Creating Business Plans (HBR 20

Business plansA detailed description of a new or existing business, including the company’s product or service, marketing plan, financial statements and projections and management principles, require a plan to be implemented. Set out a plan to bring new customers into your laundromat and to convert them into regulars. If your business doesn’t have any direct competition, research other companies that provide a similar product or service. Business plans can help decision makers see how specific projects relate to the organization’s strategic plan.

Make sure you’ve researched and planned for all the important factors of starting a business, so you aren’t caught off guard later. You have to remember that a business plan is something that you may have to present to your business partners, financial firms and banks.

You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company. In some cases the business may need to seek additional working capital to be able to forge ahead with its plans.

Before writing the menu, you would include a short summary indicating why your particular menu sets your business apart from others. If you are writing a business plan for an existing company, it’s appropriate to include a brief history of the company and highlight major historical achievements.

This document typically includes sections describing the company, the product or service your business will supply, market evaluations and your projected management team. This plan focuses on a certain area in the business, like a new product for example. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years.Business plans