q A building will not be constructed without a complete set of plans or “blueprints” and likewise a business should not be started without a plan. Your business plan is your “blueprint” for your business. If you already started the business without a formal plan, then one should be done immediately. Your plan will clarify your vision and provide the opportunity to streamline your operation for effectiveness and profitability.
o The plan will become a pragmatic working document divided into the following sections: n Executive Summary: A synopsis of the entire plan. n The Company: A detailed description of the company, its mission, vision, management and organization, ownership, location and facilities. n Products and/or Services: descriptions of the products and services that will be provided by the business. n Competitive Analysis: an analysis of the industry and the markets in which the business will compete. n Strategy Summary: a synopsis of the company’s marketing strategy, sales programs, and competitive strategy. n Distribution: description of the methods to be used to get the products and services into the hands of the target markets. n Risk Statement: a descriptive assessment of the risks associated with the execution of the business venture. n Financing: a statement of the sources of funds to be used to fund the capital requirements of the business. n Financial Statements and Forecasts: this section will provide tables illustrating past, present and projected future financial performance which forms the basis of the entire business plan. n Appendices
o This document should be used as your primary management tool. If you propose to change the way you provide existing services or to provide new services, then make these modifications to your plan before they are implemented in the business
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