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My Business Plan Is Finished—Now What?

Posted january 17, 2019 by diane gilleland.

Congratulations! You put a lot of research and thought into writing your business plan —and it’s finally finished. That’s a big accomplishment, and now you have a valuable road map for starting a business that will thrive. Be sure and celebrate this milestone!

Because so much goes into building your business plan, it’s tempting to think that once it’s done, you’re in the clear—all that’s left to do is open your doors and let things take their course. But actually, there are a few simple things you can do to give your new company a smart, strategic foundation, so you have a better chance to grow and succeed.

(A quick note: Of course, you may need to use your new business plan to get some funding—maybe a bank loan or money from an angel investor or venture capitalist. If that’s the case, our team has covered the topics of getting funded and pitching to investors in detail on Bplans. But you’ll still need to do the steps in this article as well.)

business planning helps build a foundation

Once you start doing business, your days will get very busy. You’ll be making decisions and solving day-to-day problems. It’ll be difficult to carve out space to think about how your new company is performing and where it’s headed.

And yet, if you don’t make that time, you can easily run into critical problems, like cash shortages, costs getting out of control, or making the wrong decisions at the wrong times. That’s why we recommend that you build your foundation for good strategic practices now, so you’ll have developed good business management habits before you’re swamped.

We quote this statistic often because it’s powerful: companies that regularly review their numbers are 30 percent more likely to grow and succeed . Don’t fall into the trap of thinking you don’t have the time. Here’s how to set up a strategic foundation for your business.

Schedule a monthly business plan review

Right now, before you get busy running your business, schedule a one-hour business review meeting in your calendar every single month. The timing depends on your accounting operations—you’ll want to review the previous month’s finalized numbers, so choose a standing date in each new month when you can do that. You can have this meeting with your management team, or with a trusted advisor like your accountant .

In these meetings, you’ll look how the previous month’s actual financial performance stacks up against your business plan forecast . You’ll make this comparison for your revenue and your costs, and when your actual results are different than your forecast, you’ll explore why . It’s no more complicated than that.

Choose a few starting KPIs to measure business health

A KPI is a “key performance indicator.” It’s a specific statistic that helps you see whether your company is reaching the goals you set out in your business plan.

There are endless varieties of KPIs, and different industries and businesses use different ones. In fact, two departments in the same company might watch different KPIs. Don’t let that be intimidating, however—it’s really about deciding which metrics are most important to help you see your company more clearly. At this early stage, we recommend choosing just a few KPIs and watching these in your monthly review meetings.

For example, a retail business might track total sales per month. A service-based company might track its profit margin each month. If you’re not sure what to track, start with a few of the 29 metrics available in the LivePlan Dashboard , and add more to the mix as you gain confidence.

Set up a simple dashboard

In your monthly reviews, you’ll need a way to compare your accounting data against your business plan forecast, so you can easily see how your company is doing each month. You can do this with spreadsheets, but if you’re not a finance person, that can feel like more of a chore than it needs to. A good dashboard is as automated as possible, and it should display your key metrics in a graphical way . The easier your dashboard is to read, the more it helps you keep up the habit of monthly strategic reviews.

If you used LivePlan to create your business plan, then you’re halfway to having a complete dashboard . You can connect your accounting software to the LivePlan Dashboard in as little as 90 seconds if you’re using QuickBooks or Xero . You can also enter your accounting results manually each month if you prefer. However you enter your accounting data, when you have a visual way to compare it to your forecast, that makes your monthly reviews quick and simple.

strategic advisors can help with business management and growth

Consider a Strategic Advisor

If you feel at all intimidated by numbers, it can really help to form a working relationship right now with a Strategic Advisor—an accountant who can interpret your numbers and help you formulate solutions when problems crop up. We keep a directory of advisors who work in LivePlan, so check that out.

We hear from entrepreneurs all the time who worry about the cost of hiring a Strategic Advisor too soon. But if an advisor can help you find and resolve problems before they become major financial issues, then you’re likely to find that your advisor pays for herself pretty quickly. Besides, you’ll have plenty of learning curves to hike as you start your company—you won’t have to scale them all at once if you get some expert help.

Get ready to update your forecast—often

In your business plan, you made the best estimates you could with the best information you had. But, don’t let that prevent you from making changes now. As you do business, you’ll learn more every day about your company and your market. Soon you’ll be in a better position to forecast realistically.

There’s nothing wrong with your original forecast needing an update—you didn’t know what you didn’t know before you started this company! So each month as you’re reviewing the numbers, consider how you might need to change your forecast to create targets your business can hit.

A startup company might adjust its business plan even more fundamentally that a typical small business, as it tries out different approaches in search of the most viable business model. It’s fine if your mission changes after you launch, or the way your company is structured, or the products and services you offer. Again, as you do business, you’ll learn a lot about what works and what doesn’t, and that will lead to updating your business plan so it stays realistic.

Good habits help you grow faster

We think of “growth” in two ways: the financial growth of your company, and your growth as an entrepreneur. By paying attention to your financial results regularly and revisiting your plan, you’ll be able to grow in both ways. Your company will stay healthy, and you’ll gain confidence to take on the challenges of running the business.

That’s a big reward for investing a little time in setting up good habits.

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Diane Gilleland

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How to make a business plan

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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Business plan steps: everything you need to know

Writing a business plan can be an arduous task, especially when you're not 100% sure where to begin and how to organise it. To help you along the way, The Business Plan Shop has put together a step by step guide on writing a business plan.

What's the goal of a business plan?

When writing a business plan, you should keep the following objectives in mind:

Highlight your business opportunity: demonstrate that there is a gap in the market (demand), and provide a solution for it (by offering your products or services)
Put together a concrete plan of action: layout the blueprint for what you have in store for your business venture, and how you're planning to sell your products or services
Show them the money: articulate how much money you will need at the start and how profitable your project could be

7 business plan steps to follow to put together yours

Here are the 7 business plan steps you should follow:

Executive summary
Company description
Products and services
Market Analysis
Strategy and implementations
Financial planning

Do not ignore the business plan steps and let us guide us through what they include.

Business plan step #1: Executive summary

Writing a business plan step by step will first include your executive summary . This section defines the main aspects of your project: company, activity, management team, brief market overview, key numbers for your financial forecast, and your funding requirements.

Business plan step #2: Company

Following this, the company's description presents the company's structure, including shareholders, legal form, head office, and management team.

You can have a look at the guides below for more details on how to do this:

How to write the structure and ownership section of your business plan?
How to write the location section of your business plan?
How to present the management team in your business plan?

Business plan step #3: Products and services

Then, the products and services section highlights your unique selling proposition and positioning.

Your positioning is a detailed presentation of your products or services, in order to add credibility to the project. Keep in mind that you're presenting the project to someone who isn't necessarily familiar with your area of expertise, so keep it clear and concise - no jargon!

Business plan step #4: Market analysis

The fourth business plan step is putting together a market analysis for your business plan , which gives an overview of the global and local markets. The goal is to prove there is a need for your products or services, and that there is gap in the market for you to meet those needs.

At this stage, you've already reached the first objective of your business plan: proving there is a business opportunity. Once it's done, the following sections are used to detail a concrete action plan and translate your hypothesis into financial form.

Your action plan is split into two sections: strategy and operations.

Business plan step #5: Strategy

In the Strategy section, explain how you're planning to establish yourself on the market, including the contents of your offer, how attractive it is compared to your competitors, and how you're planning to distribute your goods (or services) and create a loyal base of customers.

You can have a look at the guides below for more details on what each subsection will include:

How to present your sales and marketing strategy in your business plan?
How to write the milestones section of your business plan?
How to write the risks and mitigants section of your business plan?

Business plan step #6: Operations

The Operations section gives a detailed account of day to day life within the company: staffing requirements, which suppliers you're going to use, what the opening hours are, etc.

For more details, see:

How to write the suppliers section of your business plan?

Business plan step #7: Financial forecast

Once you've done all of this and the business plan steps have been followed, you should have the data needed to put together your financial forecast (balance sheet, P&L and cash flow statements).

The background and context of the previous sections will help you explain how you built your financial forecast and how much funding is required to launch the business.

If you think you don't have the tools or skills to put together your financial forecast, you could use a business plan software to help.

How to write your business plan step by step

Find out which business plan steps you should take for your business plan. There are several ways of writing your business plan step by step, however, we would recommend the following approach:

Start with the company description, since it's the one section where you're pretty sure to have all the necessary information, considering this is your project.
There is a slight chance some details could change, however, it should pretty much stay the same throughout your project, which is why it's better to begin there.
Follow this with your market analysis, which is the foundation of your business plan. A market analysis is key to understand and highlight your business opportunity.
Make sure this is one of your first steps, otherwise it will be hard (or even impossible) to carry on with the rest of your business plan.
The Strategy section is a good section to follow with, as it logically follows the market analysis and your strategy (pricing and go to market strategies in particular) will dictate how many sales you can expect and what it will cost to generate those sales.

Once you've completed all the business plan steps, you can have a look at the numbers.

First, take a look at the sales, then at the costs. From how to put together a sales forecast , you are then able to estimate how many people you need in the team and what equipment and resources are needed, and therefore understand how much money is necessary to kick-start your business.
By forecasting this, you then have the ability to write your operations and financial sections.
As a final step, we advise you to proofread your document. Have it read by someone else and make sure you haven't forgotten anything - it's vital to be as precise as possible.

As you can see, writing a business plan demands a lot of work, however, by using our step-by-step guide, it's certainly not impossible! You can also find out about using a professional business plan writer if worth it.

Please do not hesitate to get in touch with us if you need any help.

Also on The Business Plan Shop

How investors analyse business plans
Where to write the conclusion of your business plan?
How to write a business plan for a grant application
Download our free business plan template

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Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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How to Prepare and Write the Perfect Business Plan for Your Company Here's how to write a business plan that will formalize your company's goals and optimize your organization.

By Matthew McCreary • May 5, 2021

Are you preparing to start your own business but uncertain about how to get started? A business plan ought to be one of the first steps in your entrepreneurial journey because it will organize the ideas that have been spinning around in your brain and prepare you to seek funding, partners and more.

What is a business plan?

A business plan is a detailed document that outlines a company's goals and how the business, well, plans to achieve those goals over the next three or more years. It helps define expected profits and challenges, providing a road map that will help you avoid bumps in the road.

