It will need updating and changing as your business grows.
Whether you use it in-house or for external finance, it should still take an objective and honest look at your business.
A business plan has many functions, from securing external funding, to measuring success within your business, so preparing a business plan is an important step when starting a business.
This guide will show you how to prepare a high-quality business plan using a number of easy-to-follow steps.
Here, you get to introduce readers to your company with a brief overview. This will also help your readers understand what to expect when they work with you—will the experience be marked by certainty or frustration?
Also, you can split this section into two subsections, an operations section and a management section: If you discover expertise gaps in your team, you can also fill them in through outsourcing, vendors, and partnerships.
Failing to do this could mean that you and others have unrealistic expectations of what can be achieved and when.
Use this template to create a business plan that outlines your executive summary, your vision, your marketing strategy, how you plan to run your business and how to plan to finance your business.
It will also be the first thing that prospective investors, partners, and lenders see about your business, so you should take the time to get it right. This section should answer all these questions to familiarize readers with your business and make it relevant.
You’ll flesh out the whole summary in Step 8, but you should get a head start on it by writing one to two sentence answers for each of the following questions: Step 3: Tell Your Company’s Story with a Company Description The next section of your business plan should be a company description. Step 4: Explain Your Operations and Management Structure Now that you’ve introduced your company, it’s time to give a little bit more detail about its operations and management structure.