Business Life Cycle Management
To succeed in today’s business world, you’ll need a basic understanding of certain business principles. This discussion is about an important document called a Business Plan and will discuss the following:
- WHAT a Business Plan is,
- WHY it is important, and
- HOW to prepare one?
WHAT Is a Business Plan?
A Business Plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized. It is the road map for the success of a business.
WHY Do You Need a Business Plan?
HOW Do You Prepare a Business Plan?
Since doing a Business Plan can be a tedious process, let Tracker Enterprises, Inc. prepare your Business Plan for you. Tracker has developed a format for preparing an in-depth Business Plan that meets the criteria required by practice owners, investors and lending institutions.
A Business plan usually has 9 components:
- Executive Summary: This is a brief overview of your business and your strategy.
- Business Description: This tells what you plan to do and why?
- Organizational Structure: This tells how you will structure your business and who will manage it?
- Descriptions of Products & Services: This demonstrates what you will offer.
- Market Analysis: This identifies industry trends and who your competitors are.
- Marketing Strategy: This explains how you plan to reach your customers?
- Financial Overview: This defines how much funding you will need and why?
- Funding Requests: You need to present how much funding is needed your desired terms.
- Appendix: Here you add anything else that might help your chances, e.g., resumes, letters of reference, credit reports, lease copies, licenses, tax returns, etc.
In summary, your plan should provide you with:
- An operational template that will prepare you to start off on the right path. If it doesn’t show you breaking even or making a profit, start over and repeat until you do show a viable plan.
- A road map to show lenders your goals, vision and strategy, and to demonstrate that you’ve done your due diligence and research.