Mapping Your Way to Business Success

(Part II of a IV part series on Writing Your Business and Marketing Plan)

Last week we discussed the importance of having a business plan. We told you about the first key elements of your plan: Executive Summary, Company Description. Description of Product and/or Services, Market Analysis, and Marketing Plan. If you missed that article, please click here to slim through it before reading on. Although we’re close, there are still 5 more parts to a good business plan.

6. Operating Plan
So how do you plan to get going? Where will you be located, what supplies will you need, and will you be hiring any support staff? Be specific. Unaswered questions will make for many unexpected obstacles and no plan to deal with them.

7. Management Summary
This is exactly what it sounds like: a summary of your management team, including members’ background, credential and achievements. If you alone will be managing the company, this is where you articulate your ability to manage all the elements of a successful business.

8. A 3 to 5-year Financial Plan
If you’ve been in business for awhile, here you would provide informationn on your sales, cash flow, and profits. If you haven’t yet started, this is where you anticipate startup costs, sales, cash flow, and profits. You would also estimate how long it would take for your business to become self-sufficient.

9. An Exit Strategy
No one wants to anticipate the failure of their business but without an exit strategy, business owners could experience more financial loss than necessary. Expect the best and plan for the worst. Ask yourself when you’ll know it’s time to throw in the towel. If you create some guidelines you won’t have to waste months and maybe years of your life running the business on empty.

10. Appendices and Exhibits
it’s useful for you, and anyone else reading your business plan, to visualize some of the information. If you encounter data that you believe would be best displayed in a graph or chart, you can reference them in the text of your business plan and attach the actual graphic in an appendix. Likewise, if you want too include letters of recommendation or other exhibits illustrating the probability of success, attach them here.

Writing Hints
Writing a business plan can be a daunting task, but don’t let it overwhelm you. We suggest taking it one section at a time. It should run somewhere between 20-40 pages and be no longer than 50. Make sure that what you write is concise, to the point and efficacious to what you are trying to accomplish with your writing of it. Take the time to plan thoroughly your business. By having a road map on which you can rely, then when you are in the middle of the mix and pushing forward to the milestones and goals you have set forth you will not only find the clarity of purpose helping you out in your decisions but also it may be used as a guide along your path.

Next week we will be talkin about the Marketing Plan that you will create that you will be using as your action plan to bringing your business into the reality you are dreaming about.

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Get yourself ready now so when your opportunity knocks, you can open that door with confidence. Learn how to be better prepared for your tax preparation business.

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