Don't Get Caught Without a Business Plan!
A business plan is one of the most important tools of doing business. Not only does a business plan lay out your vision for your company and its future direction and growth, it’s also a key component in obtaining financing and attracting investors. A business plan explains what your company does, how it plans to succeed and why lenders or investors should have confidence in its potential.
The first goal of most entrepreneurs when drafting a business plan is to raise money. If you don't have a solid business plan encompassing the next 3-5 years, no bank, investor or venture capital firm will consider providing you with the money you need to start up a new business, expand an existing business or capitalize on an opportunity.
But a business plan is far more than just a tool for impressing lenders and investors. An effective business plan also ensures that everyone in your company understands the mission and is committed to the same goals and objectives. The business plan clarifies the business targets and develops a strategy for meeting those targets.
Different Business Plan Templates for Different Needs
The best format and structure for your business plan depends on the industry it operates as in, as well as factors such as size. MegaDox.com offers a comprehensive range of business plan templates tailored to the specific needs of different types of businesses, including accounting firms, bed-and-breakfast establishments, feature film productions and hair salons. The templates come with instructions to help you complete each section, sample pro forma financials and a confidentiality agreement. You can also find step-by-step guides to help you research and write a powerful and effective business plan on your own.
Contents of a Business Plan
All good business plans should include:
- Background, history and current structure of the business
- Details of your products and services, including future plans
- Breakdown of the market potential for your business (industry overview, target markets, competitors, market share)
- A marketing plan setting out the strategies you will use to reach your target markets
- The business' resource requirements
- A financial plan, including cash flow projections
- Information about the management team.
The business plan will also need an executive summary and appendices, which will include any relevant documents that are too bulky to go into the plan itself (such as leases, contracts, architectural plans, press releases, CV's of the company's principals, financial statements).
Reviewing and Updating Your Business Plan
Once you have written your business plan, it's advisable to have it reviewed by your lawyer and accountant. When you feel comfortable with the content and structure, make an appointment to review and discuss it with your banker. But it doesn't end there. The business plan is a flexible document that should change as your business grows. Be sure to review and update it every few years, or whenever your business model changes.
Our inventory of Business Plan Forms is regularly updated with new templates and new tools to help guide you through researching, writing and updating your business plan. Can't find the plan you need? Contact us at support@megadox.com. We'll help you find the business plan that's right for you.