Stever Robbins writes in an Entrepreneur article titled, "Why You Must Have a Business Plan," that a business plan "is a tool for understanding how your business is put together…. Writing out your business plan forces you to review everything at once: your value proposition, marketing assumptions, operations plan, financial plan and staffing plan." But, a business plan is about more than just reviewing the past state of your business or even what your business looks like today.

Robbins writes that a well-written business plan will help you drive the future by "laying out targets in all major areas: sales, expense items, hiring positions and financing goals. Once laid out, the targets become performance goals."

The business plan can help your company attract talent and funding, because when prospects ask about your business, you already have an articulated overview to offer them. How they react can allow you to quickly understand how others see your business and pivot if necessary.

What should you do before you write your business plan?

It might sound redundant, but you actually need to plan your business plan. Business plans can be complicated, and you'll be held accountable for the goals you set. For example, if you plan to open five locations of your business within the first two years, your investors might get angry if you only manage to open two.

That's why it's essential that, before writing your business plan, you spend some time determining exactly which objectives are essential to your business. If you're struggling to come up with a list of goals on your own, Entrepreneur article "Plan Your Business Plan" offers some questions you can ask yourself to spark some inspiration.

How determined am I to see this venture succeed?

Am I willing to invest my own money and work long hours for no pay, sacrificing personal time and lifestyle, maybe for years?

What's going to happen to me if this venture doesn't work out?

If it does succeed, how many employees will this company eventually have?

What will be the business's annual revenue in a year? What about in five years?

What will be the company's market share in that amount of time?

Will the business have a niche market, or will it sell a broad spectrum of goods and services?

What are my plans for geographic expansion? Should it be local or national? Can it be global?

Am I going to be a hands-on manager, or will I delegate a large proportion of tasks to others?

If I delegate, what sorts of tasks will I share? Will it be sales, technical work or something else?

How comfortable am I taking direction from others? Can I work with partners or investors who demand input into the company's management?

Is the business going to remain independent and privately owned, or will it eventually be acquired or go public?

It's also essential to consider your financial goals. Your business might not require a massive financial commitment upfront, but it probably will if you're envisioning rapid growth. Unless you're making your product or service from scratch, you'll have to pay your suppliers before your customers can pay you, and as "Plan Your Business Plan" points out, "this cash flow conundrum is the reason so many fast-growing companies have to seek bank financing or equity sales to finance their growth. They are literally growing faster than they can afford."

How much financing will you need to start your business? What will you be willing to accept? If you're desperate for that first influx of cash, you might be tempted to accept any offer, but doing so might force you to either surrender too much control or ask investors for a number that's not quite right for either side.

These eight questions can help you determine a few financial aspects of your planning stages:

What initial investment will the business require?

How much control of the business are you willing to relinquish to investors?

When will the business turn a profit?

When can investors, including you, expect a return on investment?

What are the business's projected profits over time?

Will you be able to devote yourself full-time to the business?

What kind of salary or profit distribution can you expect to take home?

What are the chances the business will fail, and what will happen if it does?

You should also consider who, primarily, is going to be reading your business plan, and how you plan to use it. Is it a means of raising money or attracting employees? Will suppliers see it?

Lastly, you need to assess the likelihood of whether you actually have the time and resources to see your plan through. It might hurt to realize the assumptions you've made so far don't actually make a successful business, but it's best to know early on, before you make further commitments.

Related: Need a Business Plan Template? Here Is Apple's 1981 Plan for the Mac.

How to Write a Business Plan

Once you've worked out all the questions above and you know exactly what goals you have for your business plan, the next step is to actually write the darn thing. A typical business plan runs 15 to 20 pages but can be longer or shorter, depending on the complexity of the business and the needs of your venture. Regardless of whether you intend to use the business plan for self-evaluation or to seek a seven-figure investment, it should include nine key components, many of which are outlined in Entrepreneur 's introduction to business plans:

1. Title page and contents

Presentation is important, and a business plan should be presented in a binder with a cover that lists the business's name, the principals' names and other relevant information like a working address, phone number, email and web address and date. Write the information in a font that's easy to read and include it on the title page inside, too. Add in the company logo and a table of contents that follows the executive summary.

2. Executive summary

Think of the executive summary as the SparkNotes version of your business plan . It should tell the reader in as few words as possible what your business wants and why. The executive summary should address these nine things:

The business idea and why it is necessary. (What problem does it solve?)

How much will it cost, and how much financing are you seeking?

What will the return be to the investor? Over what length of time?

What is the perceived risk level?

Where does your idea fit into the marketplace?

What is the management team?

What are the product and competitive strategies?

What is your marketing plan?

What is your exit strategy?

When writing the executive summary, remember that it should be somewhere between one-half page to a full page. Anything longer, and you risk losing your reader's attention before they can dig into your business plan. Try to answer each of the questions above in two or three sentences, and you'll wind up with an executive summary that's about the right length.

Related: First Steps: Writing the Executive Summary of Your Business Plan

3. Business description

You can fill anywhere from a few paragraphs to a few pages when writing your business description, but try again to keep it short, with the understanding that more sections will follow. The business description typically starts with a short explanation of your chosen industry, including its present outlook and future possibilities. Use data and sources (with proper footnotes) to explain the markets the industry offers, along with the developments that will affect your business. That way, everyone who reads the business description, particularly investors, will see that they can trust the various information contained within your business plan.

When you pivot to speaking of your business, start with its structure. How does your business work? Is it retail, service-oriented or wholesale? Is the business new or established? Is the company a sole proprietorship, partnership or corporation? Who are the principals and who are your customers? What do the distribution channels look like, and how can you support sales?

Next, break down your business's offerings. Are you selling a physical product, SaaS or a service? Explain it in a way that a reader knows what you're planning to sell and how it differentiates itself from the competition (investors call this a Unique Selling Proposition, or USP, and it's important that you find yours). Whether it's a trade secret or a patent, you should be specific about your competitive advantage and why your business is going to be profitable. If you plan to use your business plan for fundraising, you can use the business description section to explain why new investments will help make the business even more profitable.

This, like everything else, can be brief, but you can tell the reader about your business's efficiency or workflow. You can write about other key people within the business or cite industry experts' support of your idea, as well as your base of operations and reasons for starting in the first place.

4. Market strategies

Paint a picture about your market by remembering the four Ps: product, price, place and promotion.

Start this section by defining the market's size, structure and sales potential. What are the market's growth prospects? What do the demographics and trends look like right now?

Next, outline the frequency at which your product or service will be purchased by the target market and the potential annual purchase. What market share can you possibly expect to win? Try to be realistic here, and keep in mind that even a number like 25% might be a dominant share.

Next, break down your business's plan for positioning, which relates to the market niche your product or service can fill. Who is your target market, how will you reach them and what are they buying from you? Who are your competitors, and what is your USP?

The positioning statement within your business plan should be short and to the point, but make sure you answer each of those questions before you move on to, perhaps, the most difficult and important aspect of your market strategy: pricing.

In fact, settling on a price for your product or service is one of the most important decisions you have to make in the entire business plan. Pricing will directly determine essential aspects of your business, like profit margin and sales volume. It will influence all sorts of areas, too, from marketing to target consumer.

There are two primary ways to determine your price: The first is to look inward, adding up the costs of offering your product or service, and then adding in a profit margin to find your number. The second is called competitive pricing, and it involves research into how your competitors will either price their products or services now or in the future. The difficult aspect of this second pricing method is that it often sets a ceiling on pricing, which, in turn, could force you to adjust your costs.

Then, pivot the market strategies section toward your distribution process and how it relates to your competitors' channels. How, exactly, are you going to get your offerings from one place to the next? Walk the reader step by step through your process. Do you want to use the same strategy or something else that might give you an advantage?

Last, explain your promotion strategy. How are you going to communicate with your potential customers? This part should talk about not only marketing or advertising, but also packaging, public relations and sales promotions.

Related: Creating a Winning Startup Business Plan

5. Competitive analysis

The next section in your business plan should be the competitive analysis, which helps explain the differences between you and your competitors … and how you can keep it that way. If you can start with an honest evaluation of your competitors' strengths and weaknesses within the marketplace, you can also provide the reader with clear analysis about your advantage and the barriers that either already exist or can be developed to keep your business ahead of the pack. Are there weaknesses within the marketplace, and if so, how can you exploit them?

Remember to consider both your direct competition and your indirect competition, with both a short-term and long-term view.

6. Design and development plan

If you plan to sell a product, it's smart to add a design and development section to your business plan. This part should help your readers understand the background of that product. How have the production, marketing and company developed over time? What is your developmental budget?

For the sake of organization, consider these three aspects of the design and development plan:

Product development

Market development

Organizational development

Start by establishing your development goals, which should logically follow your evaluation of the market and your competition. Make these goals feasible and quantifiable, and be sure to establish timelines that allow your readers to see your vision. The goals should address both technical and marketing aspects.

Once the reader has a clear idea of your development goals, explain the procedures you'll develop to reach them. How will you allocate your resources, and who is in charge of accomplishing each goal?

The Entrepreneur guide to design and development plans offers this example on the steps of producing a recipe for a premium lager beer:

Gather ingredients.

Determine optimum malting process.

Gauge mashing temperature.

Boil wort and evaluate which hops provide the best flavor.

Determine yeast amounts and fermentation period.

Determine aging period.

Carbonate the beer.

Decide whether or not to pasteurize the beer.

Make sure to also talk about scheduling. What checkpoints will the product need to pass to reach a customer? Establish timeframes for each step of the process. Create a chart with a column for each task, how long that task will take and when the task will start and end.

Next, consider the costs of developing your product, breaking down the costs of these aspects:

General and administrative (G&A) costs

Marketing and sales

Professional services, like lawyers or accountants

Miscellaneous costs

Necessary equipment

The next section should be about the personnel you either have or plan to hire for that development. If you already have the right person in place, this part should be easy. If not, then this part of the business plan can help you create a detailed description of exactly what you need. This process can also help you formalize the hierarchy of your team's positions so that everyone knows their roles and responsibilities.

Finish the development and design section of your business plan by addressing the risks in developing the product and how you're going to address those risks. Could there be technical difficulties? Are you having trouble finding the right person to lead the development? Does your financial situation limit your ability to develop the product? Being honest about your problems and solutions can help answer some of your readers' questions before they ask them.

Related: The Essential Guide to Writing a Business Plan

7. Operations and management plan

Want to learn everything you'll ever need to know about the operations and management section of your business plan, and read a real, actual web article from 1997? Check out our guide titled, "Writing A Business Plan: Operations And Management."

