Business Development: Writing Plans
Business development plans may seem like irritating, time-consuming nuisances, but the reality is that a well-constructed plan could save a fledging business much trouble and make its beginning year or years more successful. Most people who are starting their own business probably do not have to be reminded about the chance of failure that is always lurking around the corner. Numerous businesses across the country fail each year because of one circumstance or another and sometimes even a string of bad events. A business development plan can help prevent some of this failure trauma by prompting a new business owner to carefully consider many different elements of beginning a business and confront potential problems before they grow into all-out catastrophes.
Business Development Plans: The Fomat
Business development plans are time-consuming, mostly because they involve so much thought and research and include so much planning and descriptive work. A business development plan will describe our business to potential investors and other interested persons, as well as clearly outline your goals and ideas so that you can organize your intent. A business development plan initially begins with a detailed, yet succinct, statement of purpose, describing the reason the business is being established. Following the statement of purpose should be a table of contents because a business development plan can become quite large and extensive.
There are essentially three primary parts of the business development plan: the business, financial data, and supporting documents. Under the business heading, the business organizer will note elements such as a description of the business, the market, a competition and feasibility study, location of business, management, personnel, and application and expected effect of loan or investment. The financial data section is comprised of information like sources and application of funding, capital equipment and furniture lists, projected balance sheet, a break-even analysis, a projected income statement (comprised of a three-year summary; detail by month and year; and detail by quarter, second, and third year), and a cash flow summary. Supporting documents include a personal resumes, job descriptions, personal financial statements, credit reports, letters of reference, letters of intent, leases, contracts, and other legal documents.
Business Plans Articles
- Resources for New Business: Start Small, Grow Big
- Business Decisions, Marketing, and Drafting Plans
- Careful Plans Help with Start Up of New Business
- Plan Writing for Business: Use of Consultants
- Plan Your Business: Developing A Strategy
- Starting a Business: Steps to Prepare a Plan