business plan document in a 'landscape' layout."Your business plan should look professional, but the potential lender or investor needs to know that it was done by you," Pinson says."A business plan will be the best indicator that can be used to judge your potential for success.Collateral includes funds to support loan payments, interest expenses, and debt repayment, Berry says.Banks aren't allowed to make speculative loans, so you need to include information in your plan to make the banker feel safe.The following are recommended components of your business plan, although the order in which you write and present these sections can be subject to change: You may want to include supporting documents to back up statements or decisions you've made. These supplemental materials might include resumes of your managers, credit reports, copies of leases or contracts, or letters of reference from people who can attest that you are a reputable and reliable business person.Build in metrics to your business plan so that you can use the document internally to help manage your business going forward.It's one of the first documents that a loan officer will want to see.In addition, an angel or venture capital investor will want to not only see and read the plan before providing funding, but they'll try to poke holes in your business plan and quiz you about things you should have addressed.It should be no more than 30 to 40 pages in length, excluding supporting documents."Pinson recommends starting a business plan with a cover sheet stating the principles of the business, the name of the business, and the address of the business.She also suggests following with a table of contents to provide a quick reference guide to the topics covered in your plan.

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