Here, we'll more briefly summarize the two areas that need to be covered within your operations and management plan: the organizational structure is first, and the capital requirement for the operation are second.

The organizational structure detailed within your business plan will establish the basis for your operating expenses, which will provide essential information for the next part of the business plan: your financial statements. Investors will look closely at the financial statements, so it's important to start with a solid foundation and a realistic framework. You can start by dividing your organizational structure into these four sections:

Marketing and sales (including customer relations and service)

Production (including quality assurance)

Research and development

Administration

After you've broken down the organization's operations within your business plan, you can look at the expenses, or overhead. Divide them into fixed expenses, which typically remain constant, and variable, which will change according to the volume of business. Here are some of the examples of overhead expenses:

Maintenance and repair

Equipment leases

Advertising and promotion

Packaging and shipping

Payroll taxes and benefits

Uncollectible receivables

Professional services

Loan payments

Depreciation

Having difficulty calculating what some of those expenses might be for your business? Try using the simple formulas in "Writing A Business Plan: Operations And Management."

8. Financial factors

The last piece of the business plan that you definitely need to have covers the business's finances. Specifically, three financial statements will form the backbone of your business plan: the income statement, the cash-flow statement and balance sheet . Let's go through them one by one.

The income statement explains how the business can make money in a simple way. It draws on financial models already developed and discussed throughout the business plan (revenue, expenses, capital and cost of goods) and combines those numbers with when sales are made and when expenses are incurred. When the reader finishes going through your income statement, they should understand how much money your company makes or loses by subtracting your costs from your revenue, showing either a loss or a profit. If you like, you or a CPA can add a very short analysis at the end to emphasize some important aspects of the statement.

Second is the cash-flow statement, which explains how much cash your business needs to meet its obligations, as well as when you're going to need it and how you're going to get it. This section shows a profit or loss at the end of each month or year that rolls over to the next time period, which can create a cycle. If your business plan shows that you're consistently operating at a loss that gets bigger as time goes on, this can be a major red flag for both you and potential investors. This part of the business plan should be prepared monthly during your first year in business, quarterly in your second year and annually after that.

Our guide on cash-flow statements includes 17 items you'll need to add to your cash-flow statement.

Cash. Cash on hand in the business.

Cash sales . Income from sales paid for by cash.

Receivables. Income from collecting money owed to the business due to sales.

Other income. The liquidation of assets, interest on extended loans or income from investments are examples.

Total income. The sum of the four items above (total cash, cash sales, receivables, other income).

Material/merchandise . This will depend on the structure of your business. If you're manufacturing, this will include your raw materials. If you're in retail, count your inventory of merchandise. If you offer a service, consider which supplies are necessary.

Direct labor . What sort of labor do you need to make your product or complete your service?

Overhead . This includes both the variable expenses and fixed expenses for business operations.

Marketing/sales . All salaries, commissions and other direct costs associated with the marketing and sales departments.

Research and development . Specifically, the labor expenses required for research and development.

General and administrative expenses. Like the research and development costs, this centers on the labor for G&A functions of the business.

Taxes . This excludes payroll taxes but includes everything else.

Capital. Required capital for necessary equipment.

Loan payments. The total of all payments made to reduce any long-term debts.

Total expenses. The sum of items six through 14 (material/merchandise, direct labor, overhead, marketing/sales, research and development, general and administrative expenses, taxes, capital and loan payments).

Cash flow. Subtract total expenses from total income. This is how much cash will roll over to the next period.

Cumulative cash flow . Subtract the previous period's cash flow from your current cash flow.

Just like with the income statement, it's a good idea to briefly summarize the figures at the end. Again, consulting with a CPA is probably a good idea.

The last financial statement is the balance sheet. A balance sheet is, as our encyclopedia says, "a financial statement that lists the assets, liabilities and equity of a company at a specific point in time and is used to calculate the net worth of a business." If you've already started the business, use the balance sheet from your last reporting period. If the business plan you wrote is for a business you hope to start, do your best to project your assets and liabilities over time. If you want to earn investors, you'll also need to include a personal financial statement. Then, as with the other two sections, add a short analysis that hits the main points.

9. Supporting documents

If you have other documents that your readers need to see, like important contracts, letters of reference, a copy of your lease or legal documents, you should add them in this section.

Related: 7 Steps to a Perfectly Written Business Plan

What do I do with my business plan after I've written it?

The simplest reason to create a business plan is to help people unfamiliar with your business understand it quickly. While the most obvious use for a document like this is for financing purposes, a business plan can also help you attract talented employees — and, if you share the business plan internally, help your existing employees understand their roles.

But it's also important to do for your own edification, too. It's like the old saying goes, "The best way to learn something is to teach it." Writing down your plans, your goals and the state of your finances helps clarify the thoughts in your own mind. From there, you can more easily lead your business because you'll know whether the business is reaching the checkpoints you set out to begin with. You'll be able to foresee difficulties before they pop up and be able to pivot quickly.

That's why you should continue to update your business plan when the conditions change, either within your business (you might be entering a new period or undergoing a change in management) or within your market (like a new competitor popping up). The key is to keep your business plan ready so that you don't have to get it ready when opportunity strikes.

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Business Planning Process: Create a Business Plan That Works

Free Business Startup Checklist

Radhika Agarwal

December 15, 2023

If you are planning to start or grow your business, you might have heard about the importance of the business planning process countless times. And yes, it is necessary to have a plan. After all, it’ll be your roadmap to success.

But how would you go about it? Where will you start? And most importantly is there a tried and tested process that can make your job easier? What if we told you there is such a process?

And through this article, we’ll walk you through everything from what is business planning to the steps of the business planning process .

What is Business Planning?

Business planning is the process of giving structure to your business idea. It acts as a roadmap to your business journey, helps you get through obstacles, and maximizes opportunities.

It also helps you set realistic goals and pursue the same with a structured action plan.

Moreover, through a business plan, you can analyze your company’s strengths and weaknesses, and understand how that would impact your company while dealing with market competition and how your strengths would help you achieve your goal.

Above all, doing business with a well-written business plan increases your chances of success.

Steps of the Business Planning Process

Although there’s no sole right way to go about the process of planning your business, here’s a compilation of steps that’ll make your planning process faster and easier.

1. Carry out your research

The first step to creating a business plan is to do thorough research about the business and industry you are trying to get into. Tap into all the information you can get about your target audience, potential customer base, competitors, market and industry trends, cost of business, etc.

You can give a form to your research by asking yourself the following questions:

What are your goals?
Where does your business stand currently?
What are the prevailing market trends?
What strategies is your competitor following?

You can find your answers by conducting market surveys , talking to customers and industry experts, designing good questionnaires, reading articles, blogs, and news updates about your industry and related ones, and so on.

Also, it is a good practice to conduct a SWOT analysis for your company to understand how your company’s strengths and weaknesses would help you stand apart from your competitors based on the current market statistics.

2. Make a Framework

Once you’re done with your research the next step is to make a framework or a set of strategies for your business based on your research and business goals. You can either design strategies from scratch or reframe previously tried and tested successful strategies to fit your business goals.

But remember that you’ll have to tweak strategies to fit your unique competitive advantages and goals. Hence, strategies that are already being used can act as a good foundation, but it is essential to remember that you’ll have to expand upon them or improvise them for your business.

This step can be completed by taking a deep dive into your customer’s buying motivations and challenges that your product can help solve. Based on that, make a marketing plan, operations plan, and cost structure for your business at least for the first few years of your business.

3. Formulate your Financial Forecasts

No matter how tedious finances might seem, they are an integral part of any business. When you map out your finances it is essential to note down all the costs you’ll incur as you grow and run your business for the next five years and what would be your potential revenue, and if or not it would leave room for profit.

You can get your financial forecast by adding your financial assumptions to a financial system which will give you your cash flow statements and give you an idea of what amount of funds you’ll need to start and run your business for the first year.

This step is especially helpful if you want to acquire funding for your business. Nonetheless, it helps you prepare to deal with the financial aspects of your business.

A financial statement essentially provides details of a company’s expenses and profits. It also provides an overview of the company’s current financial stance, including its assets and liabilities.

Through this section try to write down and explain how you plan to use your investments and how would the same give a return.

4. Draft a Plan

As you’re done with creating business strategies and planning your finances, it is time to draft your business plan and compile everything into a single document. As you are done with all the technical aspects, this step should feel relatively easy.

But if you need help drafting a business plan and making it look presentable, you can subscribe to business plan software that comes with predesigned templates and tools to make your work easier .

5. Recheck and Improvise

Now as you’re done with writing your plan, it is a good idea to give it enough time to edit it. Check for any unclear sentences, irrelevant phrases, or confusing terms.

Take suggestions from your team members who are familiar with the functioning of your business. Finally, proofread for any grammar or punctuation errors. One of the most popular and useful pieces of editing advice is to put your work aside for a while and then look at it with fresh eyes to edit it better.

6. Create an Impressive Business Plan Presentation

Now, as you’re done with writing your business plan, it is time to create a presentation that leaves an excellent impression on your audience. Highlight all the important and relevant points.

Also, add references for your investors like your financial reports , resumes of your key team members, snippets of your marketing plan, and past sales reports to have a well-rounded presentation.

It is true that starting a business is intimidating. It includes a bunch of emotions, chaotic ideas, and a will to take risks. (Risks are a part and parcel of starting a business, no matter how much you plan, but yes planning helps you prepare for it.) But in the end, all of us know that all of it is worth it if you have a profitable business in the end.

And business planning is something that takes you one step closer to your idea of success. Moreover, a plan keeps you going in the face of challenges and adversities, and helps you push yourself a little harder to achieve your dreams when things get tougher.

Above all, a business plan helps you take action and turn ideas into a real and functioning business. So, what are you waiting for? Go ahead and start planning !

And while you’re at it, to check out Upmetrics’s business planning software to make business planning easier and faster.

Build your Business Plan Faster

with step-by-step Guidance & AI Assistance.

About the Author

once the business plan is finished the next step is to

Radhika is an economics graduate and likes to read about every subject and idea she comes across. Apart from that she can discuss her favorite books to lengths( to the point you\'ll start feeling a little annoyed) and spends most of her free time on Google word coach.

