Plans typically contain a checklist that includes supplies and equipment, data backups and backup site locations. Plans can also identify plan administrators and include contact information for emergency responders, key personnel and backup site providers. Plans may provide detailed strategies on how business operations can be maintained for both short-term and long-term outages.
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A key component of a business continuity plan (BCP) is a disaster recovery plan that contains strategies for handling IT disruptions to networks, servers, personal computers and mobile devices. The plan should cover how to reestablish
Writing a business plan can seem like a big task, especially if you’re starting a business for the first time and don’t have a financial background. Even if you do have some experience, getting a refresher on what a modern business plan looks like is always a good idea.
After all, business plans have changed over the years, and what lenders and investors expect now is different than it was even just 10 years ago.
That’s why we’re sharing our investor-approved business plan template.
This template has been used by universities such as Princeton and Babson to teach entrepreneurs how to start businesses. It’s also been used by over 850,000 businesses to write business plans for bank loans, venture capital and angel
Writing a business plan shouldn’t be complicated. In this step-by-step guide, I’ll show you how to quickly and easily write a business plan that will get the results you want. Don’t worry, you don’t have to have a business or accounting degree to put together a great business plan. This guide will show you how to get your plan done step-by-step without any of the complexity or frustration.
Whether you’re building a business plan to raise money and grow your business or just need to figure out if your idea will work, every business plan needs to cover 6 essential topics. Here’s a quick overview of each topic. There are a lot more details and instructions for each step later in this guide. (Click the titles below to immediately jump to each section)
The executive summary is an overview of
A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.
Business plans are important to allow a company to lay out its goals and attract investment. They are also a way for companies to keep themselves on track going forward.
Although they’re especially useful for new companies, every company should have a business plan. Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved. Sometimes, a new business plan is prepared for an established business that is moving in a new direction.
While it’s a good idea to give as much detail as possible, it’s also important to be sure the plan is concise so the reader will
To write a business plan, start with an executive summary that lays out your grand vision for your business. Follow that with a section that describes what products and services your company will offer. Then, write a marketing section where you detail how you’re going to inform people about your business. You’ll also want to include a section on your business model and how it will operate. Finally, conclude your business plan by letting investors know what you need from them. For help with
Only by discovering your innate, personal skills and developing and exploiting them to their highest degree can you utilize yourself to get the greatest amount of satisfaction and enjoyment from everything you do. Creating an action plan through personal strategic planning can give you the highest rewards for your efforts and is the starting point in getting the best out of yourself.
When we do strategic planning for corporations, we begin with the premise that the whole purpose of the exercise is to reorganize and reallocate people and resources to increase the rate of return on equity, or capital invested in the business. Invariably, this is done by emphasizing some areas and de-emphasizing others, by allocating more resources to areas with higher potential return and by taking resources away from those areas that represent lower potential returns. By developing or promoting newer and better products
While Business Plans may vary depending on the size and purpose of a business, they typically
include the following information.
This portion of the plan introduces and summarizes your
company. Generally, it includes an overview of your company’s management structure (sole
proprietorship, partnership, corporation, Limited Liability Company, etc.), products or
services, company goals, current finances, and marketing strategies.
In short, your executive summary pitches your proposal to potential investors.
This is a brief rundown of your
business’s history, ownership, and purpose. A mission statement, also called a vision statement,
outlines who your target market and primary customers are, the area you serve (local, national,
or international), and the products and/or services that your business produces.
This section describes the product or service that your
business sells. The product description should highlight its unique features, any patents you
may have, and
A successful emerging growth business is likely to display many of the
- Sensibly financed (with prudent mix of equity and debt).
- Strong cash position (with access to follow-on or contingency funds).
- Offers above-average profitability (in terms of return on capital
- Aims for rapid growth in revenues (with profits lagging but in prospect).
- Targets expanding, or otherwise attractive, market segments.
- Develops a strong franchise or brand.
- Devotes substantial resources to innovation (R&D, offerings
- Competes on non-price issues (e.g. quality, service, functionality).
- Very close to customers and responsive to their needs.
- Seeks specialist/leadership image with superior offerings.
- Well managed with high-grade staff & good people-management.
Behind every characteristic there should be an explicit strategy designed
to increase the