WHAT IS A BUSINESS PLAN?Your business plan is a written document that describes in detail the plans your company will follow to achieve its main goals. Your business plan is a living document that your team will revisit periodically to make sure you are on track to achieving the goals set for your company, a project, or product.
TYPES OF BUSINESS PLANSAt minimum, you should have one ''GENERAL BUSINESS PLAN'' for your company at large. It is also recommended that you have a ''PROJECT BUSINESS PLAN'' for every major project your company does. Additionally, you can have a ''PRODUCT/SERVICE BUSINESS PLAN'' for every product or service your company offers.
A NESTED BUSINESS PLANIn a Nested Business Plan scenario, there is a business plan within a business plan, within a business plan. The top level plan is your ''GENERAL BUSINESS PLAN'' and each project, product, or service can have its own ''PROJECT BUSINESS PLAN,'' which is nested within the general business plan. The nesting starts under the ''BUSINESS DESCRIPTION'' section of the general business plan.
|BUSINESS PLAN COMPONENTS|
|1||TITLE||Give your business, project, product, or service plan a logic title that includes company name, project/product/service name, reason for the plan, and a serial/version number. You may even select to add a date to the title. With this kind of naming/titling of your business plan, it will be easier to create new or updated plans as the business or project evolves while keeping original plan for tracking purposes.
Example Title: COMPANY X GENERAL BIZ PLAN V1 MARCH 2020
|2||EXECUTIVE SUMMARY||The Executive Summary is an introduction of the company including the mission statement. You should write the Executive Summary after you have written-out all the other components of the plan.|
|3||BUSINESS DESCRIPTION||Company Description. Product and Services Offered. This is where you answer questions like: What is your company? What is this project? What products and services is your company offering the world? You should give a detailed and comprehensive description of your company. This is where you can potentially create nested business plans for each projects, products or services your company offers.|
|4||MARKET ANALYSIS||Present a research-based analysis of the market its current, past, and future status. Basically, you are trying to answer the question: Is it beneficial to enter the market with your startup company?|
|5||COMPETITIVE ANALYSIS||Who are your competitors in the market? How successful are they? How will you beat them?|
|6||OPERATIONS & TEAMS||MANAGEMENT AND OPERATIONS: Give a good description of the operations of the business or project. How does it work? How are the teams and/or departments structured? Who are the people leading the company or the project? Do they qualify to run the company?|
|7||MARKETING STRATEGY||Sales. Sales. Sales. How are you going to market the company, project, products, or services the customers? Do you already have active or pending customers?|
|8||FINANCIAL NEEDS||How much money is needed to bring the Company or Project to Market? When (timeline0 is the money needed. How will the money be protected and disbursed? Provide a detailed spreadsheet of how each penny will be spent.|
|9||How much money will be generated for the duration stated in the Business Plant. Also, show (project) how much profit will be gained. If this plan is targeting shares investors, you can also address how the shares work in this section.|
|10||CONTACTS||Name the individual or department that must be contacted for generation questions or information about this business plant. If possible, you can name individuals responsible for segments of the plant, for example, contact the CFO for all questions of finance.|
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