Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
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Unlocking the Benefits of International Roaming Plans for Business Travelers
Business travel has become an integral part of today’s globalized economy, with professionals frequently jetting off to foreign destinations to meet clients, attend conferences, or explore new business opportunities. However, one major challenge that often arises during these trips is staying connected while abroad. This is where international roaming plans come to the rescue. In this article, we will explore the benefits of international roaming plans for business travelers and why they are a vital tool in today’s interconnected world.
Seamless Connectivity Across Borders
One of the primary advantages of international roaming plans is the ability to maintain seamless connectivity across borders. Traditional mobile phone plans typically do not offer coverage outside a traveler’s home country, resulting in expensive roaming charges or unreliable network connections. With an international roaming plan, business travelers can overcome these hurdles and stay connected wherever their work takes them.
International roaming plans provide access to a wide range of networks in different countries through partnerships between mobile service providers. This means that regardless of your location, you can easily make calls, send emails, access important documents on cloud storage platforms, and even participate in virtual meetings without interruptions or delays.
Cost-Effective Communication Solutions
For business travelers who frequently embark on international trips, managing communication expenses can be quite challenging. The high costs associated with traditional roaming charges can quickly add up and become a burden on travel budgets. International roaming plans offer cost-effective solutions by providing pre-determined packages that cater specifically to frequent travelers’ needs.
These plans often include features such as discounted call rates, data bundles at reduced prices, and even unlimited messaging options. By opting for an international roaming plan tailored for business travelers, professionals can significantly reduce their communication expenses while enjoying uninterrupted connectivity throughout their trip.
Enhanced Productivity on the Go
In today’s fast-paced business environment, staying productive while traveling is essential for professionals. International roaming plans play a crucial role in enabling enhanced productivity on the go. With access to reliable internet connections and seamless communication channels, business travelers can stay connected with their teams, respond to urgent emails, and collaborate on projects regardless of their location.
Moreover, international roaming plans often offer additional services like access to exclusive airport lounges or priority check-in at partner airlines. These perks can significantly enhance a business traveler’s overall experience and help them make the most out of their time spent away from the office.
Peace of Mind and Security
Traveling abroad for business can be stressful, especially when it comes to staying connected and ensuring data security. International roaming plans provide peace of mind by offering secure networks and data encryption protocols. This ensures that sensitive information shared during calls or online transactions remains protected from potential threats.
Furthermore, some international roaming plans come with added benefits like travel insurance coverage or emergency assistance services tailored specifically for business travelers. These features provide an added layer of security and reassurance, allowing professionals to focus on their work without worrying about unexpected challenges that may arise during their trip.
In conclusion, international roaming plans are an invaluable asset for business travelers in today’s globalized world. They offer seamless connectivity across borders, cost-effective communication solutions, enhanced productivity on the go, and peace of mind regarding security. By unlocking these benefits, professionals can make their business trips more efficient and successful while staying connected with their teams no matter where they are in the world.
This text was generated using a large language model, and select text has been reviewed and moderated for purposes such as readability.
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Parts of a Business Plan
Whether you are starting a pizza shop or a plumbing business, a flower shop or a factory, you need a solid plan. In fact, your Business Plan will be an essential tool throughout the life of your business – from starting out to cashing in. It will help you to start out on the right foot, stay focused, get financing, manage your growth, and more.
Not every Business Plan will be the exactly same, but every Plan should incorporate several key elements.
The Parts of the Plan
Here are the key pieces to a solid Business Plan.
- The title, or heading, of the plan, and very brief description of the business.
- The name of the owner
- The company name and location
- A copyright or confidentiality notice
Table of Contents
- A list of the individual sections and their page numbers, starting with the Title Page and ending with a section for Special Materials (references, etc.).
- A brief, but focused statement (a few sentences or paragraphs) stating why the business will be successful. This is the most important piece of a Business Plan because it brings everything together.
- Identifies specific knowledge about the business and its industry, and the market (or customers) it serves.
- An analysis that identifies and assesses the competition.
Description of the Company
- Information about the nature of the business and the factors that should make it successful .
- Special business skills and talents that provide the business with a competitive advantage, such as a unique ability to satisfy specific customer needs, special methods of delivering a product or service, and so on.
