A business plan is a formal written document containing the goals of a business , the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets. In its entirety, this document serves as a road-map a plan that provides direction to the business. Written business plans are often required [ by whom?
Importance of Business Plan To an Entrepreneur
7 Steps to a Perfectly Written Business Plan
Think you have a great idea for a business? That best way to find out whether you do or not is to do your research and write a business plan to see if your idea is feasible. The simple business plan template presented here will get you started. A standard business plan consists of a single document divided into several sections including a description of the organization, the market research , competitive analysis , sales strategies , capital and labor requirements, and financial data. The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground. Pros of using a business plan template: A good business plan template can help you get your thoughts organized.
It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding.
Platform for entrepreneurs, business consultants and accountants. The end result is a professional business plan which can be presented to lenders and investors to secure financing. Because it's much easier to start with a concrete example than a blank page, our team has created multiple business plan templates which you can use as inspiration to help you create yours. Our business plan templates include both the financial forecast and the editorial part which clearly outlines all aspects of the business. You can download our business plan templates in Word or PDF, or use them directly in our online tool.