Business plan setup and development
[vc_row content_placement=”middle” height=”medium” color_scheme=”primary”][vc_column][us_post_title align=”center” tag=”h1″ migration_add_content=”1″ css=”%7B%22default%22%3A%7B%22margin-bottom%22%3A0%7D%7D”][/vc_column][/vc_row][vc_row content_placement=”middle” height=”small”][vc_column width=”1/2″][vc_column_text]Whether you’re launching or growing your business, there are many reasons why you might need a well-thought-out business plan.
For more information Marek recommends Tim Berry’s article 15 Reasons You Need A Business Plan) …[/vc_column_text][us_separator size=”small”][/vc_column][vc_column width=”1/2″ css=”%7B%22default%22%3A%7B%22background-image%22%3A%22url%28http%3A%5C%2F%5C%2Fmarekpanfil.com%5C%2Fwp-content%5C%2Fuploads%5C%2F2018%5C%2F09%5C%2FAssistance-with-the-set-up-and-evaluation-of-business-plan.jpeg%3Fid%3D7383%29%22%2C%22background-position%22%3A%2250%25%22%2C%22background-repeat%22%3A%22no-repeat%22%2C%22background-size%22%3A%22cover%22%7D%7D”][/vc_column][/vc_row][vc_row height=”auto”][vc_column][us_separator][vc_column_text]
Why do you need a business plan?
[/vc_column_text][us_separator size=”large”][vc_row_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|file-contract” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Create a new business. Use a plan to establish the right steps to starting a new business, including what you need to do, what resources will be required, and what you expect to happen.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|chart-line” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Grow your existing business. Establish strategy and allocate resources according to strategic priority. [/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|money-bill-wave” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Back up a business loan application. Like investors, lenders want to see the plan and will expect the plan to cover the main points.[/us_iconbox][/vc_column_inner][/vc_row_inner][us_separator][vc_row_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|folder-open” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Seek equity or debt investment for a business, whether it’s a startup or not. Investors need to see a business plan before they decide whether or not to invest. They’ll expect the plan to cover all the main points.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|calculator” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Valuation of the business for formal transactions related to divorce, inheritance, estate planning and tax issues. [/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|check-circle” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Sell your business. Usually the business plan is a very important part of selling the business. Help buyers understand what you have, what it’s worth and why they want it.[/us_iconbox][/vc_column_inner][/vc_row_inner][us_separator][vc_row_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|comment-dots” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Deal with professionals. Share selected highlights or your plans with your attorneys and accountants, and, if this is relevant to you, consultants.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|handshake” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Develop new business alliances. Use your plan to set targets for new alliances, and selected portions of your plan to communicate with those alliances.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|users” style=”circle” iconpos=”left” type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Share and explain business objectives with your management team, employees and new hires. Make selected portions of your business plan part of your new employee training.[/us_iconbox][/vc_column_inner][/vc_row_inner][us_separator][vc_row_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|calendar-alt” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Decide whether you need new assets, how many, and whether to buy or lease them. Use your business plan to help decide what’s going to happen in the long term, which should be an important input to the classic make vs. buy. How long will this important purchase last in your plan? [/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|bullhorn” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Share your strategy, priorities and specific action points with your spouse, partner or significant other. Your business life goes by so quickly: a rush of answering phone calls, putting out fires, etc. Don’t the other people in your business life need to know what’s supposed to be happening? Don’t you want them to know?[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|chart-pie” style=”circle” iconpos=”left” type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Set specific objectives for managers. Good management requires setting specific objectives and then tracking and following up.[/us_iconbox][/vc_column_inner][/vc_row_inner][us_separator][/vc_column][/vc_row][vc_row height=”medium” color_scheme=”secondary”][vc_column][vc_column_text]
Traditional business plan format
This type of plan is very detailed, takes more time to write, and is comprehensive. Lenders and investors commonly request this plan.
