About Creating Your Business Vision Early in my career, I experienced a number of incredibly difficult challenges in a relatively short period of time. Although my team was experiencing record-setting achievements, relationships were strained and my influence was dwindling. I loved my work and I loved the outcomes. I loved my team and how they were growing.
It acts as a blueprint for where you want your business to be in the next three to five years and an idea of how to make it happen. It can also illuminate potential problems before they occur. While businesses have been launched with a plan that consisted of notes on scratch paper, a comprehensive business plan covers all aspects of your new venture.
Executive Summary The executive summary tells people about your business, its goals, and nickels business plan template and when it will accomplish the goals. Even though it's just a few paragraphs or pages long, it serves as your first contact with potential investors and lenders. Small Business Administration suggests if you have an established business, you should also include your mission statement, company information including products and services, company growth statistics and a financial overview.
It also explains how your business differentiates itself from its competitors and how that helps you meet your goals. This information is also referred to as market analysis.
It gives readers an idea of how much market share you plan to gain and how you plan to gain it, as well as a projection of your gross profit margins. This section can help you determine the strengths and weaknesses of your competition to give you an idea of the feasibility of your business.
Organization and Management This section describes the way your business is organized based on its legal business structure and outlines who does what. An organizational chart along with explanations of the roles clarifies your business structure.
The section should also include compensation schedules and rates. Intellectual property such as patent fillings or copyrights can be listed in this section.
If your product involved research and development, include those activities. This section describes your target audience, where it shops for your item and what media you will use to reach it. This marketing strategy helps you figure out the most efficient and effective way to reach customers, which is essential to the growth of your business.
Sales come hand-in-hand with marketing. Describe who and how you plan to sell your products. Funding Request Write about your funding needs including start-up and operational over the next five years. Write about what you plan to spend the money on, indicating if it is on capital expenditures or working capital.
Describe how your business would navigate a buyout or acquisition and include a repayment plan or description of what would happen in the event you sold your business. Financial Projections An established business can use historical data to outline its financial performance.
Use information from the past three years minimum. These include income statements, balance sheets and cash flow statements. You should also include any collateral the business owns such as real estate, equipment, vehicles or inventory.
These could include letters of reference, product photographs, financial charts and forecasts.William Nickels and James McHugh and Susan McHugh. Skip to main content.
PreK; Higher Ed; The comprehensive Gold Standard for Introduction to Business courses has been updated with many current examples and case studies from companies around the world.
business plan exercises, ISeeit and Manager’s HotSeat videos. Read more. Understanding Business, 12th Edition by William Nickels and James McHugh and Susan McHugh () Preview the textbook, purchase or get a FREE instructor-only desk copy.
Global financial services firm vFinance offers a basic, page business plan template to download from its website--one the company says has been downloaded more than a quarter of a million times.
Nov 18, · A Business Plan is a written document that outlines a company's goals and how it plans to achieve them. It also encompasses several other aspects of a company's future agenda and can serve as a tool for internal decision-making or as a business proposal to pitch to potential investors.
Mining Business Plan Template – Download Now. Simply fill-in the blanks and print in minutes! Instant Access to 1,+ business and legal forms. Download samples of professional document drafts in Word .doc) and Excel .xls) format. While businesses have been launched with a plan that consisted of notes on scratch paper, a comprehensive business plan covers all aspects of your new venture.