What You Need In A Business Plan

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As an impatient person myself, I fully understand the desire to skip over the business plan stage, especially if you’re launching a business in an industry that you have some experience and familiarity with.

For example, if you’ve worked as a CPA for 10 years and you want to strike out with your own CPA firm, you may feel like you know everything you need to know.

When she's not working, you will find her exploring her current town of Cape May, NJ or binge watching Pretty Little Liars for the 700th time.

Maybe you think you don't need a step by step guide to writing a great business plan.

Having a plan to make a profit is important, but it's far from the only thing that matters when you start a business, experts say. encourage entrepreneurs to focus on what they are going to do," said Alan Williams, co-author of "The 31 Practices" (LID Publishing Inc., 2014).

"This overlooks two more important questions: 'why' – why it exists and why employees would want to get out of bed in the morning, and 'how' – the values of the business, what it stands for, how people representing the business will behave." Williams noted that entrepreneurs should take time to identify and articulate their business's core values and purpose, which will serve as your organization's compass for decision making at all levels.

The key to business success is having a clear vision of what you want to accomplish as a company, experts say.

But before you write a business plan, you should come up with three to five key strategies that will enable you to achieve that vision, advised Evan Singer, CEO of Smart Biz, a provider of SBA loans. "It's far better to do three things very well versus 10 things not so well." Tied in with building the vision for your business is also putting together a mission statement.

After you fully understand the why, then you need to define 'what' you are going to do and 'how' you're going to do it.

The third and final part of the mission statement should be the 'who' you want as customers and how you are going to treat them," said Tina Bacon-De Frece, president of Big Frog Franchise Group.

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