Skip Nav

Writing a Business Plan? Do These 5 Things First

Our Business Plan Writing and Development Process

❶Buy or sell a business. Thank you very much.

You're about to be redirected

1. Determine your purpose
Business Plan Development
2. Build your vision

Non Profit and Government. Call Us Today - Growthink has been featured in over media sources including the following: In addition to the media interviewing and quoting us, articles written by Growthink team members have been featured in Fast Company, The Wall Street Journal, Forbes, Entrepreneur Magazine, and Smart Business among others.

And we are extremely proud that our clients have achieved extraordinary results. What some of our clients have said about Growthink: Many of our clients need a plan to raise funding.

In order to ensure our plans are fund-worthy, we are in constant contact with funding sources. Expertise Our team has extensive experience and expertise in strategic, innovation, growth, and exit planning, and new product and service development. Experience Before joining Growthink, many of our team members launched, grew, acquired and sold businesses. Global Our team has extensive international expertise and language capabilities in Chinese, Italian, Spanish, Hindi, Taiwanese, and Hebrew.

The Right Team We have a highly experienced and energetic team that takes great ownership and pride in the work we do. The Right Methodology Having completed over 3, business and strategic plans in the past 19 years, we have developed proven methodologies and processes that ensure client success each and every time. Market Research Having the right consumer, competitor and industry research is critical to your success. Strategy Development We will review our research findings and collaborate with you to create strategies that succeed today and over the long-term.

Financial Forecasting Growthink has a unique ability to develop realistic financial models based on market data, past company experience, and growth projections. Communication There is a dramatic difference between documenting ideas on paper and brilliantly communicating them so readers take the action you want. Below is additional information and client case studies: Develop their early stage strategy. What Angel Investors Look For. The Components of a Financial Section. For example, what you see in the cash-flow plan might mean going back to change estimates for sales and expenses.

How to Price Business Services. How to Use the Financial Section One of the biggest mistakes business people make is to look at their business plan, and particularly the financial section, only once a year.

And then use those comparisons to revise projections in the future. Pinson also recommends that you undertake a financial statement analysis to develop a study of relationships and compare items in your financial statements, compare financial statements over time, and even compare your statements to those of other businesses. Part of this is a ratio analysis.

She recommends you do some homework and find out some of the prevailing ratios used in your industry for liquidity analysis, profitability analysis, and debt and compare those standard ratios with your own.

You should be utilizing your financial statements to measure your business against what you did in prior years or to measure your business against another business like yours. This is a summary of your business from its start to the present. Sometimes a bank might have a section like this on a loan application. All of the various calculations you need to assemble the financial section of a business plan are a good reason to look for business planning software, so you can have this on your computer and make sure you get this right.

Software programs also let you use some of your projections in the financial section to create pie charts or bar graphs that you can use elsewhere in your business plan to highlight your financials, your sales history, or your projected income over three years. This is a great starting point. This can be considered the full version of the miniplan, and its main purpose is to outline, without emphasis on appearance, precisely how to build and operate the business.

This is the plan that the business owner would refer to regularly as the business moves towards its objectives. The presentation plan is meant for individuals other than those owning and operating the business. This could include potential investors or bankers. It is essentially the working plan, but with an emphasis on sleek, marketable presentation, and proper business language and terminology.

Whereas the working plan is made for reference by the owner, the presentation needs to be written with investors, bankers, and the public in mind. Understand the basic structure of the business plan. Whether you opt for a miniplan, or a comprehensive working plan to start, it is essential to understand the basic elements of a business plan.

The business concept is the first broad element of a business plan. The focus here is on the description of your business, its market, its products, and its organizational structure and management. The market analysis is the second major element of a business plan. Your business will operate within a particular marketplace, and it is important to understand customer demographics, preferences, needs, buying behavior, as well as the competition. The financial analysis is the third component of the business plan.

If your business is new, this will include projected cash flows, capital expenditures, and the balance sheet. It will also include forecasts as to when the business will break-even. If you lack business or financial education, it is never a bad idea to enlist the help of an accountant to assist with the financial analysis portion of the plan. The above sections are the broad components of the business plan. These sections in turn break down into the following seven sections, which we will, in order, focus on writing next: Company description, market analysis, organization structure and management, products and services, marketing and sales, and request for funding.

Format your document correctly. Format section titles in Roman Numeral order. Write your company description as the first section. To do this, describe your business and identify the marketplace needs for your product or service.

Briefly describe your key customers and how you intend to succeed. Write your market analysis. The purpose of this section is explore and demonstrate knowledge of the market your business is operating within.

You should be able to answer questions like, who is your target market? What are their needs and preferences? How old are they, and where are they located? Make sure to include a competitive analysis that provides research and information on immediate competitors.

List your main competitors strengths and weaknesses and the potential impact on your business. This section of the business plan focuses on key personnel. Include details about the business owners and its management team. If the owners and managers and have extensive backgrounds in the industry or a track record of success, highlight it. If you have an organizational chart, include it.

Describe your product or service. What are you selling? How will customers benefit? How is it better than your competitors products or services? Do you currently have or anticipate developing a prototype, or filing for a patent or copyright? Note all planned activities. For example, if you are writing a plan for a coffee shop, you would include a detailed menu that would outline all your products.

Before writing the menu, you would include a short summary indicating why your particular menu sets your business apart from others.

Our wide variety will be a key competitive advantage as we can provide a diversity of product offerings that our main competitors are currently not offering". Write your marketing and sales strategy. In this section, explain how you intend to penetrate the market, manage growth, communicate with customers, and distribute your products or services. Will you use sales representatives, billboard advertising, pamphlet distribution, social media marketing, or all of the above?

Make a funding request. If you will use your business plan to secure funding, include a funding request.

(800) 216 - 3710

Main Topics

Privacy Policy

If you have a killer idea for a startup, but lack the time, resources and budget to develop a business plan, a business plan-generating app can help you get your plan on paper and, ideally, off the ground. A number of apps simplify the often tedious, complicated process of crafting a thorough bank- and investor-ready business plan.

Privacy FAQs

Jan 30,  · Whether you’re starting or growing your business, you need a business plan. Your plan will provide the roadmap to achieve the success you want. The question shouldn’t be IF you write your plan, but how to write a business plan that will take your company where you want to go.

About Our Ads

We would like to show you a description here but the site won’t allow us. Oct 23,  · In this step-by-step guide, I’ll take you through every stage of writing a business plan that will actually help you achieve your goals. If you’re just looking for a downloadable template to get you started, you can skip ahead and download it now/5().

Cookie Info

If you are a small business owner who is struggling to write a business plan, help is here. Planning is one of the most important, yet often underestimated, parts of starting a business. In fact, many businesses fail from lack of research, goals and a thorough plan. Jan 20,  · How to Write a Business Plan Four Parts: Doing Your Homework Structuring Your Business Writing the Business Plan Sample Business Plans Community Q&A Creating a business plan will help you achieve your entrepreneurial goals%(22).