Type “write a business plan” into a search engine and you will get millions of results.
If you merely base one of the foundational documents for your business on a few models pulled from the internet, however, you may neglect to include a few key components.
Executive statements and financial projections are basic elements of a strong business plan, but as I explain in “The Entrepreneurial Journey,” it is essential that your document also addresses where you currently stand in your organization, where you want to take the business and how you plan to get to that destination.
There are four components of a business plan: defining your business, setting objectives, outlining operational strategies and financial management.
Financial management represents the final section of your business plan, one that often does not get the attention it deserves. As it is such an important piece of information, I will be dedicating a later post to the financial statement.
You should declare your vision, mission and values and identify your business opportunity in the first portion of the business plan. The business opportunity section should answer several questions, including where you make your money.