Crafting A Business Plan

Business Plan Your company’s goals, an explanation as to why you consider them achievable, and your plan for reaching these goals are what comprise the formal statement known as a business plan. The business goals being attempted may be for-profit or non-profit. Business plans may be internally or externally focused. Internally focused business plans target intermediate goals required to reach the external goals. Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders.

There are three primary parts to a business plan:

• Business Concept – this is where you talk about the industry, your business organization, your specific merchandise or service, and how you plan to make your business a success.
• Marketplace Section – here you will describe and evaluate possible customers: who they are, what makes them buy, et cetera.
• Financial Section – this contains your income and cash flow statement.

Crafting a business plan is your primary step on the way to success, whether you’re just starting out, you need financial backing or you want to keep an eye on the health of your business. A functional business plan can be any length, from the scribble on the back of an envelope to, in the case of a particularly comprehensive plan describing an intricate venture, more than 100 pages – it all depends on what you’re using it for.