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If you know these interests up-front, you can be sure to take them into account when preparing a plan for that particular audience.”For example, bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists will be looking at the basic business concept and your management team.
A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.
If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.
It would be beneficial for you to create separate budgets for for internal hours (staff time) and external costs (out-of-pocket expenses).
Related: Why You Must Have a Business Plan“The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees,” states Entrepreneur.
And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.
Your plan shows how you will get from here to there.
This typically includes achieving marketing objectives such as:“Each marketing objective should have several goals (subsets of objectives) and tactics for achieving those goals,” states Entrepreneur.“In the objectives section of your marketing plan, you focus on the ‘what’ and the ‘why’ of the marketing tasks for the year ahead.
In the implementation section, you focus on the practical, sweat-and-calluses areas of who, where, when and how.
To help with this process, document everything from your expenses, cash flow and industry projections.
Also, don’t forget seemingly minor details like your location strategy and licensing agreements. (Infographic)A great business plan will always include a strategic and aggressive marketing plan.