This article is the first in a three-part series designed to help you evaluate or re-evaluate your business plan, as well as provide clarity and direction to move forward.
Whether you’re writing your first business plan or updating your current one, the process requires strategic thinking, market research and a clear understanding of your company’s strengths. A well-developed business plan helps you take stock of your company’s attributes and needs. Below you will find big-picture company and marketplace information every good business plan should include:
Executive summary
The executive summary is a condensed version of your full business plan and covers:
- What your company does (or will do)
- Plans for the future
- How you will execute those plans
- Why your company will be successful
The summary is the big picture. It’s where plan reviewers – including banking partners – will form a first impression of your company. Some people prefer to write this section last while others prefer to write it first.
Company description
This section explains the different elements of your business. Help plan reviewers quickly understand your goals, marketplace needs, how your products and services will meet those needs, and the competitive advantages of your business.
Market analysis
Demonstrate your understanding of the industry and the market in which your business will compete. Include research findings and conclusions, such as:
- Industry trends and outlook
- Information about your target market
- Competitor analysis
- Any known regulatory restrictions
There are many resources that can help you analyze the market, including the SCORE Association and Small Business Development Centers. A thoughtful market analysis shows not just what the business does, but how it will operate successfully.
Watch for future articles in this series coming soon.
