The Finished Business Plan: Comprehensive, To the Point, Well-Packaged
ou've finished all the pieces of your business plan, but now what? All that hard work won't do you any good unless you put it all together in a package that is both attractive and makes sense.
The first step is to create an Executive Summary for your business plan. This will generally be the first thing people read. The Executive Summary should outline the key points of your plan in one to two pages. It is essential to spend a little extra time on this section, because the Executive Summary may also be the only part of your plan that someone will read.
Start with a statement letting your readers know what your business is about. In your description, include an explanation of your products/services. Help your audience understand what you are trying to achieve. It might help to use your mission statement to get started.
Be sure to include the reason why you will have a competitive advantage. Now is the time to tell the world why your products/services are the best. A brief summary of the competitive analysis and your marketing plan should provide this.
Briefly describe your market and the target customers. Firmly establish and explain the need for your business. (Why did you put this plan together in the first place?)
Summarize your financial statements; a brief financial history of the company can be included here. Follow the summary with an explanation of the future financial needs of the company and how these needs will be met.
Finally, include your vision for the future of the business. Tell the reader what your hopes are for the business and how you plan to achieve them.
While writing your Executive Summary, remember that this is the section that can make or break the plan. If it doesn't catch the attention of the reader, it will most likely end up buried under a pile of papers. If the reader is a potential investor, this can be disastrous.
There are ways to avoid having your plan end up on that pile. Be brief and to the point, but include enough information so the reader will understand your business. Attract attention, but don't be overly flashy. Achieving this balance takes some time and will probably require you to rewrite the Executive Summary at least once.
Some people begin the Executive Summary about halfway through the business plan preparation process while some write the summary when they're done with the plan. Your view of things may change somewhat after you complete the other sections, so you might consider what makes the most sense for you.
Double check to make sure you have all the pieces in place. Your completed business plan should now include:
- Table of Contents
- Executive Summary
- Mission Statement
- Competitive Analysis
- Marketing Plan
- Financial Statements, including:
- Income Statement
- Cash Flow Analysis
- Balance Sheet
- Financial Assumptions
It's time to package all the pieces. Create a plan that looks professional and tells the reader you are a successful business owner. Now is not time to be frugal, so avoid cutting corners. Important subtleties encourage the audience to read further.
Include a table of contents and tabs. Make it easy for anyone to quickly find what they're looking for in your plan. If the reader has to hunt for information, they may lose interest and put the plan down on the desk.
Take the plan to a professional shop to be printed and bound. These print shops offer many varieties of paper and covers and can professionally bind the plan for you. Choose a high-quality cover and be sure to include the name of your business.
Make sure to print the plan on quality paper. A soft color other than white (but keep it light) can make the overall document look polished, and heavier stock can make the plan feel more substantial.
After all your hard work, you now have a quality business plan. Share it with your family and trusted advisors; use it to gain the interest of future investors. The plan may also be helpful if you are trying to obtain financing from a bank.
It is important to use the plan as a benchmark in your business. Measure the progress of your business monthly. If things move off track, read the plan-it may help you determine why things are not going the way you thought they would.
Finally, review and update your plan annually. Significant events in your life, the marketplace and the economy are all going to have an impact on your business. If you keep the plan updated, it will serve you for many years to come.
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