subject: Business Plans: From Concept To Realism: [print this page] There is a famous expression, Falling to plan is planning to fail. In order to secure start-up financing many business plan owners write business plan. However, a business plan is far more than a document for banks and investors; its a roadmap for the success and growth of a business. Business plan is putting your business concepts on paper and for writing a business plan it is necessary, to think thorough and research the many factors that are helpful in taking your business on to the heights of success. A business plan not only helps you to get funds from potential investors and lenders but it also spot the potential pitfalls that might come in your way of success and can help you make decisions about your business venture before you commit yourself legally or financially.
Following are the seven key sections that every business plan contains:
Executive summary: The first and the most important part of a business plan is an executive summary. It is the first part but always written in last. A good executive summary should be 1 or 2 pages long and provide an overview of your entire business plan.
Business overview: Business overview includes the details regarding your business history, the mission and vision of your business, concise information about the product and services you are going to offer.
Services overview: Give comprehensive overview about the services you are going to offer. What are its features and benefits and how it will compete in the industry and the market in which you are going to open your business.
Industry overview: This section discusses the size and growth of your industry. The industry overview shows the market you will be targeting and the key markets within your industry.
Operational plan: Provide a profile of your management team, your organizational hierarchy and an overview of your day-to-day operations.
Financial plan: Financial plan is the last and the most important part of the plan. Off course, investor invests in a company in order to get good return. This section helps them to know whether you and your management team are capable enough to give them high return or not.
Above are the seven key sections that every business plan includes. If a business plan misses any of the above section there business plan will not be taken seriously by investors and lenders and it will cover under dust.
