A compelling business plan gives you a clear roadmap towards your company’s future and can act as a benchmark against which to measure your future progress. It’s this process of thinking that will help you determine how likely your chances of success are and whether your idea is financially sound. A business plan is a collection of pages with the power to set you and your creative ideas apart from the crowd. So just what key ingredients go into the recipe for the perfect business plan?
- An opening statement. The opening statement should address the basics of location, business form, and stage of your operation. It should also catch the reader’s interest to encourage further reading.
- Secondly, define your target market. Target market refers to a specific and well-defined consumer segment within the business’s serviceable market which the business wants to sell its products and services and direct its marketing efforts to.
- Financial information. The financial section contains your income and cash flow statement, balance sheet and other financial ratios, such as break-even analyses.
- Add biographies of your core staff members. Remember that when choosing investments, founders are putting their faith in an entrepreneur and his/ her team. Therefore, it’s vital to make investors comfortable with you and the people working for you.
Tip: SCORE offers fillable worksheets covering these key pages in your business plan for your business:
- Executive Summary
- Company Description
- Products and Services
- Marketing Plan
- Operational Plan
- Management & Organization
- Start-up Expenses & Capitalization
- Financial Plan
A good business plan is convincing. It proves a case. It provides concrete, factual evidence showing your idea for a business is in fact sound and reasonable and has every chance of success. Global Virtual Partners can help you get your business plan off the ground, please contact us to find out more.