Develop and implement a Business plan

August 25, 2022
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A business plan should include several income and expense scenarios.A business plan should include several income and expense scenarios.

Kutay Tanir/Photodisc/Getty Images

You won't have to re-invent the wheel when you create a business plan for a new venture - many organizations offer tips, advice and even sample plans you can use to get started. Organizations such as the Small Business Administration and Service Core of Retired Executives want you to succeed and provide step-by-step instructions for writing business plans. To increase your chances for success, create a dynamic plan you can modify and update as you run your business.

Step 1

Write an outline for your plan. Start with broad sections, such as a company mission statement, product or service description, customer profile, competitor analysis, marketing, financial, staffing and legal concerns. Create sub-headings. For example, under marketing, you will include branding, advertising, public relations and promotions. Under advertising, you can list print, broadcast, outdoor, direct mail and other methods. Under financial, include startup funding, cashflow projections and your budget.

Step 2

Research each section to find expert advice on each. Include information such as how you will conduct market research or develop customer demographics. When creating your market research section, discuss what information you will need, what questions you will ask, how you will ask those questions or administer surveys and what your costs will be.

Related Reading: How to Get Employees to Implement the Strategic Plan

Step 3

Meet with an accountant to review your income and expense numbers, budget, record keeping and taxes. Meet with an attorney to make sure you address all permits and licenses you will need, and any health, safety or labor laws you will need to follow.

Step 4

Create a dynamic business plan by providing several scenarios. For example, start with the current costs of goods you will need to buy to make your product or service, then add one or two more budgets based on those prices going up. For example, a restaurant might experience an increase in produce if there's a drought or freeze, or labor, if the worker pool is seasonal, aging or leaving the area. The SBA suggests a business plan should be a work-in-progress, in its website article, "Essential Elements of a Good Business Plan for Growing Companies."

Step 5

Write an executive summary of the plan and place it at the beginning of the document. This will give potential investors and lenders an overview of the business plan and the results you expect. The executive summary should not contain any support for your statements - save that for the body of the plan.

Step 6

Implement the plan by starting at the beginning and executing the various steps you've addressed in the plan. For example, you might need to incorporate your company, trademark your name, secure business licenses and permits, open a bank account, get a post office box and perform many other tasks that get you ready to open your doors. This will include more complicated actions, such as shopping for vendors, hiring staff, developing marketing materials and creating promotions.

Step 7

Review your business plan on a regular basis. Compare budgeted numbers to actual figures of doing business. Determine whether you can keep operating as you are, of if you need to make changes, such as reducing costs, raising prices or increasing marketing.

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How To Develop and Pitch a Professional Business Plan
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