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The Business Plan

Understand the importance of a business plan and how it can guide your business in marketing, operations, finances, and long-term development. Learn how to create a comprehensive business plan that provides a competitive edge and helps measure progress.

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The Business Plan

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  1. The Business Plan If you don’t know where you are going, how will you know when you are lost? - Rhonda Abrams, The Successful Business Plan

  2. Why Write a Business Plan? • Required or recommended by bank, investor, attorney, or accountant • Increases understanding of industry and market • Provides a resume for your business • Guides control of your business • Marketing • Operations • Finances • Long-term development • Provides a competitive edge • Provides a basis for measuring progress

  3. What Is a Business Plan? A formal statement that summarizes the goals of a company and how the company plans to achieve those goals.

  4. Components of a Business Plan • Executive Summary • The Industry • Market Analysis • Competitive Analysis • Marketing Plan • Management Plan • Operating Plan • Financial Plan

  5. Executive Summary • A clear, concise, engaging description of your planned business • Should explain that • The business concept makes sense • A market exists • The business has been thoroughly planned • Significant competitive advantages exist • Investors have an excellent opportunity to make money • Written after the rest of business plan is complete

  6. The Industry • An overview of the industry in which your product will compete • Should include • Description of your industry • Trends in the industry • Where your business fits in the industry iStockphoto.com

  7. Market Analysis • Shows an understanding of your potential customers • Includes • Description of the target market • Description of the needs of the target market • Available market size • Estimate of market share for your product iStockphoto.com

  8. Competitive Analysis • Shows an understanding of the competition • Includes • Major competitors • How you compare • Potential future competitors • Barriers to entry into the market • Competitive Product Analysis • Detailed description of competitive products and their strengths and weaknesses • How you gain a competitive advantage

  9. Image Resources Microsoft, Inc. (n.d.). Clip art. Retrieved from http://office.microsoft.com/en-us/clipart/default.aspx iStockphoto.Retrieved from http://www.istockphoto.com/index.php

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