So, you know you need a business plan. The next question to consider is what type of plan is the best fit for your small business. Traditional Business Plans vs. One-Page Business Plans There are actually many types of business plans , including start-up plans, internal planning documents, strategic plans, operations plans, and business plans created to focus on growth. Each of these types of business plans have different objectives, but all of these versions generally fall into one of two primary formats — a traditional business plan also called formal or structured or a simplified business plan often called a lean or one-page business plan.
A traditional business plan is what most small business owners think about and often fear when they hear the term "business plan. A traditional business plan typically includes the following sections: Executive Summary : A highlight of the most important information in your document in case this is the only section read before a decision is made. Company Description : Where you are located, how large the company is, your vision and mission, what you do and what you hope to accomplish.
Products or Services : What you are selling with emphasis on the value you intend to provide your customers or clients. Market Analysis : A detailed overview of the industry you intend to sell your product or service in, and a summary of your target market and competition.
Marketing Strategy : An outline of where your business fits into the market and how you will price, promote, and sell your product or service. Management Summary : How your business is structured, who is involved, and how the business is managed. Financial Analysis : Details for financing your business now, what will be needed for future growth, as well as an estimate of your ongoing operating expenses.
The not-so-great news is that a traditional business plan takes a long time and an immense amount of research to complete. How are you going to measure success? What operations do you need to put in place to be successful? If you need to create your product from scratch, what is the timeline for bringing your vision to life? What steps do you need to take to make it happen? Who do you need to hire? What have you already accomplished? How much do your operations cost?
How much does it cost you to pay employees? For that to be true for your company, you'll think of part of your business planning process as tracking your actual results against your financial forecast on a regular basis. If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.
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A typical plan will have three sections. There are two ways to look at the business plan: by stage of development, and by target reader. Growthink provides products and services to help you develop a professional business plan and turn your dream into reality. If you have a product that needs to be manufactured, explain the how and where; also, describe your work facility, the personnel, the legal environment such as licensing, permits, special regulations, etc.
What is the total addressable market? Cake Business Plan Sample Pdf. The financial section of your business plan can be the basis of your business budget and a useful tool for managing cash flow on a monthly basis.