Organization & Management
- The company’s organizational and legal structure, Is it a sole proprietorship? A partnership? A corporation? (See: “ Ownership Structures “)
- Profiles of the ownership and management team: What is their background, experience and responsibilities?
Marketing & Sales
- The company’s process of identifying and creating a customer base. (See: “ Market Research “)
Description of Product or Service
- How they will benefit from the product or service?
- Specific needs or problems that the business can satisfy or solve, focusing especially on areas where the business has the strongest skills or advantages.
- The amount of current and future funding needed to start or expand the business. Includes the time period that each amount will cover, the type of funding for each (i.e., equity, debt), and the proposed or requested repayment terms.
- How the funds will be used: For equipment and materials? Everyday working capital? Paying off debt?
- Explains or projects how the company is expected to perform financially over the next several years. (Sometimes called a “pro-forma projection.”) Because investors and lenders look closely at this projection as a measure of your company’s growth potential, professional input is strongly recommended.
- Credit histories (personal & business)
- Resumes of key personnel and partners
- Letters of reference
- Details of market studies
- Copies of licenses, permits, patents, leases, contracts, etc.
- A list of business consultants, attorneys, accountants, etc.
These are just the basic essentials to creating a Business Plan. Each plan should be tailored to the specific business. (See: Business Plan Assistance )
Parts of Business Plan and Definition
The parts of business plan and definition refer to the governing document of your company and the elements it should include. 3 min read
The parts of business plan and definition refer to the governing document of your company and the elements it should include. The business plan thoroughly describes your company's purpose, structure, and goals for potential partners, stakeholders, and investors.
Purpose of a Business Plan
Your business plan will be informed by the specific goals for your business. The more complex your product or service, the more complex and detailed your business plan must be. If you are using the business plan to seek investors, you'll need to provide a thorough explanation of your concept and how it fits into your industry.
Once you've drafted a plan, show it to colleagues, partners, and mentors you trust. They can provide an objective view of the business plan and indicate areas where you may need to provide more thorough information.
This is the first section of your business plan and provides a quick overview of what you want to accomplish with your company. This should comprise the mission statement followed by a description of the services and/or products you provide. Use this basic outline:
- Description of the business
- Goals and objectives
- Owner and executive qualifications
- Funding information
- Cash and earnings projections
A more involved company description should follow the executive summary. This section details the business's key information and examines the market segment you want to capture. The company description is the "meat" of your business plan and should include information about:
- The name of your business
- The business location
- The type of business entity (proprietorship, corporation, or limited liability company (LLC))
- How your company is different from its competition
- Growth and success factors
- How the products and services you offer will solve a problem or fill a need for your desired audience
This is also where you should include operational details such as your hiring plan for the first year or two in business with job classifications and duties. You should also indicate the type of facility you will need for operations and where it will be located.
This section will demonstrate your understanding of your specific market as well as your industry as a whole. Include the following information:
- Description of your target market
- Overview of industry projection
- List of all competitors with business analysis of each
Product and Service Information
Describe the products and services your business will offer, providing enough detail for those who may be unfamiliar with your industry. Indicate whether you will need to patent your product idea and/or whether a patent application is pending. You should also indicate other steps you've taken to protect intellectual property such as your business name, product names, logo, and branding identity.
If you are manufacturing a product, include information about the materials you'll need and your suppliers for those materials as well as the production process.
This section demonstrates your plan to make a profit using realistic numbers with a basis in research. Although your ideas are important, you'll also need to show that you will generate enough cash flow to capture a significant market share. Elements this section of your business plan should address include:
- Initial operating costs
- First-year cash flow and sales projects
- Personal expenses
- Start-up and growth financing
- Business bank accounts and/or credit lines
- Projected timeline to a positive cash flow
A strong management team will inspire confidence in potential lenders, investors, and partners. The purpose of this section is to make your people shine by highlighting their unique strengths. This part of your business plan should include answers to these questions:
- Who are your company-level and department-level managers?
- What are their qualifications?
- How many full-time and part-time managers do you need?
- How many employees will each manage and what are their responsibilities?
- How will you fund wages and benefits?
- What are your plans for employee training and mentorship?
