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What both have in common is that banks, venture capitalists, and others who have an interest in financing business endeavors are concerned about the potential for default that can happen when a poorly planned business fails.
A business plan is a carefully worded statement of business goals.
Whether written on behalf of an established business or a startup, it includes reasons the goals are attainable, along with plans for achieving them.
You can add categories depending on the type of business you’re starting, but standard business plan headings include Objectives, Market Analysis, Industry Predictions, Experience and Knowledge, Customer Benefit, Operations, Short and Long-Term Goals and Financing.
If you’re writing a plan for a business expansion, include Business History in one section.
Keep it brief, keep it truthful and back up your logic with figures. Use everyday language and outline your plan, grouping similar ideas under the same headings. A banker or investor doesn’t have time to wade through lengthy explanations.
Keep only the essential information and include numbers and statistics.The business plan layout should visually draw the reader’s attention.Separate the information into categories with clear headings.The Industry section of your business plan should list current competition and the likelihood of future competition.If you want to open a pharmacy in a small town that currently has no pharmacy, the competition in your industry is very different than if you want to open a pharmacy in a metropolis that already has a pharmacy on nearly every corner and additional branches in every supermarket. Maybe you offer free delivery or online ordering that will set you apart in the industry.Most business plans include background information about the individuals, organizations, or teams who will be responsible for making these goals reality.A business plan is essentially a decision-making tool.Its content and format is determined both by the business’s goals and by the intended audience.Such a plan for a nonprofit group, for example, might discuss the way the organization’s mission fits with stated goals.Equity investors want to know if dividends are available, the rate at which you expect to realize profits and the distribution or reinvestment of those profits.Retaining a certified public accountant helps ease investor concerns over financial matters.