A business plan is more than just documentation your lender
requires for financing. Your business plan is like a blueprint for
long-term success, as it gives you a written breakdown of your
goals, strategies, and the conditions your business is operating
Luckily, your plan doesn’t have to be a huge binder filled with
complex papers. The overall design of your plan just needs to
address things that will have an impact on your business, and what
you’re going to do to handle those factors. Of course, given the
fluid nature of business, your plan is always subject to change and
review. Don’t be afraid to get a second opinion on your plan from a
person whose knowledge is sound or your company’s accountant.
All business plans should cover the bases, so take a look at the
following key components yours should address for the most
What Your Business Involves
A strong business plan provides a thorough overview of what’s
involved in the business, including the following:
• Business goals and strategies
• All schedules
• Margin of profit
• Cash flow
• Equipment selection and maintenance
• Runs of production
You’ll also need to determine your direct competition, and what
your business is going to do that will make you stand out from
those other companies. Your edge may include the products or
services themselves, warranties, the quality, your prices, contract
terms, your customer service or the delivery, including method and
Your Market in a Nutshell
The conditions you're operating under directly influence the
success and failures of your business. Ask yourself and answer the
questions below as part of your plan:
• What is the potential market size?
• Is the market growing?
• What influences the market the most?
• What are the market and my product’s life cycles?
• Who are my customers, now and in the future?
Don't Forget Your Goals
Both long and short-term business and personal goals influenced by
your company can be a part of your plans.
A short-term personal goal list may, for example, read as
• I will take a week-long vacation each year.
• My family must be taken care of financially if
something happens to me.
• Within one year, I will have the same salary I would
pay a manager.
The list for long-term personal goals would touch more on the
distance future, as shown below:
• Within ten years, my company should be worth $1
• By the time I am 50, I want to have money available
• I will have a retirement plan set before I actually
Business goals are centered on your company instead of you
entirely. A short-term and long-term business goal list, for
instance, could read in part as shown:
• My company’s pre-tax profit must stay above $500,000
before the five-year mark.
• Gross profit must be above 33 percent, in spite of
• I will find and train a new manager to take over
daily business concerns within ten years.
• I will lessen the company’s dependence on our most
popular service by introducing new services.
There are no hard and fast answers here, as each business type and
market has its own specific sets of needs and factors. You'll also
have to be prepared to alter your business plans as circumstances
dictate for the best results.
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solidly-crafted plan, visit BetheBoss.ca today to see all the
exciting franchise opportunities available!