Share on Facebook A business plan serves as your blueprint for how you will operate your business. While you need to have a business plan to seek investors or get a loan for your company, the plan is actually for your benefit. It provides a step-by-step guide as you start a new business or grow your current company, and it directs every decision you make going forward.
Audience[ edit ] Business plans may be internally or externally focused.
Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders. They typically have detailed information about the organization or team attempting to reach the goals. With for-profit entities, external stakeholders include investors and customers.
Internally focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization.
An internal business plan is often developed in conjunction with a balanced scorecard or a list of critical success factors. This allows success of the plan to be measured using non-financial measures.
Business plans that identify and target internal goals, but provide only general guidance on how they will be met are called strategic plans. Operational plans describe the goals of an internal organization, working group or department.
The content and format of the business plan is determined by the goals and audience. Venture capitalists are primarily concerned about initial investment, feasibility, and exit valuation.
A business plan for a project requiring equity financing will need to explain why current resources, upcoming growth opportunities, and sustainable competitive advantage will lead to a high exit valuation. Please help improve this article by adding citations to reliable sources.
Unsourced material may be challenged and removed. August Learn how and when to remove this template message The format of a business plan depends on its presentation context. It is common for businesses, especially start-ups, to have three or four formats for the same business plan.
This is often used as a teaser to awaken the interest of potential investors, customers, or strategic partners. It is called an elevator pitch as it is supposed to be content that can be explained to someone else quickly in an elevator.
The elevator pitch should be between 30 and 60 seconds. The content of the presentation is usually limited to the executive summary and a few key graphs showing financial trends and key decision making benchmarks.
If a new product is being proposed and time permits, a demonstration of the product may be included. An internal operational plan is a detailed plan describing planning details that are needed by management but may not be of interest to external stakeholders. Such plans have a somewhat higher degree of candor and informality than the version targeted at external stakeholders and others.
Typical structure for a business plan for a start up venture  cover page and table of contents.The table of contents and table of appendices should refer the reader to the sections and subsections of the business plan.
Executive Summary. The executive summary is the first part of the business plan to be read by potential lenders and investors.
3 Get started with your business plan – heartoftexashop.com Executive Summary The purpose of executive summary is to summarize the highlights of the bizplan and to. A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching heartoftexashop.com may also contain background information about the organization or team attempting to reach those goals.
Written business plans are often required to obtain a bank loan or other financing. The exact nature of your business, your marketing strategy, and the uses for your marketing plan dictate its contents.
You add detail or take it away to suit your needs. Writing your business plan.
From Innovation, Science and Economic Development Canada. Although business plans vary in terms of length and scope, all successful business . This guidance is intended to clarify the type of information the Office of Combination Products (OCP) recommends that a sponsor include in a Request for Designation (RFD).
The goal of this.