What is a business plan?
If you’ve ever drafted a bullet-point list of a few tasks you need to accomplish, then you have written a business plan—or at least the very basic components of one. In simple terms, a business plan is just a plan for how your business is going to work, and how you are going to make it succeed.
How long should your plan be?
A business plan goes beyond than a list on a piece of paper (although, as you’ll see below, it is possible—and sometimes ideal—to write your entire business plan on one page). In practice, for most businesses, it can be as simple as just a few bullet points to focus strategy, tactics, milestones to track tasks and responsibilities, and the basic financial projections you need to plan: cash flow, budget, expenses.
How should you present your business plan?
Business plan strategies should only become printed documents on very few occasions occasions, like when you need to share information with others or team members. Otherwise, the plan should be an ever-changing document that you maintain and update constantly on your computer, tablet or phone.
The plan is a long list of things, and you are constantly tweaking it, because you are regularly evaluating your business health, so the printed version is like a snapshot of what the plan was on the day that it was printed.
What does a formal business plan include?
A business plan strategy includes elements like:
An executive summary.
Some information about your business.
Your marketing plans.
A list of major company milestones.
Some information about each member of the management team and their role in the company.
Details of company’s financial plan.