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Home » The Famous Blog » Do You Really Need a Business Plan? Yes, You Do

Business Plan

Do You Really Need a Business Plan? Yes, You Do

July 26, 2017 - Last Modified: July 26, 2017 by Al

There is a misconception held by many start-up business owners: A business plan is only used for fundraising.  Actually, a business plan is a tool for measuring progress, devising strategy, attracting key employees, and establishing an understanding of business operations.

By creating a plan, one can test assumptions, identify probabilities, and address potential issues.  Mike McKeever, an economics professor and author of How to Write a Business Plan, states, “Writing a business plan helps beat the odds. It will give you a clear course toward the future.”

Business Plan Consulting: What Should Be Covered?

According to business plan consulting professionals, the document should include:

  • The Executive Summary: An overview of your business
  • Company Description: Your mission, vision, and value proposition
  • Service and Product Offering: What your company sells
  • Market Analysis: Information on your industry and target customers
  • Competitive Analysis: An analysis of your direct and indirect competition and how you will stay ahead of them
  • Organization and Management: Organizational structure and management hierarchy
  • Funding Information: The money you need for the next 3-5 years
  • Financial Projections: The income statement, balance sheet, and cash flow statement
  • Appendix: An optional section that could include resumes, permits, and other supplemental information

Business Plan Preparation Steps:

Plan preparation might seem daunting, but it doesn’t have to be when the process is broken down:

  1. Research: Before you begin writing, research and analyze your business model, the market, and customer needs.
  2. Determine your plan’s purpose: This is a roadmap; define your plan and outline your goals.
  3. Create a Company Profile: This includes your organization’s history, products and services offered, targeted market and audience, available resources, and why your company is unique.
  4. Devise a strategic marketing plan: Assess how you will achieve your marketing objectives.
  5. Adapt to varied audiences: Write so you can easily modify the plan to fit different readers’ needs.
  6. Explain your passion: Tell a reader why you are pursuing this endeavor and the difference it’s going to make.  If you can create an emotional connection with a reader, you are more likely to gain support.

Finally, there is debate on whether a startup should use a business plan template. Ultimately, this isn’t the best strategy as a business plan template can produce a “cookie cutter” result.  It’s best to create the plan from scratch so that you tell your story with an authentic voice. Of course, if you hit a roadblock, it is also perfectly acceptable to contact a business plan consulting pro and get their advice.

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Filed Under: Business, Small Business

About Al

Follow @asefati

Techie, an Enterprise SEO Consultant, and Digital Marketer, Entrepreneur and MBA (specifically in that order). My Linkedin: https://www.linkedin.com/in/sefati/

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{ 2 Responses }

  1. Jason Freeman says:
    Planning is key to almost everything. Especially in business. Spontaneity might be okay with friendly meetings and other occasions. But for business indeed planning is important. Nice article Al.
  2. Shantanu Sinha says:
    Hello Al, Awesome tips here :) Indeed if we are planning to come up with a business, then there should be a plan behind it. A business without a plan always a failure. Planning help us to put a step forward so that we can have success and make our own stand. Market analysis is must before launching our business. We should study our surroundings market, as it helps us to study the our competitions and what different we can do to out stand our empire. Thanks for the share. Shantanu.

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