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Executive summary
Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23e2e2e2%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Company description
Use your company description to provide detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve. Explain the competitive advantages that will make your business a success. Are there experts on your team? Have you found the perfect location for your store? Your company description is the place to boast about your strengths.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23cccccc%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Market analysis
You’ll need a good understanding of your industry outlook and target market. Competitive research will show you what other businesses are doing and what their strengths are. In your market research, look for trends and themes. What do successful competitors do? Why does it work? Can you do it better? Now’s the time to answer these questions.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row gap=”5px”][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22rgba%28242%2C242%2C242%2C0.98%29%22%2C%22%2Abackground-color%22%3A%22rgb%28242%2C242%2C242%29%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Organization and management
Tell your reader how your company will be structured and who will run it. Describe the legal structure of your business. State whether you have or intend to incorporate your business as a C or an S corporation, form a general or limited partnership, or if you’re a sole proprietor or LLC. Use an organizational chart to lay out who’s in charge of what in your company. Show how each person’s unique experience will contribute to the success of your venture. Consider including resumes and CVs of key members of your team.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23e2e2e2%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Service or product line
Describe what you sell or what service you offer. Explain how it benefits your customers and what the product lifecycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you’re doing research and development for your service or product, explain it in detail.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23cccccc%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Marketing and sales
There’s no single way to approach a marketing strategy. Your strategy should evolve and change to fit your unique needs.
Your goal in this section is to describe how you’ll attract and retain customers. You’ll also describe how a sale will actually happen. You’ll refer to this section later when you make financial projections, so make sure to thoroughly describe your complete marketing and sales strategies.
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Funding request
If you’re asking for funding, this is where you’ll outline your funding requirements. Your goal is to clearly explain how much funding you’ll need over the next five years and what you’ll use it for. Specify whether you want debt or equity, the terms you’d like applied, and the length of time your request will cover. Give a detailed description of how you’ll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23e2e2e2%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Financial projections
Supplement your funding request with financial projections. Your goal is to convince the reader that your business is stable and will be a financial success. If your business is already established, include income statements, balance sheets, and cash flow statements for the last three to five years. If you have other collateral you could put against a loan, make sure to list it now.
Provide a prospective financial outlook for the next five years. Include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, be even more specific and use quarterly — or even monthly — projections. Make sure to clearly explain your projections, and match them to your funding requests. This is a great place to use graphs and charts to tell the financial story of your business. [/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23cccccc%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Appendix
Use your appendix to provide supporting documents or other materials were specially requested. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, or patents, legal documents, permits, and other contracts.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row height=”medium” color_scheme=”secondary”][vc_column][vc_column_text]
Lean startup format
This type of plan is high-level focus, fast to write, and contains key elements only. Some lenders and investors may ask for more information.
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Key partnerships
Note the other businesses or services you’ll work with to run your business. Think about suppliers, manufacturers, subcontractors and similar strategic partners.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23e2e2e2%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Key activities
List the ways your business will gain a competitive advantage. Highlight things like selling direct to consumers, or using technology to tap into the sharing economy.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23cccccc%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Key resources
List any resource you’ll leverage to create value for your customer. Your most important assets could include staff, capital, or intellectual property. [/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row gap=”5px”][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22rgba%28242%2C242%2C242%2C0.98%29%22%2C%22%2Abackground-color%22%3A%22rgb%28242%2C242%2C242%29%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Value proposition
Make a clear and compelling statement about the unique value your company brings to the market.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23e2e2e2%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Customer relationships
Describe how customers will interact with your business. Is it automated or personal? In person or online? Think through the customer experience from start to finish.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23cccccc%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Customer segments
Be specific when you name your target market. Your business won’t be for everybody, so it’s important to have a clear sense of who your business will serve.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row gap=”5px”][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22rgba%28242%2C242%2C242%2C0.98%29%22%2C%22%2Abackground-color%22%3A%22rgb%28242%2C242%2C242%29%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Channels
List the most important ways you’ll talk to your customers. Most businesses use a mix of channels and optimize them over time.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23e2e2e2%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Cost structure
Will your company focus on reducing cost or maximizing value? Define your strategy, then list the most significant costs you’ll face pursuing it.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23cccccc%22%7D%7D”][vc_row_inner][vc_column_inner][vc_column_text]
Revenue streams
Explain how your company will actually make money. Some examples are direct sales, memberships fees, and selling advertising space. If your company has multiple revenue streams, list them all.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row height=”medium” color_scheme=”primary” us_bg_overlay_color=”rgba(221,51,51,0.6)” bg_type=”bg_color” bg_color_value=”#ef5537″][vc_column][us_cta title=”Let`s work together” btn_link=”url:http%3A%2F%2Fmarekpanfil.com%2Fcontact%2F|||” btn_label=”Get a Quote” btn_style=”7″ btn_size=”18px” btn_icon=”fas|check” button_label=”Check This” button_link=”#” button_color=”white” button_type=”flat” button_icon=”mdfi_navigation_check” button_size=”big” target1=”_self” target2=”_self”][/us_cta][/vc_column][/vc_row]