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Whether you’re starting up a new business or have owned a company for many years, business plans are an essential part of a company. There’s never a perfect time to start a business plan but the earlier the better. Having a solid plan is the best way to stay organized while monitoring your business sales and success. Business plans are also great to have on hand when looking for investors and loans. The good thing about a business plan is that you can go back at any time and alter elements based on how your business is doing. Take a look at these key elements that all business plans should have.

 

Executive Summary

Every business plan should start with a summary of your entire plan. This should be the first thing listed in your document but should be the last thing you finish overall. It’s important to include a strong mission statement backed up by how and why your business was created. Then go into detail about the services your business will offer and who your target market is. Be sure to include how your business has grown in the past and how you imagine it doing so in the future.

 

Company Description

Think of your company description as a detailed elevator pitch. You want to dig deep into your business products and what sets you apart from the competition. It’s also important to include who you plan on serving and why they will choose your business over another. Anyone who reads your plan should know exactly what your business does and how it’s filling in missing pieces in its market. 

 

Marketing and Sales

In this section, you should focus on how you’ll market your business to customers and all of the sales strategies you plan on using. Your marketing plan should include how you will communicate with buyers and sellers and how you’ll get your message out in the most effective way. For sales, you need to include who will handle sales and how you plan on training new workers. Both marketing and sales focus on tactics you’ll use to identify and attract customers at all times.

 

Financial Summary

Finish off your business plan with your company’s current financial health and how it will change in the future. Be realistic when talking numbers when it comes to your expected income and expenses. Don’t forget to include the money that will be paid to workers and partners. To make it easier include some income statements and credit reports to help you outline the finances properly.