We can use the small business plan template to define where we are headed, spell out clearly our business objectives, a general checklist as to how we will guide the business.
Updating the small business plan template should be a regular activity, follow the template and ensure that each area is complete and current.
The small business plan need not be a writing masterpiece, it has to be a thorough roadmap to guide the enterprise, the grammar and structure does not have to be a perfectionist work of art. It does not have to be hundreds of pages long but it has to be long enough to contain all important aspects of the business.
As we start to prepare our business plan, we will have to introduce ourselves to the reader, give some details as to where we have been and where we are going, give the reader some insights as to who we are as a person and what this project may have to interest the other person enough to make him interested to read further…. That is important.
The next phase, let’s get the proposition clearly presented to the reader and show him
What is the business about, why does it exist…
How will we make it grow, how far will we make it grow and at what pace.
Specific details as to growth and future targets
Some past history (where has the business been….?)
Who all is involved in the business at present….. what do they contribute..?
Now that we have some introductions completed, we start on showing how this business is going to prosper.
We will identify the market place for these goods and services.
We will demonstrate the need for them in the market place at present.
We will clearly identify the prospective customer, paint a vivid picture as to who and what this customer is like.
What portion of the market are we servicing today, do we identify untapped areas that we can serve.
Getting more specific, now that we have the reader past the preliminaries.
What are the specific services and/or products that we are marketing to the buyers identified in the previous section.
Do we have the pricing required to make it easy to market our goods.
How are we going to increase our effectiveness in this market.
What makes our product or service so great that the customers will buy from us.
What is our competitive edge.?
Hint: this area of the small business plan template is where we are selling the reader, try to make it complete.
Now that we have demonstrated our position in the market and how we compete effectively, we will show how we have constructed the legal entity.
Basically we will document as to the legal structure.
Perhaps draw up an organizational chart.
Provide information as to any permits and special permissions we may possess for the business.
Our reader is now going to want to know more about how we will be moving the products/services to the market place.
We have given a small view as to the customer previously, perhaps we will add to the customer profile at this point.
Any advertising plan can be included in this area, perhaps historical advertising results
Give specifics as to what media and other promotional methods, provide as much in the way of numbers as possible.
Now that we have made a thorough and detailed presentation….. lets start to back it up with some accounting numbers.
Past financial statements. You may be advised to use a reputable accounting firm from the outset, especially if you plan financing in future, investors like to see signed financials)
Cash flow estimates for a couple years, ( clearly show how any loan being applied for is going to be repaid)
If available, attach some tax returns that will confirm the financial statements.
There is a brief overview as to a small business plan template.