A business plan is an essential roadmap to guide your business. Every new or established enterprise should create a business plan and update it on an annual basis. The following questions need to be answered and included in your business plan for it to effectively guide you.
- Business Summary – What is my business?
- Market Analysis – What is my target market?
- Market Analysis – Who are my clients/customers/prospects/competition?
- Service or Product Line – What services/products am I providing?
- Financial Model – What are my financial needs and resources?
- Risk Assessment – By initiating this plan, what are my rewards/risks?
- Marketing and Sales – Where am I and how can I reach my goals?
- Management – Why am I uniquely qualified to succeed?
If you are already an established business, analyze your current situation in terms of sales, customer base, etc. and then set your specific goals for the upcoming year. In future posts we will discuss each component of a business plan to help you create an effective one to guide your business.