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1.7: Chapter 7 – Finishing the Business Plan

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Page ID 21281

Lee A. Swanson
University of Saskatchewan

Learning Objectives

After completing this chapter, you will be able to

Develop the final draft of the business plan

The previous stages of business plan development focused on helping the business plan writer (1) start on the plan, (2) develop a reasonably complete and comprehensive first draft of the plan by focusing on developing the initial story without obsessing about its realism, (3) convert that into a second draft by adding realism, and (4) develop a third draft by preserving the realism and making needed changes designed to make the plan appealing to the entrepreneur and desirable to targeted investors. This stage is where the business plan writer puts the finishing touches on the plan to prepare it for use.

Figure 12 – Finishing the Business Plan (Illustration by Lee A. Swanson)

First Things Last

Finalize major goals.

As contradictory as it might sound, it is only after the business plan is almost finished that the Major Goals section near the start of the plan should be completed. Replace the preliminary goals you have in that section with a limited set of goals, perhaps five to ten, which perfectly describe the outcomes you projected in certain sections of your plan. Write goals that will further improve the appeal of your plan for targeted investors and other important potential readers.

Your major goals should be substantive and relevant. They should also be written using a format designed to maximize their impact for targeted readers. The RUMBA formula (realistic, understandable, measurable, believable, and achievable) provides a useful guideline for developing major goals. The following is an example of a relevant major goal that follows that formula:

We will secure a $56,050 short-term loan in September, 20 20, to finance inventory purchases needed to satisfy our projected increase in Christmas sales that year .

Write your Executive Summary

The last part of your business plan that you should write is the E xec u tive S ummary . Unlike most other types of documents, the executive summary at the start of a business plan can be up to about three pages in length.

As the executive summary might be the first section that targeted readers go through, it must be written to appeal to them. It should provide those readers with information that will encourage them to seriously consider taking the desired action, like investing in the venture. If they are not interested by the contents of the executive summary, they will not likely read any other part of the plan, and they won’t act—usually by investing in the business—as the business plan writer hopes they will.

Polish it Up!

Thoroughly proofread the completed business plan and fix all errors before submitting it to anyone. It is usually best to have other people proofread your work as they will catch errors that you will miss.

Never underestimate the negative consequences that can occur from distributing poor quality work.

Write A Letter of Transmittal

A letter of transmittal is to a business plan what a cover letter is to a resume. A letter of transmittal should briefly introduce the business plan accompanying it to the intended recipient and persuasively, but briefly, communicate the reasons why they should read it.

Chapter Summary

After all of the hard work involved with developing a high-power business plan, it must be finished properly to have the intended impact with its targeted readers. Before distributing it to targeted investors and other recipients, a limited number of major goals should be included in the Major Goals section near the start of the plan. Those goals should be carefully crafted to appeal to intended readers. The final writing task is to develop an executive summary that will entice targeted readers to examine the rest of the plan in detail for the purpose of deciding whether to potentially take the action—usually to invest in the venture—desired by the business plan writer. After that, the plan should be thoroughly proofread and revised to ensure that all errors are eliminated before the plan is used. After writing a customizedletter of transmittal to introduce the plan, it can be put to use.

Want to create or adapt books like this? Learn more about how Pressbooks supports open publishing practices.

8 Finishing the Business Plan

Learning Objectives

After completing this chapter, you will be able to

Develop the final draft of the business plan

First Things Last

Finalize major goals.

We will secure a $56,050 short-term loan in September, 20 20, to finance inventory purchases needed to satisfy our projected increase in Christmas sales that year .

Write your Executive Summary

Polish it Up!

Never underestimate the negative consequences that can occur from distributing poor quality work.

Write A Letter of Transmittal

Chapter Summary

After all of the hard work involved with developing a high-power business plan, it must be finished properly to have the intended impact with its targeted readers. Before distributing it to targeted investors and other recipients, a limited number of major goals should be included in the Major Goals section near the start of the plan. Those goals should be carefully crafted to appeal to intended readers. The final writing task is to develop an executive summary that will entice targeted readers to examine the rest of the plan in detail for the purpose of deciding whether to potentially take the action—usually to invest in the venture—desired by the business plan writer. After that, the plan should be thoroughly proofread and revised to ensure that all errors are eliminated before the plan is used. After writing a customized letter of transmittal to introduce the plan, it can be put to use.

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How To Create The Perfect Business Plan In 12 Steps

A business plan is a step-by-step guide that helps a business owner outline an idea and how to take it from concept to reality. It also includes financial projections, which help business owners plan for the future.

To create the perfect business plan template, you must first understand what components are essential to a successful business. Next, you must map how your company will function in the next five years and its financial goal.

The next step is to take all of this information and present it in a clear, concise timeline template that can be used as a guide for your business. So, let's get started! Here are 12 steps on how to create the perfect business plan.

Table of Contents

What Is A Business Plan?

The traditional business plan is a written document that outlines an organisation's strategy and goals. It is a plan the company presents to investors and potential stakeholders who want to join them in the business venture. It provides a roadmap for how the organisation intends to achieve those goals and serves as the company's foundation.

A well-crafted business plan encompasses an executive summary, product or service overview, market analysis, competitive analysis, and financial projections. To ensure success, businesses create objectives around key performance indicators that are measurable, actionable, and aligned with the company's core values.

Additionally, developing and adhering to concise action plans for meeting milestones can help companies keep on track from the project discovery phase to reach their objectives promptly. In short, the purpose of a traditional business plan is to lay the foundation for the creation of any business enterprise.

Primary Purposes Of A Business Plan

A business plan helps keep businesses on track toward achieving their strategic goals in an agile manner while aligning them with changing customer preferences and emerging technologies. The primary purposes of business planning are:

First and foremost, it is a tool for decision-making for potential investors, lenders, and stakeholders. Essentially, the plan acts as a set of guidelines that provide insight into the key elements that define a newly established or existing business, such as policies, staffing needs, marketing efforts, objectives, financial allocations, etc.
It analyses entrepreneurs' overly optimistic assumptions regarding long-term strategies and future economic scenarios.
The plan is an incentive to constantly review these decisions and ensure they are up-to-date with current market trends .

12 Steps To Create The Perfect Business Plan

Every great business starts with a well-crafted plan. But what goes into a good business idea? Here are some key components:

1 – Chose A Business Plan Format

Before creating a traditional business plan template, it's essential to consider the format most beneficial. There are two commonly used approaches: the simple business plan, aka lean startup business plan and the traditional one.

The lean startup business plan may be suitable for those businesses that need to make decisions quickly and take action without needing in-depth detail. On the other hand, traditional plans contain more comprehensive information on every aspect of your business, such as a specific description of products or services offered and detailed financial statements, which makes them ideal for presenting to potential investors.

So, deciding which format is best for you can guide each step of your overall approach toward constructing an effective business plan template .

2 – Create An Executive Summary

Business Plan Template Executive Summary

Once you've researched and discovered vital components to creating a successful business plan, it is essential to summarise these elements to present an executive summary. This section provides an overview of your entire business plan and should include your company's mission statement, vision, values, goals, and objectives. It should also provide an overview of your team, products or services, target market, competitive landscape, and growth strategy.

Moreover, an executive summary highlights your business's specific goals and objectives and what will be necessary for their realisation. In addition, this short section is designed to emphasise any innovative approaches or solutions that make your plan stand out from the competition.

Furthermore, the executive summary should also include a brief overview of your financial projections. This allows potential investors or stakeholders to understand the benefits of supporting your venture. Once this part of your business plan template is complete, you can move on to other steps necessary for launching a successful enterprise.

3 – Include the Company Description

Creating a comprehensive business description is the third step to crafting the perfect business plan. This section should include key details about the company and what it does, such as:

Organisational structure
The legal form of ownership
Information about founders and key figures
Information about the founders
Mission and vision statement
Current status of your company in terms of revenues and employees
Financial investments that have been made to date
Listing of corporate goals and objectives
How your products or services differ from other businesses in its industry while also expressing what sets your product or service apart from competitors

Moreover, As staffing needs inevitably change over time, providing a headcount overview in the company description is an effective way of recording critical information for future business growth . Once you have included all relevant data in your company description, potential investors can make well-informed decisions based on their understanding of your business operations.

4 – Conduct A Market Analysis

The next step in creating the perfect business plan template is to conduct a market analysis. This requires thoroughly examining the external factors that influence and shape a company. Such factors include the industry environment, competitors, customer preferences, and demographic and economic trends.

A target market analysis helps to determine a company's competitive edge to craft strategies that will allow it to stay ahead of its competitors. In addition, this step enables businesses to identify potential buyers whom they can target more effectively through their marketing campaigns .

Ultimately, conducting an in-depth target market analysis ensures that companies can make well-informed decisions regarding developing their products and services.

5 – Evaluate Your Competition

In this critical section, you must evaluate your competition with B2B data lists and supporting research. And describe who your main competitors are in the space. This includes researching the direct and indirect competitors in the industry, assessing their strengths and weaknesses, and analysing how they are positioned against each other.

This allows you to strategically differentiate your product or service from competitors to create an attractive value proposition for customers. Furthermore, by conducting competitor analysis regularly, businesses can stay informed of any changes in the marketplace and adjust their strategies accordingly.

This will result in more innovative ways of positioning oneself competitively to attract potential customers and gain a competitive edge over rivals.

6 – Explain Your Service Or Product Line

This step is critical when preparing a plan as it gives potential investors, lenders, and customers all the necessary information about your company's offerings. In this section, you will describe your products or services, including features, benefits, value, and proposition.

It should also include pricing information, if applicable. Clearly outline the product's features, pricing, relevant details, and any advantages your services offer over the competition.

A thorough explanation of each product line should also include all the necessary specifications, such as material costs, production methods, and expected timeline for completion. Furthermore, be sure to explain how each offering fits into the overall mission of your business, as well as why it will be beneficial in helping you achieve success.

7 – Describe Marketing And Sales Strategies

The next step in writing a business plan is thoroughly describing your product or service's marketing and sales strategies. You must explain who the target market is, what messages have been created for them, and how they will be delivered.

Additionally, you need to show how sales will be managed, including forecasting sales, pricing strategies, and how you will service customers. Investing the time in detailing your marketing and sales strategies can make a huge difference in whether or not your business proposal receives the funding it needs.

You must provide the following:

Thorough research.
Refined messaging and thoughtful price structures.
Plans for delivering exceptional customer service.

8 – Outline Funding Requirements

Constructing a perfect plan involves outlining the necessary funding requirements. Understanding the total amount of capital needed and the sources it could come from is vital.

These may include investments from owners, directors, shareholders, and lenders, government-funded grants, or other forms of financial assistance. Knowing exactly which types of capital you need and where it should come from will make all the difference in evaluating your business plan's success.

With detailed funding information specified in advance, you can be sure your perfect plan has considered every aspect of capital needs for the future.

9 – Create Financial Projections

Creating financial projections is easily the most challenging when you write a business plan. This step touches on a few different areas, including a balance sheet, profit and loss statement, and cash flow statement.

Each of these can be daunting to compile, but measuring a business's success over time is imperative. To complete this step accurately, you must evaluate your organisation's current position financially and understand all potential future costs of goods sold and the variance between anticipated expenditures and actual expenses.

Completing this step properly can give any plan holder excellent insight into how well your business operates throughout its lifespan.

10 – List Customer Segments

Identifying customer segments is an essential step in writing a perfect business plan. Differentiating customers into various segments allows for more focused and targeted marketing for each specific group. Additionally, it helps outline a product pricing structure that considers the different needs of each segment.

When segregating customer segments to create tailored solutions, it is also essential to consider geographic differentiation, distribution channels, and age demographics. All these efforts will prove vital for developing a successful business plan.

11 – Detail Operation Strategies

Creating detailed operation strategies before beginning is essential to ensure all components are complete. This step allows for identifying any possible discrepancies in the plan's layout. Additionally, this section includes delving into all financial aspects and knowing how the actions of specific departments impact others.

Companies should also remember that running a successful business relies on devising practical performance standards, procedures, and processes. To compile a comprehensive plan, you must closely examine all areas of your company's operations while creating an organised yet insightful structure.

Proving all relevant data collected can support the outlined goals. Crafting these strategies carefully will achieve unparalleled success in various business endeavours or projects.

12 – Create An Appendix

Constructing an appendix for a business plan is a great way to supplement the data in the plan's body. In essence, an appendix serves as a helpful reference tool that will provide additional information that can be beneficial to understanding the complete picture.

It's also essential for clarifying and corroborating any insights turned up throughout the research stages of developing a business plan. Commonly filed items in the appendix include organisational charts, licenses, resumes and biographies for crucial personnel, supporting documents such as letters of intent or reference, patents, and product specifications.

Allowing more room for comprehensive study, including an appendix when writing a business plan, will make it stand out from competitors and potentially increase investors' interest level.

Avoid These Common Mistakes When Writing A Business Plan

Writing a business plan is no small task. It requires time, research, and strategic planning to cover all the bases necessary for success. It would help if you got it right the first time with so much on the line.

To help you with writing, we've compiled a list of five common mistakes you should avoid when writing your business plan.

Beware Of Boring Business Ideas

One of the most important aspects of any business plan is its concept. If your business idea is innovative and marketable, it will survive today's competitive landscape.

Before investing too much time and energy into writing a plan, ensure your concept is unique and feasible and has the potential for long-term success.

No Exit Strategy

You should include a well-thought-out exit strategy in every business plan. An exit strategy outlines how and when you intend to leave your business if things don't work out as planned.

This could involve selling to another entrepreneur, liquidating your assets, and closing the shop. Whatever the case, having an exit strategy will save you from costly mistakes.

Inaccurate Financial Projections

Financial projections are a significant component of any successful business plan and must be taken seriously. If not done correctly, inaccurate financial projections can lead to unforeseen problems.

Such as insufficient capitalisation or cash flow issues that could kill your project before it gets off the ground. To ensure accuracy in your projections, it's essential to consult with experienced professionals who specialise in this area before finalising anything in your plan.

Spelling And Grammar Errors

No matter how great an idea may be or how soundly constructed its financials are, spelling and grammar errors can immediately destroy its credibility.

To avoid this pitfall, ensure all sections are thoroughly edited by yourself or an experienced editor before submitting them to potential investors or lenders.

Unbalanced Teams

The team behind any successful business is just as important as the idea itself. When forming your team to write a business plan, ensure everyone involved has skills and experience related to the project.

This means filling roles such as marketing expert, financial analyst, operations manager, etc., depending on what kind of company you're starting up and its needs.

Tips To Make A Standout Business Plan

As we know, a business plan is essential for any entrepreneur who wants to be successful in their venture. It outlines your goals, strategies, and resources to help you reach them.

The goal of a business plan should be to get potential investors interested in your project on board. And provide them with all the necessary information to make an informed decision.

Writing a good business plan can be daunting, but it doesn't have to be. Here are practical tips to help you create a business plan that stands out from the rest:

Know Your Audience

Before you start writing your business plan, you must understand your audience and what they expect from your business.

Knowing this will help you tailor the content according to your plan so that it's geared toward the people reading it, making it more appealing and convincing.

Have A Clear Goal

Having a clear goal will give your business plan a candid structure and ensure all aspects are focused on achieving that goal.

It should clearly define what success looks like for you, whether it's getting funding or launching a new product line.

Invest Time In Research

Researching the industry, market trends, competitors, and potential partners is essential in creating an effective business plan.

This research will help you make informed decisions and strategies throughout the process and ensure your plans are realistic and achievable based on current market conditions.

Keep It Short & To The Point

Investors don't have time to read lengthy documents; they want concise information about why they should invest in your project quickly and easily.

Keep things brief but still provide enough details for them to understand what makes your project unique and profitable. Make sure they remember you when considering potential investments.

Make It Easy To Read

Your business plan should be easily read with clear headings, section titles, and bulleted lists.

It will ensure that they can quickly scan the document without reading through paragraphs of text, which can become tedious.

Keep Tone & Style Consistent

Consistency across both tone and style will help to keep them engaged. You don't want to confuse investors with conflicting styles throughout sections or pages.

So, use a consistent style and keep the tone formal. It will provide you with all the information they need quickly and effectively without getting distracted from critical points when reading your planning proposal.

Invest In Quality Design & Printing

A well-designed document with quality printing reflects professionalism, which can help build trust with investors. It will give the investors confidence that their money will be put to good use if they invest in projects like yours.

Use A Business Plan Software

Many software programs available online provide templates for creating professional-looking documents. As well as guidance on writing each section and including relevant financial information. They make it easier and faster than starting from scratch when creating an effective business plan.

These programs also allow you access to editing capabilities at any point throughout the creation process, thus giving complete control over the final output before presenting the finished product. Venngage is wildly popular for providing useful templates to create your business plans with easy-to-use editors in no time.

An effective business plan takes time, effort, research, planning, and design skills . Your business plan is a document that should grow and change as your business grows and changes. The most important parts of your business plan are your business goals and objectives. These are the foundation upon which you will build your research, company structure, marketing, and sales strategies. Keep these items in your mind as you develop your business plan.

Business Plans FAQs

What's the most important thing to consider when creating a business plan.

It would help if you always started with your purpose. You must figure out your purpose and why you are creating your business. Your business plan should answer these questions.

How do I write a business plan?

The first step to writing a business plan is to write down your purpose and goals. It would help if you decided who will be involved in your business and how you will operate.

How do I make sure my business plan is perfect?

You will want to write your business plan in the third person so it has a different voice than you. You also want to ensure that your business plan is easy to read.

What is the difference between a business plan and a mission statement?

A business plan is a document that describes your company, while a mission statement is a summary of what you stand for.

What should I include in my business plan?

You should include all of the information you have about your business. You should also include information about your company's history, employees, competitors, and plans.

What is the best way to get feedback on my business plan?

Getting feedback on your business plan from your lawyer, accountant, and other advisers would be best.

Is it possible to have too many goals in a business plan?

You may have too many goals, depending on how you plan to achieve them.

What should I consider when making decisions about a new business?

When starting a new business, you must consider your risk tolerance. It would be best to consider how much capital you have available.

How can I make my business plan more concise?

When writing your business plan, you can make it more concise by eliminating unnecessary information. You also can make your business plan more concise by using bullet points to summarise your information.

Author Bio: Muhammad Aqeel is an experienced professional specialising in content creation. He has been working with Venngage Infographics, a leading graphic design platform. He is an expert in producing creative and engaging content on online tools and software.

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Developing and Executing a Business Plan

Estimated reading time: 4 minutes

Developing and executing a business plan is a crucial step in starting and running a successful business. A well-written and carefully executed business plan serves as a roadmap for the company’s success, providing a clear direction for its growth and development. In this blog post, we’ll discuss the key elements of a business plan and how to execute it effectively.

Developing your Business

Executive Summary: The executive summary is the first section of the business plan, and it provides an overview of the entire document. This section should include a brief summary of the company’s mission statement, product or service offerings, target market, and financial projections.
Company Description: The company description provides a detailed explanation of the company’s history, ownership structure, legal structure, and the products or services it offers. This section should also discuss the company’s unique selling proposition, or what sets it apart from competitors.
Market Analysis: The market analysis section should provide an in-depth analysis of the industry the company operates in, including information on competitors, target market, and market trends. This section should also discuss the company’s marketing strategy and how it plans to reach its target audience.
Product or Service Line: This section should provide a detailed description of the company’s product or service offerings, including information on pricing, production, and distribution. This section should also discuss the company’s competitive advantages and how it plans to differentiate itself from competitors.
Marketing and Sales: The marketing and sales section should provide a detailed explanation of the company’s sales strategy, including information on pricing, promotion, and distribution. This section should also discuss the company’s target audience and how it plans to reach them through advertising and other promotional activities.
Financial Projections: The financial projections section should provide a detailed overview of the company’s financials, including projected revenue, expenses, and profits. This section should also include a discussion of the company’s funding needs and how it plans to obtain funding.

Executing a Business Plan

Once a business plan is developed, it’s time to execute it. Here are some steps to follow:

Set Goals and Objectives The first step in executing a business plan is to set clear and measurable goals and objectives. These goals should be specific, achievable, and relevant to the company’s overall mission.
Create an Action Plan An action plan should be created to outline the steps needed to achieve the company’s goals and objectives. This plan should include specific timelines, resources needed, and individuals responsible for each task.
Monitor Progress It’s important to regularly monitor progress and make adjustments as needed. This involves regularly reviewing financial statements, sales reports, and other key performance indicators to ensure the company is on track to meet its goals.
Seek Feedback Feedback from customers, employees, and other stakeholders is critical for the success of any business. Regularly seek feedback and use it to make improvements and adjustments to the company’s products, services, and processes.

Developing and executing a business plan is critical for the success of any business. A well-written and carefully executed business plan provides a roadmap for the company’s growth and development, helping it to achieve its goals and objectives. By following the steps outlined in this blog post, businesses can develop and execute an effective business plan that sets them up for success.

