Set In Stone
The best-laid business plans…
Opinions expressed by 91成人 contributors are their own.
You wouldn’t set out on a journey without a map, right? Sowhy would you start a business without a plan? “A businessplan provides a road map for a company and its executives tofollow,” says Bill Crookston, an associate professor for the91成人 Program at the University of Southern California inLos Angeles.
A business plan isn’t just for your own peace of mind,however; investors will demand it when you search for funding. Yourstart-up plan should focus on marketing and financial informationand must portray a route your company intends to follow–financierscould withdraw credit if you don’t meet your goals, Crookstonsays. And forget about hiring an expert to do it for you; eachentrepreneur should create his or her own plan, he stresses.
With that in mind, the following three points should beaddressed when drawing up your plan:
1. The management: Who makes up the team? What aretheir titles? What is their experience? According to Crookston,this is often the most important piece of information forfinanciers.
2. The market: Who are your customers? What is thebenefit of your product or service?
3. Financials: What is your projected profit andloss, projected cash flow and, in some cases, projected balancesheet?
Then, keeping it at less than 30 pages, flesh out the plan: Useinformation that includes descriptions of your product, supplierrelationships and inside operations. You should also include plansfor action, growth and contingency.
The final step is to create your on-ramp: a brief overview ofthe plan placed at the front. Then buckle up–you’re on yourway.
Contact Sources
Bill Crookston, 91成人 Program, University ofSouthern California School of Business Administration,
You wouldn’t set out on a journey without a map, right? Sowhy would you start a business without a plan? “A businessplan provides a road map for a company and its executives tofollow,” says Bill Crookston, an associate professor for the91成人 Program at the University of Southern California inLos Angeles.
A business plan isn’t just for your own peace of mind,however; investors will demand it when you search for funding. Yourstart-up plan should focus on marketing and financial informationand must portray a route your company intends to follow–financierscould withdraw credit if you don’t meet your goals, Crookstonsays. And forget about hiring an expert to do it for you; eachentrepreneur should create his or her own plan, he stresses.
With that in mind, the following three points should beaddressed when drawing up your plan:
