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Preparing your plan will also help you focus on how to operate your new business and give it the best chance for success.
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A standard business plan consists of a single document divided into several sections including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.
The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground.
It is positioned at the front of the plan and is usually the first section that a potential investor or lender will read.
The summary should: Although the executive summary is the first section of the plan, it is a good idea to write it last – after the other parts of the plan have been finalized.Cons of using a business plan template: While there are benefits to using a business plan template, depending on your situation it may not be the best way to complete your plan. For instance, not only do you have to complete the financial spreadsheets, but you have to do the math yourself.You’ll also have to know enough about the process to be sure you’re getting the numbers in the right place.It is also a good idea to get someone who is not involved in the business to read this section of your plan to make sure that anyone can understand it.Some of the things you should explain in your plan include: You can also include the date the business was registered/incorporated, the name of the business, its address and all contact information.Pros of using a business plan template: A good business plan template can help you get your thoughts organized.It can provide a guideline so you’re not stuck looking at a blank page trying to figure out where to start.A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and your financial forecast.It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts.So, if you don’t already know what you’re doing with the numbers, the process of writing your business plan may not be that much easier with a template.Finally, merging data from Excel spreadsheets into your Word document is harder than it looks.