When you apply for a job, you get one shot — one resume and cover letter — to present to a potential employer and hope, out of hundreds of applicants, they choose you to interview. A business plan is really no different. While a full-length business plan has many components, most small businesses can simplify. By putting your focus on just four simple elements, you can create a basic business plan that will be effective for you and your business. While you only really need to focus on the most important components of a business plan, it helps to know what a full-length business plan looks like.
How to write a business plan: Free template, tips, and examples
The four components of an effective business plan
The following business plan for the fictional firm of "Acme Management Technology" AMT is an example of what a completed business plan might look like. This example is provided as part of the instructions and detailed descriptions included in the Components of a Business Plan. This business plan leads the way by renewing our vision and strategic focus of adding value to our target market segments—the small business and high-end home office users in our local market. It also provides a step-by-step plan for improving our sales, gross margin, and profitability. AMT is built on the assumption that the management of information technology for business is like legal advice, accounting, graphic arts, and other bodies of knowledge, in that it is not inherently a do-it-yourself prospect. Smart business people who aren't computer hobbyists need to find quality vendors of reliable hardware, software, service, and support and they need to use these quality vendors as they use their other professional service suppliers—as trusted allies. AMT is such a vendor.
10 Key Components of a Marketing Plan
When it comes to finding success for your business, the careful creation of your business plan is a crucial part of that journey. Your business plan is a living document that should project a three- to five-year plan and outline the blueprint for your organization to grow its revenue. You can also find great resources online, like a business plan template from the Small Business Administration. What makes your company unique? How do you stand out?
Tasks, to-do lists, meetings, and more. Amidst that rush, the idea of writing a good business plan—much less following a business plan template—often feels time-consuming and intimidating. After all, when done right, business plans have enormous payoffs. And yet, more than 1 in 10 prospective business owners said they do not intend to write a business plan. Bplans worked with the University of Oregon to compile and analyze research around the benefits of business planning.