All businesses should have a business plan, even if you think your company’s purpose is straight forward. Plans can be a couple of pages or they can resemble a manifesto. If you don’t want to create your own there are several business and marketing professionals, such as Eyal Gutentag, who can work with you and your team to finalize the perfect business plan. Whether you do it yourself or hire a consultant, here are some of the things that should be included.
Executive Summary
This should provide readers with a snapshot of what your business is all about. Ideally this shouldn’t exceed 1 to 2 pages. This is essentially an overview of what readers can expect in the full report.
Company Description
This is where you state your company’s purpose. Even if it seems obvious you want to spend some time thinking about this. Streaming services, for example, might be inclined to write “to get people to watch shows and movies on our platform.” A better approach might be to say your company’s business is to provide diverse entertainment options that are easily accessible, current and affordable.
Organization
You want to include basic information about how your organization operates. It’s a good idea to include an organizational flowchart in this section, along with anything that sets you apart from any other standard business operations.
Service or Product
Here’s where you get to explain your company’s service or product in detail.
Marketing Plan and Market Analysis
You’ll want to include a summary of your marketing plan or sales strategy. An overview should be sufficient, but don’t forget to include information on your target audience and how you’ll prioritize reaching those individuals. You’ll also want to include information about other major suppliers and average profit margins.
Financial Projections
Lastly, you’ll want to include some financial projections about how your business is currently doing and where it looks like it will be a few years down the road – 1, 5 and even 10-year projections are recommended.
