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Why is a Business Plan Important?
Written by: Joe FerrioloArticle Overview: A business plan is a clear and concise way of putting your thoughts onto paper. Contrast to popular belief a bank underwriter does not give more favor or merit to a business plan that is 100+ pages long. Make sure you are being short and to the point. A typical length for a business plan can be 4 to 10 pages in length. Here are the major areas to consider when writing your business plan:
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Why is a Business Plan Important?
A business plan is a clear and concise way of putting your thoughts onto paper. Contrast to popular belief a bank underwriter does not give more favor or merit to a business plan that is 100+ pages long. Make sure you are being short and to the point. A typical length for a business plan can be 4 to 10 pages in length. Here are the major areas to consider when writing your business plan:
Executive Summary (Overview of your business)
Business Opportunity
Product/Service Description
Financial Potential
The Request
Company Background (How did you get started in the business, background)
Current Position and Business Objectives
Products or Services (Describe your products and services)
Service or Product Descriptions
Service or Product Delivery
The Industry, Competition and Market (Why you are so great compared to the competition)
Industry Definition
Marketing Plan (How are you going to let your clients know about your business)
Marketing Campaign
Goals and Strategies (What achievements and goals does your business have in mind)
Business Goals
Future Plans
When writing your business plan have an objective or goal in mind. Not all business plans are written for financial purposes. A business plan can give you guidance towards reaching company goals. Read your business plan once a year and see if your company hit its marks. Make sure to update your business plan periodically. As your business evolves over time so should your business plan.
These are a few examples of key components to address in your business plan writing. Sometimes trying to write your own business plan can become difficult to put your thoughts on to paper. There are many companies that can assist you in this process. Wise Man Finance assists business owners with business plans.
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Article Tags: business background, business goals, business objectives, business plan, company background, company goals, current position, financial purposes, goal in mind, industry competition, marketing campaign, marketing plan, p service, paper contrast, popular belief, product delivery, service description, strong company, strong products, typical length
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About the Author: Joe Ferriolo RSS for Joe's articles - Visit Joe's website  Joseph Ferriolo has been in the financing industry for 15+ years. To say the least, he has seen a lot of changes over this time. Each passing year has enabled him to see new ways and avenues of making loans work. He started in large traditional banking institutions doing credit analyses and underwriting. He eventually, took his experience in finance and put his passion into creating his own business ventures. He found that a lack of cash flow can stop a successful business in its tracks. This is why he developed a company that helps business owners obtain financing for their small business. He commonly says "getting a loan has become an art form. Simple mistakes can stop your business from getting the capital you need to get through the slow seasons." Learn and benefit from his ventures, mistakes and life experiences in business financing.
Joseph Ferriolo CEO of Wise Man Finance Click here to visit Joe's website   Business funding sources for todays business owner ARC Loan in Jeopardy SBA Should I ask that my loan application be submitted as a Recovery Act loan What affects your credit score Business Credit Cards versus Personal Credit Cards |
Related Forum Posts
Business Innovation
- Hi Simon
If you can finish off the Business Plan and think about your strategic direction or how you are going to use your product to convince people it's a great idea, it will set the foundation for your programming project. You see, when you are looking for funding you will need a Business Plan and Strategic Plan that will convince companies to invest into your new idea.
Has anyone achieved this idea before using another industry besides health and fitness that you know of?
You should also design some mockups as a "preview" for your programming project. This will also help reduce your programming costs as everyone will know exactly what you want if you have detailed mockups already completed including any functionality you require.
Starting mockups for websites and software applications on paper is the best way if you're not a guru in graphic editing software.
New Small Business Topic
- Hello everyone,
I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section?
Here's a list of what we currently have:
Angel Investors
Branding
Bank Loans
Business Coaching
Business Plan
Franchises (New)
Insurance
Legal
Marketing
Public Relations
Sales
Small Biz Loans
Venture Capital
Re: What works for you?
- Hi Yinka,
I work better under pressure of deadlines when I am doing something for other people. However, I like to have the leisure to develop my own projects. The first case is what Stephen Covey calls a "Quadrant 1" activity ("Important and urgent") whereas the second case is a "Quadrant 2" activity ("Important, not urgent").
We should aim to make as much time as possible for Q2 activities so that we can develop our own projects. Easier said than done!
2007 Goals
- 1. Web site complete, fully operational
2. Revenue stream from both individual and corporate
3. Business Plan complete
4. Full marketing strategy complete and implemented
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
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