A business plan precisely defines your business, identifies your goals, and serves as your firm's resume… It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.
Ten things to consider before tackling a business plan:
- Decide why you're writing your plan—what is your motivation?
- Do your homework—read some books, explore web resources.
- Compile your information—locate articles, financial statements.
- Start typing—write down all your ideas, notes and questions in outline form.
- Write a rough draft—Flesh out the outline with full sentences and paragraphs.
- Do more research—support your case with data via Small Business Association contacts, annual reports, and competitors in the chosen industry.
- Think about the numbers—develop pro forma financial statements.
- Write a final draft—demonstrate attention to detail with accuracy and clarity.
- Get feedback—have someone else read over your plan and offer advice.
- Polish your plan to perfection—include a cover page, table of contents, nondisclosure form and an executive summary containing highlights.
From:
Turner, M. C. (2006). Business Plan. In M. M. Helms (Ed.), Encyclopedia of Management (5th ed., pp. 54-58). Detroit: Gale. Retrieved from http://link.galegroup.com.ezproxy1.apus.edu/apps/doc/CX3446300031/GVRL?u=char53948&sid=GVRL&xid=43bd3b14
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