The Seven Parts Of A Business Plan – Katie Leckey, Myself

You might be at a loss as to exactly what it means to write the business plan for your company. Many people realize the importance of a business plan for a startup in need of a loan, but actually, a business plan is important for businesses at all points in their lives. A business plan provides you with a tidy, organized document that can give you direction and a definition of purpose. Here follows the seven elements that your business plan will need.

1) Executive Summary: The executive summary will sum up everything you said in the entire business plan, which means that it will be the last part you write, even though it comes first in the document.

2) Company Description: This part will detail your history up to the present if you are an established business, while it will detail your startup plans if your business is new.

3) Product or Service: You will use this section to not only describe your product or service, but to do so while keeping the focus on the customers themselves.

4) Market Analysis: This section is especially important if you are a startup in need of a loan. In this section, you should prove your understanding of both the market and your customer’s needs, as well as your plans to reach the customers.

5) Strategy and Implementation: Concreteness is important in this section; make sure that you aim to avoid vagueness. Talk about your company structure, and detail your company strategies.

6) Management Team: As you dig into the backgrounds and histories of your key team members, this section can become an excellent selling point.

7) Financial Strategy: Especially if you are a startup company, you have to make sure you understand what you are doing in this section, providing detailed analysis and projections.

A good business plan can help you get your feet under you as a business, and if your business already has its feet under it, a good business plan can help you gain traction. A sloppy business plan, on the other hand, can prevent you from procuring necessary financial support, and can keep your business from moving forward.

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