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What is the Business Planning Cycle

Planning is the most influential part of a business. Every business organization must plan their activities on a long term or short-term basis for the proper development of their organization. Lack of planning may create some loss in financial, mechanical, or in human resources management divisions. A developed company has a wing that deals with this type of business planning process and holds highly qualified and skilled workers appointed for this process.

What is business planning

A good business plan is to consider as the base of every business. Proper business planning reflects the company’s overview, and it attracts investors from different sectors. In modern times we get assistance from many online applications for planning for a startup company. Business planning should be easy to understand and have to be done in a systematic order. A graphical representation is the best way to represent planning. A good business plan should include an executive summary, marketing policies, and analysis of budget and financial planning. The business planning cycle is a diagrammatic representation of business planning, which includes eight main steps.

Business Planning Cycle

The planning cycle is a systematic process that includes eight steps. We use this planning cycle to plan any small-to-large-sized projects in action. This cycle helps you to identify your mistakes and teaches you some lessons from your previous error, and these lessons are helpful for feature planning. Project or business planning steps are

Analyze Your Situation : You must have proper data that helps you to analyze the present situation of your organization. You must start thinking about the current situation and deciding how you can improve it. For better analyzing, you must gather as much data as possible regarding the company. We can follow some methods to analyze data in your company like:
SWOT Analysis : SWOT ( Strengths, Weaknesses, Opportunities, and Threats) Analysis is a technique for evaluating the four main aspects of the business.
Risk Analysis : By using this method, you can detect potential traps and defects in your organization that may affect your plan. You can identify the external risk by using this method and can neutralize or mitigate those risks.
Simplexity Thinking : It is a powerful tool that helps to encourage creativity and helps to solve complicated problems in the organization.
To fix a Mission or Vision statement to your plan: After analyzing the current situation of the organization, the next step is to determine an aim for our plans. First, you must fix your Vision and Mission of our organization. The vision statement of an organization means the privilege that an organization will provide to its customers, and the mission statement will explain how we can achieve the vision of your organization.
Examine your Results or options from previous steps: After completing the first two steps, we get several options to establish our planning. We must go through every record one by one and prepare data regarding the economic and social feasibility of the plan. In this step, you can sort the available data and identify the best plans that suit your organization and help in its development.
Identify the best plan: After examining the previous results and options, you need to find the best plan. To find out the best possible outcome, you need to calculate the cost and risk assessment work for each plan. They can use different methods like Decision Matrix Analysis and Decision Trees for the selection process. After selecting the best one, you can move to the next phase of the cycle.
Detailed planning: You need to identify the most efficient and suitable way to execute our plans. For proper planning, you need to answer many WH questions like who, where, why, what, and when. The detailed planning helps you to identify cost controls and quality assurance of the business are in place. If some deviations occur from the actual plan, you can quickly point out those deviations in the early stage and can solve those issues. If you are working out with priorities and deadlines, the techniques like Critical Path Analysis and Gantt Charts helps to make your work easier.
Impact of the plan: The next step is to review the impact of the plan and need to decide whether you should execute it. If it shows some negative results at this stage, you can drop this plan and continue with others before investing your funds and valuable time in it. There are different methods to calculate the impact of the plan in different circumstances.
Quantitative Pros and Cons: By using this method, you can list the pros and cons of your plan in two different columns and allocate positive and negative points for each data accordingly. Then identify the difference between the positive and negative points to find the impact of your plan.
Cost/Benefit Analysis: In a financial sense, you can compare all expenditures for executing this plan with the expected benefits.
Force Field Analysis: This will give you a detailed report about the factors for and against your plan on a large platform.
Cash Flow Forecast: The cash flow forecast deals with the cash inflow and outflow for an organization. By evaluating this cash flow statement, we can analyze the impact of our plan.
Execute your plan: Once you complete all these steps and finalize your decision, then it’s time to execute the plan. Then you can monitor the real-time performance of the plan.
Stop executing the Plan and Review: After completing the current cycle, you must stop running your plan. Create a review of the execution of your plan and can refer to this data for future planning.

Every organization has its own goals or targets that they should achieve shortly. To attain this goal, they need to plan their daily activities accordingly. The Business Planning Cycle helps them to implement plans in a systematic way to achieve their goal. It helps to identify the threats in the early stages of planning and allow you to modify your plans accordingly for better results. Proper Business Planning Cycle will reduce the risk in investments and attract more people to start their own business.

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I Have Created a Business Plan: Now What?

A business strategy is a fundamental tactic or combination of tactics to hit goals such as growing the business, gaining a competitive edge or turning around an ailing business. Your business strategy is brought to life by creating a business plan. Business strategies are essential for your long-term

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The Power of a One Page Business Plan
Do You Need an Accountant to Help Write Your Business Plan?
Why You Really Need A Business Plan
If you've been in the business world for a while, then you definitely know the importance of creating a business plan before starting out.
However, simply writing down a beautiful business plan is not enough to get your business up, running, and gaining sales.
There's loads of information out there about how to write a business plan, but once it's finished you may be thinking... now what do I do?
Read on to find out the top 5 things you should do after you write your business plan to make it actionable.

You’ve written out your business plan. Congratulations!

Maybe it’s really detailed. It could be full of optimistic financial forecasts for the next two years. Or perhaps you’ve used the Lean Canvas method and intend to fly by the seat of your pants.

Regardless, at this point, your business plan is all theory and pie in the sky. The onus is now on you to make it actionable .

Your business plan should not be static. Your business plan should be a working document that you can follow, edit, and change as required.

What comes next after writing a business plan?

Here are the 5 key things you should do next after you write your business plan:

Make sure it connects to your purpose
Begin to test and measure
Use the 80/20 rule
Learn something new (quickly)

1. Get help

It sounds like simple advice. I guarantee that you won’t be able to do everything on the list. If you lack the knowledge and experience to understand your sales numbers or have no idea how to advertise, find someone who does. You need to employ the experience of other professionals who can offer advice and guidance.

Not only that, if you need technical work done (like building a website or an email funnel) or creative work (like logo design and copywriting), you’re going to need to hire someone to do those things for you.

Unless you plan to tackle all of them yourself, these things cost money. If you don’t have a lot of funds or are bootstrapping , you may need to get creative. Can you offer your services in exchange for someone else’s expertise? Contra deals are a great way to get things done for free . It’s like the 2018 version of bartering. Whether you need to hire someone to get some work done or ask someone for advice, there are a lot of platforms like this one to help you get some work done on a limited budget.

2. Make sure it connects to your purpose

Why do you want to do what you do? If you cannot answer that question each and every time someone asks, that’s an issue. There will be times when you get stuck on something difficult. Your WHY is a way to keep you focused when things seem to be at their worst. You should get in the habit of connecting everything back to your WHY.

Your WHY is the reason for your business . It’s the driving motivation behind everything that you do. Do you know what your WHY is? If not, you should start thinking about it. Your WHY should be the foundation for everything that you do. It can help you get through the tough times and keep you grounded during adversity. It’s what sets you apart from your competition.

You may be in the same industry, but your WHY is what makes your business special.

3. Begin to test and measure

Begin to test and measure your assumptions. Your plan is untested and still just a concept. Now you need to see how effective your business plan functions in reality. Start looking for actionable things that you can measure. These will help you gauge your progress.

One of the easiest things to measure is sales. However, sales are the end result of all the work you have done. If you are using Google Adwords , what is your conversion rate? How many interactions do you need to make a sale? Once you start becoming familiar with these numbers and ideas, you can get smarter about understanding them. The more measurements you make, the better off you will be.

Testing the success of your business plan from multiple angles will help you see the big picture. For example, considering your sales information alongside your advertising will help you make informed decisions when you decide where to allocate your marketing budget. This brings us to the next point...

4. Use the 80/20 rule

The 80/20 rule, or Pareto’s Principle, states that there is always an uneven divide between the amount of work that we do and the reward that’s earned for that work. For example, you might find that 80 percent of your business comes from 20 percent of your advertising .

Conversely, that means that 80 percent of your advertising is only responsible for 20 percent of your business. Once you’ve identified this trend, you’ll want to direct more funds toward the part that’s working and reduce your spending on the less effective areas.

When you are searching for evidence of this principle, you want to look in 4 key areas:

Daily habits

After you’ve collected your data, look for any places that have unbalanced spending and returns. Make adjustments as you see fit. Analyse your results and repeat the process. If you fail to look out for the 80/20 rule, you may unknowingly be spending money in all the wrong places and missing opportunities for a higher return on your time and money.

5. Learn something new (quickly)

Most people go into business using a skill they already know. Plumbers, accountants, fitness instructors, and web designers who go into business for themselves usually pick the industry because it is what they do best. The problem is that they quickly discover that they don’t know much about anything else. After a short time, they have accumulated some clients and then suddenly find themselves stuck.

They struggle when faced with a technical task like marketing, copywriting, or SEO . If you find yourself in a situation like this, your first instinct might be to hire someone to do it for you. However, you need to consider how limited your knowledge is of the task required. Will you be able to tell if the person you hire does a good job? You should always try to at least understand the work being done.

If you are thinking of hiring someone, consider whether or not you could quickly learn to do the work yourself. Being able to learn quickly is a skill that needs practice, too. If you are unable to learn quickly, you might find yourself working in your business and never on your business.

Now that you’ve got your business plan written, you need to be sure to take these 5 steps. How you manage your time and direct your energy will make or break your business. At this point, your business plan is just an idea, a theory. It is up to you to prove that it has the potential to be a successful, profitable business. Until that time, you should be making constant adjustments to fine-tune your business plan. The ideas outlined above provide the steps that are necessary to build, develop, and maintain your business through its infancy.

What are YOUR tips after writing a business plan?

Why is it important to have a business plan?

A business plan helps you establish a strong ground on which to start and grow your business. A business plan gives you a much clearer sense of direction..sure you might take a few detours and may still get lost along the way, but your business plan will help you get back on track. The process for creating a business plan will be different for every business, but here are the key steps to create a business plan that covers all of the important details:

1. Identify and understand your goals 2. Research the competitor market 3. Define your brand and what makes your business unique 4. Understand your audience 5. Identify any roadblocks and how you'll navigate through them

How do you make a business plan?

A typical business plan contains all or a combination of the following sections:

Executive summary
Description of the business
Market research analysis
Description of organisation and management
A description of service or product line
Sales and marketing strategy
Funding requirements

Do you need help with business planning?

