A small business plan is an entrepreneur’s road map to success. A well-designed plan outlines what your company hopes to accomplish and how it intends to accomplish it. Although the business plan format can vary, there are key elements common to all plans, including an executive summary, a description of the company and the management team, a description of the products or services you sell or plan to sell, and analysis of the target market and your financials. The plan also includes the strategies your company intends to follow to achieve your long-term goals. Key among these is your marketing strategy.
It’s not a good idea to learn how to write a business plan on the fly. Take your time and make sure you have all the details you need. And before it lands on the loan officer’s desk, make sure that someone from outside the organization has taken a good, long look at it. Better yet, involve an outside consultant in the process from the beginning—he or she will bring a different perspective, which is always useful when money is at stake.
Even better, a consultant who is also a successful entrepreneur will do more than simply spot the flaws in your business model; he or she will tell you how to fix them. The result will be a business plan you can present, and follow with confidence.
Ron Sturgeon, Mr. Mission Possible, has helped build a variety of businesses from the ground up. He shares his knowledge and expertise in speaking engagements and through his consulting assignments and peer benchmarking groups.