Last week I had a conversation with my business coach.
I was letting her know about my business goals for 2021.
“Antinette, review your business plan.”
When she said that I realized I haven’t looked at my business plan in a while.
I also had a thought.
I have so many people in my life who have started their own business or want to start their own business.
I am thinking that this is a good opportunity to discuss the business plan and what it consists of.
If your goal is to be an entrepreneur it is important that you become very familiar with this document.
I encourage you to sure tune in on Thursdays to receive tips that will support you in developing your business plan and your business.
Let’s get into it.
Why do you need a business plan?
A business plan helps you to make decisions in your business.
The business plan is made up of 7 parts:
- Executive Summary – the most important section of your business plan. It provides an entire overview of the entire plan along with the summary of your company. It shares where you currently are and where you want to go. This section should be written last. After you have worked out all the details of your plan, you will be in a better decision to summarize it.
- The Business Description- This section includes information about the nature of your business as well as list the primary factors that you believe will make your business a success. This section states the name of your company, its mission, and describes your product and services
- The Market Plan- This section should illustrate your knowledge about the particular industry your business is in. This section should include and industry description and outlook, target market information, market test results, lead times, and an evaluation of your competition.
- Operations- This section should include your company’s organizational structure. This will prove that you thought out exactly who is doing what and there is someone in charge of every function of your business.
- Management- This section details the ownership of the company. This section describes the key people in your business. Shares the profiles of your management team, and qualifications of the board of directors.
- Financial Plan- The financials should be developed after you have analyzed the market and set clear objectives. This includes your income statements, balance sheets, and cash flow statements.
- Appendices- This is provided to readers of your business plan on an as needed basis. Everybody does not need to see these documents.
If you have plans on starting or growing your business in 2021, I encourage you to tune into Antinettedevelops.com/blog on Thursdays to learn tips that will support you in reaching your goal!
See you next Thursday as we dig into The Business Description.