SMALL BUSINESS PLAN
A successful Small Business Plan must answer some key features; the answers to these questions are typically organized in parts that make up the elements of your business plan. Here are the basic elements that make up a business plan:
- Executive Summary
- Company mission and objectives
- An overview of the company
- A description of the company’s product or service
- The management team
- The marketplace
- Marketing strategy
- Competition
- Risks to your business
- Implementation plan
- Capital requirements
- Financial plan
- Any supporting exhibits
Your plan may or may not include some or all of the above elements, you might think of other elements that are relative to your business that must be added, such as small business marketing, small business advertising and small business management.
If you can find information for your business plan, then you need to do more research. Look at industry magazines; look at other similar business/company reviews. Go to the library and research articles written about your business idea. Find a similar business in the area, talk to them, listen to what they have to say, people love to talk about their business.
Writing a Small Business Plan forces you to think about your proposed business in very creative ways. A business plan also forces you to set goals and provides the tools to control your outcomes. It should list your strengths and weaknesses, which will allow you to look at forming a team around you for the areas you are lacking in.
Without a well thought out Small Business Plan, your business could fail. Dun & Bradstreet state that 80% of new businesses fail within 5 years because:
- They run out of money
- They failure to make accurate financial projections
- They lack adequate funding
- They are in a poor location
- They have poor cash flow
A good business plan reduces the odds of failure and increases the chances of success. Without a good business plan you leave too much to chance.