Writing a Business Plan will probably
take a lot of time. Up to 100 hours or more is not uncommon for a new business
that requires a lot of research.
A typical plan will have three
sections. Section one is a written section describing Management and
Marketing aspects of the business. Section Two includes financial projections.
Section Three is supplemental information. A short (3-5 pages) Executive
Summary is often added at the beginning of more complex business plans.
Section One should be
thorough, but concise and to-the-point. Use headlines, graphs and
"bullets" to improve readability. Length of this section is usually
10 - 20 pages.
Section Two describes in
numbers the outcome of your business strategies and plans. Your financial
projections should be based on facts and research, not “wild guesses.” Be
prepared to justify your numbers.
Section Three contains
supporting information to reinforce the first two sections. This section’s
contents will vary with your type of business.
Owners should be very involved in the
planning process. Hiring someone to do it or delegating it to someone who is
not a key member of the company will result in an inferior plan.
No
plan (or a poor plan) is a leading cause of business failure. You can improve
your chances of success with a good Business Plan.
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