Components Of A Good Business Plan

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Define strategy and tactics in short bullet point lists. Strategy is focus, key target markets, key product/service features, important differentiators, and so forth.

And tactics, by the way, are related to the marketing plan, product plan, financial plan, and so on. Tactics are like pricing, social media, channels, financials—and the two should match.

You’ll want to cover the technology you plan on using, your business location and other facilities, special equipment you might need, and your roadmap for getting your business up and running.

Finally, you’ll want to outline the key metrics you’ll be tracking to make sure your business is headed in the right direction.

It should describe the organization of your business, and the key members of the management team, but it should also ground the reader with the nuts and bolts: when your company was founded, who is/are the owner(s), what state your company is registered in and where you do business, and when/if your company was incorporated.

Be sure to include summaries of your managers’ backgrounds and experience—these should act like brief resumes—and describe their functions with the company.

There’s a useful role for a business model, lean canvas, pitch deck and so on in some contexts, like raising investment. While it is a fact that all business plans are wrong, assumptions, drivers, deadlines, milestones, and such should be realistic, not crazy. Impossible goals and crazy forecasts make the whole thing a waste of time. Text and explanations are for outsiders, such as investors and bankers; however, a lot of companies ought to be using business planning to just run the business better.

If you don’t need the extra information, leave it out.

Start from the very beginning understanding that your business plan ought to be specific to your business needs and objectives.

Every business ought to have a plan, but not every business needs a full formal plan with carefully crafted summaries and descriptions.

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