Outline For Business Plan
The only time Sammi doesn't play it safe is when she's writing. All entrepreneurs and business owners should have a business plan.Pay close attention to the "five forces" – threat of entry, threat of substitutes, supplier power, buyer power and competitive rivalry.Additionally, research critical success factors, or important areas to focus on when investing in a project.However, what's written should be specific enough to cover all areas of concern.
I believe the business plan should be shared, discussed and amended where appropriate, through an open loop of feedback and insights." The more people who are involved, the more ideas you can circulate around the company, Cohen said.
To help you out, here is my proven business plan template, and the information below details the 11 key sections to include in your plan. Cover Page As simple as this seems, include a cover page with your contact information so potential investors can easily reach you. Executive Summary If investors don’t like your Executive Summary, they won’t read any further, so this section is critical.
Concisely describe what your business does and what market need it solves.
There is nothing wrong with using your plan to get back on track or to make sure you're still on course.
"The biggest mistake people make is [that] they prepare the document, and then put it in a drawer and never look at it again. Finally, remember that you should revisit your business plan as your company grows.