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To challenge, inspire and support entrepreneurs. We've created a global community of accountability. Ronan Leonard is a Mastermind facilitator, connecting entrepreneurs and small business owners together to create the perfect virtual Mastermind group. Small business owners are often overwhelmed with to-do lists and need impartial advice to get the right support to help them achieve their goals. Ronan believes that 99% of your business problems are already solved and will connect you to a tribe that has the answers and to help you accelerate your learning. He believes that there is more value in making real peer-to-peer connections than paying for external contractors who have no vested interest in your success Passionate about helping others he is committed to giving away 1 in 6 spots on the platform to social enterprises and entrepreneurs from developing countries to create a global community. Ronan loves seeing the benefits that Mastermind groups have on each person who participates and has helped 100’s of business owners increase clarity, confidence and productivity by creating the support network for them to achieve their true potential. 9 Million YouTube Views! Ronan was just 23 he helped rescue passengers and fellow staff when the cruise ship he worked on sank off the wild coast of South Africa. For 9 years he continued to work on cruise ships sailing the world as a casino manager. His 1st business (a casino party company) grew from just 2 casino tables to over 50 and the largest gaming events company in Australia. With a casino background he understands risk vs reward and where the true value lies in where you put your time and money into (hint: it’s not gambling!). In his spare time he enjoys red wine and playing poker (but not at the same time) You can find some of his musing and thoughts here: https://www.linkedin.com/in/ronan-leonard/ https://twitter.com/eccountability https://medium.com/@ronan_leonard/

Phil Khor , Founder at SavvySME

Good read. I might just add that hiring a business coach or consultant is another option to consider if you have written or plan to write a business plan. After all, you want to start on the right footing and working with a good business coach can help steer you in the best direction and get a solid review of your business plan. Investing in sound advice before you execute your business plan is not a cost but an investment because it saves you money from making terrible mistakes. Thanks for sharing Ronan.

Carolgreen712

Question: how does a business plan, work with not so good with credit good or bad, or does it work with bad credit?

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I’m an Entrepreneur, and I Have a Business Plan: Now What?

Creating a business plan is crucial for anyone wishing to start a business. For an entrepreneur, the business plan is the first major hurdle to clear. But the job isn’t finished once the business plan is complete. It’s not uncommon for entrepreneurs to say to themselves, “I have a business plan; now what?”

So, what must an entrepreneur do after creating a business plan? If you’re uncertain about the next steps in starting a business, this entrepreneur planning guide is for you.

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Entrepreneur Business Plan Overview

First, let’s briefly review what should be included in a business plan. Read our guide to writing a business plan for a more detailed breakdown of this document. The fundamental elements to include in a business plan include:

Summary of the company’s structures and goals
Market research, customer profiles, etc.
Marketing strategies
Financial overview and budget

The business plan should serve as the roadmap to keep you and your company focused daily. But knowing which steps to take after writing the business plan is also crucial. Here are some of the most important things to do after creating your business plan.

What Must an Entrepreneur Do After Creating a Business Plan

File any necessary legal documents.

Let’s start with the basic housekeeping tasks. Filing all necessary legal documents (business license, any trademarks , contracts, etc.) is a prudent thing to do once your business plan is complete. This step formalizes your business structure and protects any products or brand images.

Identifying your business structure (LLC, corporation, etc.) should be part of your business plan. However, filing the necessary paperwork to classify your business accordingly is often the first step afterward.

Conduct more market research

Your business plan should include some market research and initial marketing strategies . But the market, and your competitors, don’t stop changing the instant your business plan is complete.

One of the essential steps to set your business up for success is to continue conducting market research at all times. This enables you to stay on top of the latest trends and identify the strengths and weaknesses of your competitors. Doing this can help you find your niche or strengthen your areas of weakness.

Conducting additional research is also crucial for the evolution and growth of your brand. You will need more research to devise your post-launch marketing plan and advertising campaigns.

Fill out your team

You may have had a few critical positions within the company filled while writing your business plan. But there are likely other roles that need to be filled. Identify which areas require the most help, then search for the ideal candidates to fill those roles .

Assembling a team with diverse perspectives and backgrounds can be very helpful. If you are not experienced with any aspects of running your business, hiring experienced team members in those positions is also a good idea. This allows you to focus on your strengths while receiving guidance from those who have done it before.

Produce marketing content

Your business plan should outline branding and marketing strategies. Once that step is out of the way, it’s time to execute those strategies. Ecommerce has drastically changed how companies reach and connect with their target audiences.

Traditional marketing streams are far from the only options these days. Modern companies can use social media to interact with customers directly. Content marketing and SEO are also great ways to attract organic traffic to your website.

Whatever your marketing plan is, focusing on creating engaging content for your brand is an excellent thing to focus on after creating your business plan. This keeps you focused and engaged while actively helping to grow the business early on.

Relationships and connections with other professionals will be a big part of your company’s success. It’s never too soon to get into the networking habit to build new relationships and encounter new ideas.

Connecting with partners like retailers, distributors, and manufacturers can also build trust, which will be crucial later on. Networking is simply a good habit to get into for entrepreneurs.

Gather tools

Do you have everything you need to run your business successfully? The answer to that question is usually “no.” Once your business plan is complete, you should take some time to identify all the tools and resources you’ll need. This could be anything from marketing analytics and website-building tools to basic office supplies and business cards.

On the technical side, one of the most essential tools you can choose from is your ecommerce platform . An ecommerce platform can help you build your online store, manage your business, and facilitate good customer relationships . For ecommerce entrepreneurs, ecommerce platforms are a central hub for everything related to your business.

Launch your business

The most significant step to take after creating a business plan is launching your business. Having a good launch day checklist is vital. But every entrepreneur should have a clear launch schedule and work hard to stick to it. This is the most exciting day for any entrepreneur, as it’s the first opportunity to put ideas into practice.

While launch day can be a day of celebration, it’s also the beginning of a long journey. This is your first chance to begin assessing your business plan and make necessary adjustments.

Continue to refine marketing plans, merchandising, etc.

As mentioned, launching your business is the first step in a long, difficult progress. Creating a business plan and launching a business is hard work. But running your business successfully is even more demanding. Remember that this long process requires focus, concentration, and consistency.

Stay focused on your company’s goals while assessing the market and your strengths and weaknesses. All of your entrepreneur planning steps should have prepared you for a successful launch. But maintaining success requires careful execution of your business strategies.

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What Is an Entrepreneur?
How to Become an Entrepreneur: Ecwid Merchants Share Their Advice
How to Become an Ecommerce Entrepreneur
Where to Start As an Entrepreneur
Must-Have Software for Entrepreneurs
Entrepreneur Quotes to Motivate You to Keep Moving Forward
Examples of the Most Successful Entrepreneurs
Best Entrepreneur Books
The Best Way for an Entrepreneur to Decrease Business Risks
Why Are Entrepreneurs Important To The Economy
What Is the Industrial Entrepreneur Memorandum (IEM)
Female Entrepreneurs: The Challenges Women Meet Pursuing Their Passion

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11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

Describe the different purposes of a business plan
Describe and develop the components of a brief business plan
Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. 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. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. 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. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
Would you have started the Laughing Man Foundation?
What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

What steps should the new restaurant take to create a new business plan?
Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
54 Foodstart. http://foodstart.com
55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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New York Takes Crucial Step Toward Making Congestion Pricing a Reality

The board of the Metropolitan Transportation Authority voted to approve a new $15 toll to drive into Manhattan. The plan still faces challenges from six lawsuits before it can begin in June.

Multiple cars are stopped at a traffic light at a Manhattan intersection. A person responsible for controlling traffic stands nearby wearing a yellow reflective vest.

By Winnie Hu and Ana Ley

New York City completed a crucial final step on Wednesday in a decades-long effort to become the first American city to roll out a comprehensive congestion pricing program, one that aims to push motorists out of their cars and onto mass transit by charging new tolls to drive into Midtown and Lower Manhattan.

The program could start as early as mid-June after the board of the Metropolitan Transportation Authority, the state agency that will install and manage the program, voted 11-to-1 to approve the final tolling rates, which will charge most passenger cars $15 a day to enter at 60th Street and below in Manhattan. The program is expected to reduce traffic and raise $1 billion annually for public transit improvements.

It was a historic moment for New York’s leaders and transportation advocates after decades of failed attempts to advance congestion pricing even as other gridlocked cities around the world, including London, Stockholm and Singapore, proved that similar programs could reduce traffic and pollution.

While other American cities have introduced related concepts by establishing toll roads or closing streets to traffic, the plan in New York is unmatched in ambition and scale.

Congestion pricing is expected to reduce the number of vehicles that enter Lower Manhattan by about 17 percent, according to a November study by an advisory committee reporting to the M.T.A. The report also said that the total number of miles driven in 28 counties across the region would be reduced.

“This was the right thing to do,” Janno Lieber, the authority’s chairman and chief executive, said after the vote. “New York has more traffic than any place in the United States, and now we’re doing something about it.”

Congestion pricing has long been a hard sell in New York, where many people commute by car from the boroughs outside of Manhattan and the suburbs, in part because some of them do not have access to public transit.

New York State legislators finally approved congestion pricing in 2019 after Gov. Andrew M. Cuomo helped push it through. A series of recent breakdowns in the city’s subway system had underscored the need for billions of dollars to update its aging infrastructure.

It has taken another five years to reach the starting line. Before the tolling program can begin, it must be reviewed by the Federal Highway Administration, which is expected to approve it.

Congestion pricing also faces legal challenges from six lawsuits that have been brought by elected officials and residents from across the New York region. Opponents have increasingly mobilized against the program in recent months, citing the cost of the tolls and the potential environmental effects from shifting traffic and pollution to other areas as drivers avoid the tolls.

A court hearing is scheduled for April 3 and 4 on a lawsuit brought by the State of New Jersey, which is seen as the most serious legal challenge. The mayor of Fort Lee, N.J., Mark J. Sokolich, has filed a related lawsuit.

Four more lawsuits have been brought in New York: by Ed Day, the Rockland County executive; by Vito Fossella, the Staten Island borough president, and the United Federation of Teachers; and by two separate groups of city residents.

Amid the litigation, M.T.A. officials have suspended some capital construction projects that were to be paid for by the program, and they said at a committee meeting on Monday that crucial work to modernize subway signals on the A and C lines had been delayed.

Nearly all the toll readers have been installed, and will automatically charge drivers for entering the designated congestion zone at 60th Street or below. There is no toll for leaving the zone or driving around in it. Through traffic on Franklin D. Roosevelt Drive and the West Side Highway will not be tolled.

