Preparing a Business Plan Westminster MD

The business plan is your business template. Investors will look upon it and assess its viability. A well prepared business plan gives a comprehensive description of your business development. Here is a sample on the contents of the plan.

The first part of the business plan is the Introduction. The Introduction serves as an opening remark and as a segue to the Executive Summary. It provides answers to the following questions: How the business idea came about? What made you decide to take a risk on this one? How many people are involved in this business venture? How will it contribute to the economy? When writing the Introduction, you have to make the readers become curious of your business and make them clamor for more information about it

The second part is the Executive Summary. As the title connotes, it is a brief narration of your product or services that includes your marketing strategy, production capacity, organizational capabilities and the viability of the business. You can cite here the return on investment and the revenues after a certain period. In this part you are giving the reader a glimpse of what your business is all about and how you can profit from it.

Part three is the Main Body of your business plan. It is here where you can find the detailed account of your business. It is broken down into four parts, the Marketing Plan, the Production Plan, Organizational Plan and the Financial Plan.

The Marketing Plan contains the full layout of your marketing strategy or the 4 P's of marketing (Product, Price, Packaging and Place of distribution). It means you have to give a detailed description of your product, your pricing tactic, what your product will look like in the market or packaging and why should it look that way and finally your Distribution Plan. Where do you intend to make your product or services available? Examples: department stores, supermarkets, specialty stores, etc. It would also be good to provide comparative analysis of the competitor's product against yours to show your edge amongst the others. In writing this part you have to convince your reader that there is a need for your product or services in the market.

The Production Plan is a full account of how you are going to make or assemble your product: For example, the list and description of raw materials and the amount needed to put up your product and how many of this you can produce in a certain period, the schedule of operation and the manpower involved, and a flow chart would be the best tool to picture the technical aspect of the operation.

The Organizational Plan shows the manpower needed for the business to run smoothly. It is here where the organizational chart will be shown and the job description of each person involved in the business.

Finally, the Financial Plan shows the profitability and viability of your business. It contains the projected statement of revenues and losses, projected statement of cash flow, projected balance sheet and business start-up capitalization. In preparing this plan, you have to make sure that it is consistent with the values that you mention in the other parts.

Just remember to be consistent, concise and realistic in preparing your business plan.

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