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Your plan shows how you will get from here to there.Related: 7 Steps to a Perfectly Written Business Plan You can visit our small business encyclopedia to learn more about business plans or our Form Net area to get the necessary forms to get started.This can be accomplished in a plan summary as well, useful for larger, more complex companies, or businesses going through a transitional period.
Video: What Investors Really Think About Your Business Plan.
At our Entrepreneur magazine Roundtable, financial pros offer tough talk about the business plans of first-time entrepreneurs: Related: What Investors Really Think About Your Business Plan Video: How Can I Hire Someone to Help Write My Business Plan?
If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.
And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.
Jumpstart your business plan by downloading our free business plan template in Word format.
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If you're aware of any challenges your company faces, or that the industry or marketplace holds, state these as risks and note how your product and strategy mitigate them effectively.
If part of the purpose of your five-year business plan is to solicit funding, be specific in saying what you want.
An introductory section then can be used to describe the business in more detail -- what it does, who it serves and what it values.
Detail your management team and organizational structure.