Business planning is part science, part art, and mostly hard work and deep thoughts. The formula to build a business plan is well known. But, it takes a lot of hard, heads-down work to develop a superior business plan that is comprehensive and will satisfy investors and financiers. They see so many half baked plans, so if you want to have credibility, you must do it right.
After so many years of reviewing and editing business plans to help customers succeed, there is one sage bit of advice. It is all about quality and not quantity.
So, what exactly is a business plan? A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you have written a plan, or at least the germ of one. Business plans are inherently strategic. Think of a business plan as a roadmap to help you to navigate from the starting point to the end point.
TABLE OF CONTENTS
Your business plan is divided into the following sections:
- Business Overview
- Description of the Business
- Major demographic, economic, social and cultural Factors
- Major Players
- Trends in the Industry
- Government Regulations
- The Market
- Market Segment
- Products & Services
- Pricing and Distribution
- Market trends Implications or risk factors
- The Competition
- Competitors and type of competition
- Competitor’s Strengths and Weaknesses
- Competitive advantage
- Sales & Marketing Plan
- Advertising & promotion
- Pricing & distribution
- Customer service policy
- Operating Plan
- Business location and requirements / advantages / lease details
- Equipment / technology / R&D / environmental aspects
- Human Resources Plan
- Key employees
- Policies and procedures
- Action Plan
- Action plan and timetable
- Executive Summary – A brief description of the project, the financing required, and additional information that help explain the business plan
- APPENDIX: Financial Plan – The company’s financial performance both historical and projected. Includes sales cost of goods sold expenses income statement balance sheet cash flow budget financial requirements performance indicators and personal status.
Different business may require different sections. One style of plan does not fit all businesses. Even if you are not creating a new company but are just adding a new service or product offering to your existing business, a plan is always prudent to guide the development and nurturing of the new offering. MICAN can help you construct your next business plan. What makes MICAN unique is our blend of business and technology. MICAN understands both aspects deeply and can bring them together in a unified and harmonious manner. Your MICAN developed business plan will impress your investors and help drive you towards success. MICAN can help!