A business
plan is an indispensable management and operating tool for using your time,
capital and energy the most effectively. This plan of action for building a
successful small business examines the environment in which you expect your
business to operate, including potential problems, cyclical trends and
opportunities.
If you plan
to seek financing, it is all but certain that a lender will require a business
plan as part of the loan application. Putting your objectives in writing as you
build a business plan also forces you to think realistically about sales,
expenses and short- and long-term goals. (The more specific and measurable they
are the better.) A complete business plan should identify target customers and
how you will attract them; timelines for adding staff and infrastructure;
approaches to differentiating your products and services from competitors’; and
a host of other considerations. Ideally, it will show anyone who sees it that
you have done your industry research, too.
Every
business plan starts with a cover page containing your contact information
(vital to loan officers and any other financial backers) and a warning that the
document contains private information. The sections that follow include
A business
plan benefits start-up businesses as well as established enterprises that need
to reassess their goals and strategies. A free workbook, How to Really Start Your Own Business, is available from SCORE®
“Counselors to
SCORE’s more than 10,500 volunteer counselors are also ready to help you with any other aspect of your business, whether it is still a dream or has become your livelihood. To contact the Greater Binghamton SCORE® Chapter 217 for assistance call 607-772-8860 or 1-800 -920-6972. You may also contact SCORE® for person to person counseling appointments at the above telephone numbers. If you are already in business onsite assistance is also available.