Question: What are the basic parts of a business plan?
Answer: Oh, yes, the business plan which is often called the biggest term paper you will ever write. Well, that is if you are getting financing from someone other than your family or self. And yes, this is detailed, vetted and a lot of work. Below are Part 1 and Part 2. Part 1 gives a short outline that could be used to produce a plan. You can also use software like Business Plan Pro. Part 2 is the One Year Action Plan for Success – simply designed and ends on one page or One Page Business Plan available for 34.95 +sales tax.
Part 1: The basic business for financing is:
- Cover Page
- Executive Summary
- Market Fulfillment
- Financial Plan which includes
- Detail plan of how you will repay borrowed funds
- Cash Flow Projections
- Profit & Loss for next three years
- Balance sheet for next three years
- Past financials if existing business – expect 3 years
- Past three years business tax returns
- Past three years personal tax returns
If this looks like a lot of work, it is still less work than running a business! No decision involving this much money and time should be made lightly
Part 2: One Year Action Plan – next workshop in Ohio is _________________ and Webinar is:__________
Vision – Where do you want your business to be in five years?
Mission – What do your customers believe you do?
Core Values – What do you hold dear and want your employees to hold dear, too.
Goals/Objectives – What work will we complete in the next twelve months?
Projects – What are the tasks and steps to get the goals done? Who will do these? What will we allocate?
This One Year Action Plan is very useful to keeping you aligned and on task. Part 1 is a necessary plan while Part 2 is a function plan!
Good luck with your plan and let us know how it is doing!