Key Tips on How to Write Business Plan

This section is titled "Tips on How to Write Business Plan in 11 Steps." The importance of a business plan, however, is not just in the writing of it, but in thinking carefully about it so that you come up with the best plan possible. Companies write business plans every day that collect dust in bookcases. You need to write one that becomes your business's functional GPS to help you get from where you are right now to your destination of success and profits.

When you create a business plan, you may well be doing it primarily as a tool to get a new loan from the bank or for some other pressing reason. That business plan, however, should not be only to impress your banker, butcher or brother-in-law. It needs to be a carefully thought-through document by you, the owner, so that you can get a real understanding of your strengths, weaknesses, opportunities and, yes, even threats to help you to avoid catastrophic moves and decisions down the road.

This section--"Tips on How to Write a Business Plan in 11 Steps--should not only be thought of as a business plan but also your "Success Plan" because if you create it with care and then use it properly, that is what you will have...a plan to achieve the success and freedom you desire!

CAUTION: There are easy, quick and painless ways to get business plans done on the internet with sample business plans, example business plans and business plan templates. Don’t take the easy way out--tax your brain and think through your business model. Work on that plan and perfect it for a couple of weeks until you have internalized every element of it. It will put you on the road to prosperity and success. You not only have to internalize your business plan but also you must be able to feel it in your gut that it works.

Alternatively, if you shortcut the process, you will have at best a fuzzy picture of your business including your finances, your competition, your customers and threats to your operation. Fuzzy business plans lead to fuzzy profits."

When you cut to the chase of your business and your business plan, you will accrue five lasting benefits:

  • You will fully understand your business and you will better comprehend your strengths, weaknesses, opportunities and threats.
  • You will quickly and effectively be able to communicate the essence of your business, its vision and its mission and you will probably be able to do it in 10 words or less--a great skill to have when seeking bank loans and venture capitalists.
  • You will use your newly acquired knowledge to run your business more efficiently and effectively.
  • You will have a living, breathing document on hand to do strategic planning.
  • You will have a reference and a benchmark document on hand to update the business’s plan as the business and the economy change.

11 Steps on How to Write Business Plan

So what are the 11 steps or sections on how to write business plan? The 11 steps are listed below with links to how to complete each step:

  1. Create a Cover Page
  2. Detail the Purpose of the Plan.
  3. Create a Comprehensive Table of Contents
  4. Develop an Executive Summary
  5. Write a Description/Location of the Business
  6. Undertake a Careful Market Analysis
  7. Describe the Company’s Products and Services
  8. Detail the Firm’s Organization and Management
  9. Focus on the Marketing and Sales Management
  10. Detail the Financials of the Business
  11. Build an Appendix of Supporting Documents

Value Links on How to Write Business Plan

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