Under the final tolling structure, which was based on recommendations by the advisory panel, most passenger vehicles will be charged $15 a day from 5 a.m. to 9 p.m. on weekdays, and from 9 a.m. to 9 p.m. on weekends. The toll will be $24 for small trucks and charter buses, and will rise to $36 for large trucks and tour buses. It will be $7.50 for motorcycles.

Those tolls will be discounted by 75 percent at night, dropping the cost for a passenger vehicle to $3.75.

Fares will go up by $1.25 for taxis and black car services, and by $2.50 for Uber and Lyft. Passengers will be responsible for paying the new fees, and they will be added to every ride that begins, ends or occurs within the congestion zone. There will be no nighttime discounts. (The new fees come on top of an existing congestion surcharge that was imposed on for-hire vehicles in 2019.)

The tolls will mostly be collected using the E-ZPass system. Electronic detection points have been placed at entrances and exits to the tolling zone. Drivers who do not use an E-ZPass will pay significantly higher fees — for instance, $22.50 instead of $15 during peak hours for passenger vehicles.

Emergency vehicles like fire trucks, ambulances and police cars, as well as vehicles carrying people with disabilities, were exempted from the new tolls under the state’s congestion pricing legislation .

As for discounts, low-income drivers who make less than $50,000 annually can apply to receive half off the daytime toll after their first 10 trips in a calendar month. In addition, low-income residents of the congestion zone who make less than $60,000 a year can apply for a state tax credit.

All drivers entering the zone directly from four tolled tunnels — the Lincoln, Holland, Hugh L. Carey and Queens-Midtown — will receive a “crossing credit” that will be applied against the daytime toll. The credit will be $5 round-trip for passenger vehicles, $12 for small trucks and intercity and charter buses, $20 for large trucks and tour buses, and $2.50 for motorcycles. No credits will be offered at night.

Grace Ashford contributed reporting.

Winnie Hu is a Times reporter covering the people and neighborhoods of New York City. More about Winnie Hu

Ana Ley is a Times reporter covering New York City’s mass transit system and the millions of passengers who use it. More about Ana Ley

IMAGES

Creating a Business Plan: Why it Matters and Where to Start
How to create a business plan for a small business
9 Key Elements of an Effective Business Plan
How to write a business plan in 10 steps + free template
How to Create a Business Plan in 1 Day [Updated 2022]
One-Page Business Plan: The Step-By-Step Guide

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7.4 Start Your Own Business
Once the business plan is complete, the next step is to obtain financing to set up your company. The funding required depends on the type of business and the entrepreneur's own investment. Businesses started by lifestyle entrepreneurs require less financing than growth-oriented businesses, and manufacturing and high-tech companies generally ...
My Business Plan Is Finished—Now What?
The easier your dashboard is to read, the more it helps you keep up the habit of monthly strategic reviews. If you used LivePlan to create your business plan, then you're halfway to having a complete dashboard. You can connect your accounting software to the LivePlan Dashboard in as little as 90 seconds if you're using QuickBooks or Xero.
5.4 Ready, Set, Start Your Own Business
Once the business plan is complete, the next step is to obtain financing to set up your company. The funding required depends on the type of business and the entrepreneur's own investment. Businesses started by lifestyle entrepreneurs require less financing than growth-oriented businesses, and manufacturing and high-tech companies generally ...
How To Make A Business Plan: Step By Step Guide
The steps below will guide you through the process of creating a business plan and what key components you need to include. 1. Create an executive summary. Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Business plan steps: everything you need to know
The fourth business plan step is putting together a market analysis for your business plan, which gives an overview of the global and local markets. The goal is to prove there is a need for your products or services, and that there is gap in the market for you to meet those needs. ... Once you've completed all the business plan steps, you can ...
How to Write a Business Plan
Add in the company logo and a table of contents that follows the executive summary. 2. Executive summary. Think of the executive summary as the SparkNotes version of your business plan. It should ...
Business Planning Process: 6 Steps to a Winning Business Plan
1. Carry out your research. The first step to creating a business plan is to do thorough research about the business and industry you are trying to get into. Tap into all the information you can get about your target audience, potential customer base, competitors, market and industry trends, cost of business, etc.
1.7: Chapter 7
After that, the plan should be thoroughly proofread and revised to ensure that all errors are eliminated before the plan is used. After writing a customizedletter of transmittal to introduce the plan, it can be put to use. This page titled 1.7: Chapter 7 - Finishing the Business Plan is shared under a CC BY-SA 4.0 license and was authored ...
How to Write a Business Plan: Beginner's Guide (& Templates)
Step #3: Conduct Your Market Analysis. Step #4: Research Your Competition. Step #5: Outline Your Products or Services. Step #6: Summarize Your Financial Plan. Step #7: Determine Your Marketing Strategy. Step #8: Showcase Your Organizational Chart. 14 Business Plan Templates to Help You Get Started.
Finishing the Business Plan
First Things Last Finalize Major Goals. As contradictory as it might sound, it is only after the business plan is almost finished that the Major Goals section near the start of the plan should be completed. Replace the preliminary goals you have in that section with a limited set of goals, perhaps five to ten, which perfectly describe the outcomes you projected in certain sections of your plan.
How To Create The Perfect Business Plan In 12 Steps
6 - Explain Your Service Or Product Line. This step is critical when preparing a plan as it gives potential investors, lenders, and customers all the necessary information about your company's offerings. In this section, you will describe your products or services, including features, benefits, value, and proposition.
Developing and Executing a Business Plan
The first step in executing a business plan is to set clear and measurable goals and objectives. These goals should be specific, achievable, and relevant to the company's overall mission. Create an Action Plan. An action plan should be created to outline the steps needed to achieve the company's goals and objectives.
What is the Business Planning Cycle
The planning cycle is a systematic process that includes eight steps. We use this planning cycle to plan any small-to-large-sized projects in action. This cycle helps you to identify your mistakes and teaches you some lessons from your previous error, and these lessons are helpful for feature planning. Project or business planning steps are.
5 Things to Do After Writing a Business Plan
The process for creating a business plan will be different for every business, but here are the key steps to create a business plan that covers all of the important details: 1. Identify and understand your goals. 2. Research the competitor market. 3. Define your brand and what makes your business unique. 4.
I'm an Entrepreneur, and I Have a Business Plan: Now What?
Filing all necessary legal documents (business license, any trademarks, contracts, etc.) is a prudent thing to do once your business plan is complete. This step formalizes your business structure and protects any products or brand images. Identifying your business structure (LLC, corporation, etc.) should be part of your business plan.
11.4 The Business Plan
The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs. Purposes of a Business Plan. A business plan can serve many different purposes—some internal, others external.
Solved Once the business plan is finished, the next step is
Once the business plan is finished, the next step is to: Group of answer choices. choose a business format. find financing for the business. buy all fixed assets needed to operate business. create a promotional campaign. There are 2 steps to solve this one.
BUS 120 Flashcards
business plan. Once the business plan is finished, the next step is to: find financing for the business. The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds). debt; equity _____ financing is a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period.
How to Create and Execute a Business Plan
4 Plan your resources. The fourth step is to plan your resources to support your strategy and operations. You need to estimate the costs and revenues of your project, and create a realistic budget ...
Question: Once the business plan is finished, the next step is to:
Question: Once the business plan is finished, the next step is to: Here's the best way to solve it. The correct answer is: Develop an implementation plan. Once the business plan is finished, the next...
Mang 3000 quiz review Flashcards
Study with Quizlet and memorize flashcards containing terms like Once the business plan is finished, the next step is to:, An entrepreneur is a person who _____ a business, Jill hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa. Hansom used _____ financing. and more.
Exam 2 BA Flashcards
Once the business plan is finished, the next step is to: ... Once the business plan is finished, the next step is to: find financing for the business. All of the following are characteristics of an entrepreneurial personality EXCEPT: the willingness to be a follower rather than a leader.
NYC Congestion Pricing and Tolls: What to Know and What's Next
Fares will go up by $1.25 for taxis and black car services, and by $2.50 for Uber and Lyft. Passengers will be responsible for paying the new fees, and they will be added to every ride that begins ...
Solved Once the business plan is finished, the next step is
Question: Once the business plan is finished, the next step is to:choose a business formatlocate customerscreate a promotional campaignfind financing for the businessbuy all fixed assets needed to operate business. Once the business plan is finished, the next step is to: choose a business format. locate customers. create a promotional campaign.

My Business Plan Is Finished—Now What?

Schedule a monthly business plan review

Choose a few starting KPIs to measure business health

Set up a simple dashboard

Consider a Strategic Advisor

Get ready to update your forecast—often

Good habits help you grow faster

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How to make a business plan

Table of Contents

What is a business plan?

Business plan vs. business model canvas

Why is a business plan important?

Helps to define the business goals and objectives

Guides decision-making

Attracts investors and secures funding

Identifies potential challenges and risks

Provides a basis for measuring success

How to make a business plan step by step

1. Create an executive summary

2. Write your company description

3. Conduct a market analysis

4. Describe your products and services

5. Design a marketing and sales strategy

6. Determine budget and financial projections

7. Set the organization and management structure

8. Make an action plan

Types of business plans

Startup business plan

Strategic business plan

Operational business plan

Growth-business plan

One-page business plan

Best practices for how to make a good business plan

Use a template

Be practical

Be specific

Be thorough with your research

Get input from others

Review and revise regularly

Create a winning business plan to chart your path to success

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Business plan steps: everything you need to know

What's the goal of a business plan?

7 business plan steps to follow to put together yours

Business plan step #1: Executive summary

Business plan step #2: Company

Business plan step #3: Products and services

Business plan step #4: Market analysis

Business plan step #5: Strategy

Business plan step #6: Operations

Business plan step #7: Financial forecast

How to write your business plan step by step

How to Prepare and Write the Perfect Business Plan for Your Company Here's how to write a business plan that will formalize your company's goals and optimize your organization.

What is a business plan?

What should you do before you write your business plan?

How to Write a Business Plan

What do I do with my business plan after I've written it?

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Business Planning Process: Create a Business Plan That Works

Free Business Startup Checklist

What is Business Planning?

Steps of the Business Planning Process

1. Carry out your research

2. Make a Framework

3. Formulate your Financial Forecasts

4. Draft a Plan

5. Recheck and Improvise

6. Create an Impressive Business Plan Presentation

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