Introduction
The formulation of a business plan is needed to effectively reach the goals and objectives of the business. In making a small business plan, an outline is needed. The following are the different parts of a small business plan outline.
History
The business world today has become a very dynamic, complex and competitive field. In order to make it through and be successful, careful study and innovative ideas are needed. That is why to individuals who want to make it in this field, extensive preparation and planning must be done. However, in order to minimize risks, it is better to start your business small then eventually work your way up. One has to put into mind that the realization and fruition of all business aspirations starts with making the plan.
Features
Company Description
This section contains the history of your business and states when the business is legally established. Another important part of this section is the startup plan; which contains the mission statement, break-even analysis and the market analysis. The startup plan is very important in a small business planning as it decides whether to push through with a plan or not.
Product or Services
This section gives specific details about the products or services that the business is offering. Here, the benefits of choosing your products or services must be emphasized. Product comparisons towards competitors or similar products must also be stated.
Market Analysis summary
This section focuses on the market needs. Market segmentation and target market segment strategy can be found here. Important factors that need to be considered in this section are the homogeneity, distinction and reaction of customers.
Strategy and Implementation summary
This section highlights the competition side of the business plan. Included here are the marketing strategy, pricing strategy, promotion strategy, distribution patterns, competitive edge, positioning statements, value propositions and the strategy pyramid. This part needs to be very specific in order to be implemented successfully.
Web Plan Summary
This is where the website marketing strategy applies. Clearly defining the goals and identity of the company is essential to the conceptualizing of the website. Development cost and requirements are also discussed in this section.
Management Summary
Stated in this section are the business’ organizational structure, the management team, management team gaps, and personnel plan. This will help the management have an impartial assessment of the team’s skills, strengths and weaknesses. Through this, the leadership group will know what areas of personnel trainings or skills enhancement need to be addressed making the whole team and work force equipped and ready for the competition.
Financial Plan
This section tackles the finance aspect of the business plan. Included here are the key financial indicators, break-even analysis, profit and loss projection, projected cash flow, projected balance sheet, business ratios, long-term plan and the important assumptions. This is important since this section will help determine what products or services the business should focus marketing. This section should also clearly state what the business needs to increase its financial growth as well as make the appropriate projection of operating expenses of the business.
Tips and Comments
By having an outline, this helps you to be sure that every important area of your business is addressed and covered. A small business plan is imperative if you want to make sure that you attain success. Planning helps the business anticipate the possibilities that might happen in the future. Planning also helps in determining important areas of the business, foresee and recognize opportunities, as well as predict the challenges or problems that the business could encounter. A small business plan needs as much preparation as any big businesses. Better decision making is the product of a good business plan.
