The business plan is more than just a document; it is your blueprint to success. It is your outline that will enable you to achieve your goals. The business plan can also be a management tool that will help you analyze results, take all strategic decisions, and showcase your skills and operational abilities.
However, thinking about a business plan and getting down to its nitty-gritty are two completely separate things. So, whether you are looking to start from scratch, pitch a new idea to investors, or modifying existing ideas, you need to frame your business plan professionally.
About writing a business plan – John Giorgi
The writing process doesn’t need to be complicated. According to John Giorgi, it is essential to understand that you do not need an advanced degree in business, advertisement, or accounting to put forth a business plan. Not every business plan looks and feels the same.
It depends on the type of venture, the size of the concern, and the market situation. Depending on the situation, you can modify your business plan to be aggressive or moderate within reasons.
Now that you know that there can be business plans specific to your concern and goals, it is time to learn about the vital components of a business plan. First, irrespective of the requirement, make sure your business plan includes all the points mentioned in the following section. Then, read on to know more.
An executive summary
The executive summary is your pitch. Make sure it contains the table of contents, the company background, the opportunities in the market, an overview of the management, and the financial highlights and advantages. The trick is to write up a detailed section first and then summarize with the help of bullet points.
Structure of the business
You will need to explain the business you are in and what you are looking to sell. For example, you need to describe the R&D line, manufacturing process, material availability, inventory handling, and other operational details if you are selling products. You will also need to include details of the strategic relationships, expected administrative issues and negation procedure, your intellectual properties, expenses, and the entire legal structure of your firm.
Market research and operational strategies
In this section, you will need to highlight your market analysis and research data. In addition, you will need to provide sales forecasts, deadlines, milestones, public relations, advertisement strategies, and your opinion on how you fare against the competition.
Management and personnel
You will also need to provide a detailed bio for all your company executives, managers, and staff. Remember to include all the factors and personnel expertise that will enable you to achieve all your business goals. Investors will often evaluate the risks, but a professional and experienced management team will lower the perceived risk factors.
Provide financial documents
Last but not least, you will need to provide all the financial details and numbers to back up your marketing and organization planning sections. Include all your projections, including loss statements, balance sheets, and cash flow for a period of at least the next three years.
A professionally crafted business plan will allow you to devise better strategies and help you with investors.