Ten Things to Include in Your Business Plan

Many business owners see the business planning process as something to put off as long as possible.  However, there are definite advantages to having an up to date business plan. And business planning doesn't have to be the huge task that many see it as.  The following are THE ten things to include in your business plan.

1. Executive Summary - a page summarizing the whole plan. Write it last.  Nobody looks forward to reading 50 to 70 pages of print about a business...so do the executive summary. 
2. A clear description of just what you business is and does. Consulting services isn't a good enough description. What kind of consulting, how long have you been in business, and who are the owners/principals in the business. 
3. A brief overview of the industry you are in.  For example if you are have a retail shop that sell bicycles, includes statistics on how many bicycles are sold annually in your service area, the price point of your product compared to others, the percentage of the business that you currently have and your expectations. 
4. A description of the Operating requirements, store space, storage space, equipment required...maybe a delivery van for example, and the location of your business. If this is a plan for a business that will be opened, include the information about two or three options that you are considering. 
5. Describe your product or service.  What niche are you targeting? If you have a restaurant, what makes your hamburger different from every other one out there?  Or do you even sell hamburgers? 
6. Describe your customer base. Are you offering arts and crafts items that are hand made and unique? If yes, not everyone will be interested in buying them...too expensive for many. So who are your customers? Do they come to you or do you go to them...through shows and exhibitions.
7. What is your marketing plan? This is usually a separate document but the basics should also be included in your business plan. It is great to know what you are selling and who you want to sell it to but you also need to give thought to how you are going to make the sale, how are you going to let your potential customers know what you are offering and where you are. 
8. Short term and long term goals with action plans.  It is fairly easy to come up with six or eight goals, the tricky part is planning how you will make those goals reality. So for every goal there should be a detailed listing of the actions required to complete the goal. The action plans should also include who will be responsible and the completion date.  Actions without a completion date have a way of not getting done. 
9. Listing of all assets including, equipment and inventories, with prices, that are required.
10. And finally the dreaded financial history and projections. Cash flow projections, Historical Income statements and balance sheets and proforma statements for the next three to five years.

Not necessarily an easy task but a business plan can be a valuable tool for the savvy business owner. Your successful competitors have one...enough said.