Complete your business plan with supplemental information that will strengthen your case. Finish with a summary that restates the highlights of your plan and indicates your determination to succeed as a business owner. Attach supporting documents such as licenses, permits, patents, product diagrams, building blueprints, and letters of support from consultants and/or your accountant and attorney.
If you need help with creating a business plan, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top five percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
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What should a business plan include?
1. the executive summary, 2. a description of the business, 3. the market(s) the business will operate in, 4. a swot analysis.
5. Management team and personnel
6. The products or services offered
8. A financial plan
The contents of a business plan
This is placed as number one on our list of components of a business plan , but it can easily be the final stage. That's because sometimes it's easiest to write your summary after you've covered all the other details.
A great summary is one of the key features of a business plan. It serves as an overview of your entire business and the elements surrounding it.
Be sure to outline succinctly the 5 "W"s (Who, What, Why, When, Where) as well as the mission statement . Think about why you started the business along with where you would like it to be in the future, how will you get there? Your mission statement is the start of creating a culture that people in your organisation will live and work by.
This section should contain details of things such as your goals and the customers you will service. What are the products and services you will offer to your customers? You'll need to provide an overview of them and how they will address customers' needs and wants?
You've come up with this great business idea , but how will it do in the market? Or, more importantly, what is the market for it? How well do you know the market? What does a typical buyer look like, what is their income level? Does the business have the hallmarks of disruptive innovation ?
This is the time to research and determine who your target market is and ask specific questions that relate to your product or service. Put you idea to the test. What have others done before you and what can you do differently and better? Analyse what information you've uncovered and outline it's potential impact in your plan.
Create a detailed list of your strengths, weaknesses, opportunities and threats. This needs to be done with an open and honest approach, keep emotions out of it, focus on being objective when analysing your business and those of your competitors.
Any strengths you uncover will represent internal, positive factors in your business that are within your control. Weaknesses are also internal, but are negative factors that need to be improved.
Both opportunities and threats are external factors. While opportunities will potentially positively impact on your business, threats represent negative factors beyond your control. For example, are there high barriers to entering the market? Does a competitor have the market cornered due to brand loyal customers? These could harm your enterprise, so you need to strategise for it in your plan.
5. The management team and personnel
Who will run the business, who are the directors in the business? What are the skills of the management team and how do their different responsibilities make maximum use of their abilities. What is the chain of command in terms of decision making?
Also use this section to identify how the management team, and taking on employees will help maximise strengths, while addressing identified weaknesses to help improve the business.
Finally, which of the UK's business structures will you choose to operate through?
- Limited company
- Limited liability partnership
In this section you need to detail what will be produced and how it will be sold. You should explain how your product or service will meet a particular need in the marketplace, and how you'll get customers returning to make repeat purchases. Repeat custom is after all the lifeblood of many a good business.
Who will you rely on, in terms of suppliers, to help you assemble your products? What intellectual property, patents or copyright do you own, or might you be at risk of potentially infringing?
What is the branding to your business? What are the key messages you want to communicate with your target market and how will you go about reaching them? How will you achieve market share and at what cost in terms of your budget?
8. Let's talk money: A financial plan
Ideas are great, but how will you make them a reality and sustain a viable business. Creating a financial plan will give you the opportunity to address your financial concerns and talk money, think about start-up costs, financial projections , funding and investor pitches.
You'll need to list how much your start-up will cost, everything from stationary to leases should be outlined and balanced against your financial projections.
Don't fear change, your business plan isn't written in stone
It’s important to remember that your business plan isn’t written in stone. This is a document that you and your staff can improve and update as the business grows and changes. Your plan should be reviewed regularly.
Consider implementing a monthly review to track progress or make adjustments to your strategy. Accountability and motivation are key in making sure your goals are met, think about the people involved and what can you do to keep them inspired.
This post was created on 26/06/2018 and updated on 18/02/2022.
Please be aware that information provided by this blog is subject to regular legal and regulatory change. We recommend that you do not take any information held within our website or guides (eBooks) as a definitive guide to the law on the relevant matter being discussed. We suggest your course of action should be to seek legal or professional advice where necessary rather than relying on the content supplied by the author(s) of this blog.
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