How to write a successful Business Plan

Planning your vacation it is important. Planning your trip to the grocery store can prove beneficial. Getting married it is something you can’t do without a plan. Your business can and will make possible all of these things. Do you have a business plan? Your business plan is your calling card, your presentation statement.

A business plan will keep you and your team focused and attentive to the issues at hand.

In order to write a successful business plan, you first need to understand what a business plan is, and what its purpose is.

A business plan is an official, conventional written testimonial of a business goal, or of an array of business objectives. A business plan clearly states the reasons why the business targets contained in it are assumed to be realistic and achievable, and also point out particulars of the strategy and logistics to be implemented in order to attain those goals.

A solid business plan should focus strongly on financial goals since this document will normally be used to obtain funding for the venture from investors. A business plan should consider the consumer orientation to products or services, and pay close attention to the consumption habits and perception of the targeted customer.

The business plan should be noticeably directed to a step-by-step process with a defined critical path that identifies the necessary critical success strides to reach the financial goals contained in it in a sheltered and timely manner.

In sum, a well thought-out and rational business plan is your best tool to obtain funding, to implement your business, to develop your business, and to nurture it to a triumphant and lucrative end.

There are many ways to write a solid business plan, and many ways to directed to impact your goals, but here I give you some important elements that should be considered in the creation of your best Business Plan Ever!

• Front Page - Start with a great looking first page that states the name of the business, the date created, the contact information, and a Confidentiality Notice to protect you business plan in some measure from falling in dishonest hands.

• Have a Table of Contents

• Executive Summary - This section should contain an abstract of your company's present status and future direction. Keep it to 1-3 pages.

• Vision/Mission Statement - Include your company’s vision and mission statements comprising your line of products and/or services. Give details on what kind of company do you intend to become, and what is your perception of your company’s image.

• Background of your product or service - Describe the concept, opportunity, or niche that your product or service has in the marketplace you intent to exploit. Explain how people manage today to do without your product, or service.

• Background of your company – Explain the legal form of choice for your Company (Sole Proprietorship, General or Limited Partnership, Corporation, Subchapter S-Corporation, LLC Corporation, etc., and list the future primary business location, as well as the possible sites of any satellite locations.

• Objectives – Near term and long term projections of revenue expected in terms of Annual growth.

• Capital Requirements - According to the opportunities and requirements described in your business plan, and on what you feel are sound business assumptions, your -initial / first year / total- capital requirements are for US$ xxxxxx, by (specific date).

• Management Team - Persuasive and compelling company backgrounds pertinent to your management team's functions and experience, are advantageous references to make evident a solid background, and give surety of a higher probability of future success.

• Product or Service Strategy - Furnish your exact concept of the portrayal and desirability of your product or service.

• Research & Development – The capacity to come up with new product development or new product design is more than often a decisive factor in the survival of a company. Show that you understand this concept and you have it in mind.

• Production and Delivery – Describe how your products or services will be manufactured and delivered in an acceptable and satisfactory manner to your client.

• Market Analysis - Give a concise précis of your knowledge of the existing marketplace, and show that you have worked to estimate your participation on a projected marketplace.

• Customers Profile - Your customers are crucial to you and the business. Depict who are your potential customers, and how will you reach them. Explain how you will educate the customer to buy from you.

• Competition – Show that you know your competition. Explain how your potential or existing customers would compare your product with those of competitors. Point out the advantages or improvements your product or service has over existing products or services.

• Risk - Write a short description of your top 2 or 3 business bigger business risks. 3 or 4 lines will suffice, but be realistic.

• Marketing Plan – This is important. Include your strategies for Sales Strategy, Distribution Channels, Advertising and Promotion, and Public Relations. A company's marketing strategy is to aggressively enhance, promote, and support your product’s unique features, benefits, presence, and desired market position.

• Financial Plan – There are three primary financial statements you need to compose here: the balance sheet, the income statement, and the mighty cash flow statement. Also, have a financial forecast as to an annual projection of income and expenses of your company on how cash will be acquired to cover future expenses

• Exit / Payback Strategy – Develop means of escaping an unfavorable situation your business might run into. Investors would like to see how exactly they will recoup their precious money if the company goes belly up. They do not care a bit about you. They just care about their money. No sympathy here. Define how much time you will require before you can pay back the loan, or investors can convert their equity; in other words, when an exit will be possible for you to get rid of the loan, or the investors.

• Conclusion - Add any personalized concluding remarks that you feel would augment the initial impression given by your Business Plan or its Executive Summary. Offer observations you think or feel that would weight-out on the positive outcome of your business plan.

There you have it. I am not an expert in business plans by any means, but I had written a few solid, mean, blatant, and results- achieving business plans that gave me great results.

Use this guide to mold your business plan to your product or service. Add stuff, delete stuff, and change stuff. It is for you to use.

I hope this helps you, Oh Great Entrepreneurs of the Planet! (Wink!)