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Preparing a business plan, whether it's for a start-up or an existing business, is one of the most important tools used in business management. We have over 25 years of experience in creating business plans for a variety of purposes from starting a business to seeking funding.

Using the Business Plan

A business plan is a tool with three basic purposes: communication, management, and planning. As a communication tool, it is used to attract investment capital, secure loans, convince workers to come on board, and assist in attracting strategic business partners.

The development of a comprehensive business plan shows whether or not a business has the potential to make a profit. It requires a realistic look at almost every phase of business and allows you to show that you have worked out all the problems and decided on potential alternatives before actually launching your business.

As a management tool, the business plan helps you track, monitor, and evaluate your progress. The business plan is a living document that you will modify as you gain knowledge and experience. By using your business plan to establish timelines and milestones, you can gauge your progress and compare your projections to actual accomplishments.

As a planning tool, the business plan guides you through the various phases of your business. A thoughtful plan will help identify roadblocks and obstacles so that you can avoid them and establish alternatives. Many business owners share their business plans with their employees to foster a broader understanding of where the business is going.

Business Plan Basics
A solid business plan precisely defines your business, identifies your goals, and serves as your company's resume. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. It provides specific and organized information about your company and how you will repay borrowed money which is a crucial part of any loan application.

Every successful business plan should include some discussion about each of the following areas, since these are what make up the essentials of a good business plan:

› Executive summary
› Market analysis
› Company description
› Organization & management
› Marketing & sales management
› Service or product line
› Funding request
› Financials
› Appendix

A business plan should be a work-in-progress. Even successful, growing businesses should maintain a current business plan.