How to Start A Business Plan

A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.

Plan Your Work

The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.

Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.

Before you begin writing your business plan, consider four core questions: What service or product does your business provide and what needs does it fill?

Who are the potential customers for your product or service and why will they purchase it from you?

How will you reach your potential customers?

Where will you get the financial resources to start your business?

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

In The News:

Strategic plan bolsters maritime partnerships  Homeland Preparedness News
Where to next for Bellingen Shire?  Bellingen Courier Sun
Strategy Director at Allstate  Insurance Journal
Kibble Park re-think  Central Coast Community News

19 Questions to Supercharge Your Business Plan

Whether you are seeking capital for your company or are... Read More

Rules to Setting Business Goals and Objectives: Why and How to be SMART

We all know that nothing runs without a plan, and... Read More

Innovate Today for Great Leaps Forward Tomorrow

How often does your company make a quantum leap forward?... Read More

Innovators Role at Hard Times

One Research Scientist at the Hewlett-Packard (HP) Imaging Systems laboratory... Read More

Attributes of Companies You Dont Want to Buy!

There are no "rules of thumb" in the pursuit of... Read More

The Top Ten Rules of Effective Networking

Many of us are discouraged by the networking events that... Read More

Strategic Acquisition Strategies for Small Businesses

Growth through acquisition should not be considered an option reserved... Read More

Are You Aware of Planning in Business?

Human beings are rational agents. Rationality endorses one to take... Read More

The Power of Planning

I am surprised how few sales professionals, independent consultants, and... Read More

Planning For The Slow Season Of Your Business To Increase Sales

Every business experiences slower periods. For some, they sell more... Read More

Executive Summary for Business Plans of Franchisees

Writing a business plan for a franchised outlet of a... Read More

10 Critical Facts to Put On the Cover of Your Business Plan...

In most business plans, no matter how striking the idea,... Read More

Is Your Company Growing Fast Enough for You?

Are you frustrated by the lack of growth in your... Read More

Cost-cutting Essential to Maintaining Profits

Why cut costs now? Efforts are multiplying to cut costs... Read More

Thinking Like A Farmer

One of the difficulties we face in our industrialized age... Read More

Sample Business Plan Outline

If you are looking for a partner, funding, angle investor... Read More

Corporate Venturing For Emerging Growth Companies

The boom of the dot-com era in 1999 brought the... Read More

Be Like Bill - Think!

Twice a year, Bill Gates goes to a remote island... Read More

Three Steps to Give Your Strategic Plan Traction

We all agree Strategic Planning is a critical part of... Read More

Six Key Principles of Corporate Accountability

The foundation of any business transaction is the promise of... Read More

Top Ten Reasons To Create A One Page Business Plan

There is a story, about a business owner who wasn't... Read More

The Accountability/Alignment Process: Three Steps to an Accountable Organization

The Accountability/Alignment Process: Three Steps to an Accountable Organization Generating... Read More

Writing Your Business Plan is Actually Storytelling

Storytelling and writing a business plan actually go hand in... Read More

Family and Friends Referrals Make the Best Franchisees

As a franchisor it is imperative that you seek, find... Read More

Are You Ready To Go International?

Although North Americans were the dominant population on the Internet,... Read More