Buisness Plans – Part 3

In this third installment of business plans, we take a look at What makes a good plan. In this and following blogs I am focusing on a simple business plan for use in starting and operating a small business. More comprehensive plans will be needed for larger, more complex businesses, or for seeking funding.

A plan is no better than the thought, analysis, and planning that goes into it. A good business plan is simple, realistic, specific, and complete.
1. A plan should be simple so it’s easily understood, communicates the intentions of the business, and is easy to act on.
2. A plan should include realistic goals, dates, and milestones that are achievable.
3. A plan should include specific actions to be taken, with measurable objectives.
4. A plan should be complete with all of the information needed for the intended purpose.

Elements of a simple business plan
As you write your plan, know that the process of planning is even more important than the resulting plan. As you develop each element of the plan you will be critically and strategically analyzing parts of your business concept.

The simple home-business plan should include:
1. Vision statement
2. Mission
3. Market
4. Objectives
5. Strategies
6. Actions
7. Financial forecasts

We’ll discuss each of these elements in future posts.