Every Aspect of a Good Business Plan

A business plan is the playbook for your company. It explains what you’re selling, who you’re selling it to, and how much money you’re earning and spending in the process. It also outlines your team roster and how you operate.

Writing a business plan every three to five years gives you the opportunity to evaluate the marketplace, your competitors, and adjust your course to meet changing customer needs. It’s also required when you’re seeking financing from lenders or investors.

How a Business Plan Helps You

In addition to supporting your financing goals, a business plan helps structure your business by identifying the following:

  • Equipment and facility space needed to supply customers
  • Location(s) for facilities
  • Number and roles of employees
  • Point-of-difference versus competitors

Elements of a Business Plan

A online search will display templates you can use for your business plan. Choose a more formal approach if you’re presenting to investors, but even if you’re only sharing your plan with internal teams, make sure these elements are included:

  • Executive summary – one page of key points
  • Business type – your industry or sector
  • Product or service – the solutions you offer
  • Mission or Vision – the problem you’re solving
  • Leadership team – capabilities and experience
  • Market assessment – current and projected conditions
  • SWOT review – strengths, weaknesses, opportunities and threats
  • Marketing strategy – how you’ll communicate with customers
  • Financial plan – your current state and forecast
  • Cash flow summary – your estimated revenue and expenses over time
  • Staff – the team you’ll employ to accomplish your mission
  • Operations plan – your day-to-day process for delivering your product or service

Developing a Useful Business Plan

Your ‘playbook’ will be more useful if projected revenue and forecasted growth is realistic. And just as a team adjusts to changing conditions on the field, revise your business plan to reflect market conditions and customer needs.

Keeping the plan dynamic will help you be ready and able to meet new challenges and keep moving forward.

Interested in learning about financing options JNI Commercial Lending has available to help achieve your business plan goals?  Contact us today.

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