Home Building Your Business on Paper: Resources for Business Planning A business plan outlines what a business intends to do and how the business owner or partners plan to go about putting the intentions into practice.
What is a Business Plan? It Is Used to Plan for a New Venture A business plan is often prepared by for-profits, nonprofits or a government agency when undertaking a new venture, which is: Starting a new organization, product or service or Expanding, acquiring or improving any of the above.
There are resources business plan benefits of doing a business plan, including: To identify an problems in your plans before you implement those plans. To get the commitment and participation of those who will implement the plans, which leads to better results.
To establish a roadmap to resources business plan results as the venture proceeds from paper to reality. To achieve greater profitability in your organization, products and services -- all with less work. To obtain financing from investors and funders. To minimize your risk of failure.
To update your plans and operations in a changing world. To clarify and synchronize your goals and strategies. For these reasons, the planning process often is as useful as the business plan document itself.
However, this can be confusing since a Strategic Plan is conventionally interpreted to be a plan that is focused on the entire organization, including to clarify its purpose and priories and how those priorities will be addressed over a specific time.
Others view the financial information in an overall Strategic Plan to be a business plan. However, this view can be confusing for the same reason as interpretation a Business Plan and Strategic Plan to be the same.
Business Plans vs Strategic Plans Core Contents of a Business Plan Business plans appear in many different formats, depending on its purpose and audience and also the complexity of the venture.
However, most business plans address the following five topic areas in one form or another. Business summary -- Describes the organization, product or service, summarizing its purpose, management, operations, marketing and finances.
Market opportunity -- Concisely describes what unmet need it will or does fill, presents evidence that this need is genuine, and that the beneficiaries or a third party will pay for the costs to meet this need.
Describes credible market research on target customers including perceived benefits and willingness to paycompetitors and pricing. People -- Arguably the most important part of the plan, it describes who will be responsible for developing, marketing and operating this venture, and why their backgrounds and skills make them the right people to make this successful.
Ideally, each person in the management team and key program and technical folks are indicated by NAME. Implementation -- This is the how-to section of the plan where the action steps are clearly described, usually in four areas: Marketing builds on market research presented, e.
Financial plan includes, e. A break-even analysis is often included in this section. Contingencies -- This section outlines the most likely things that could go wrong with implementing this plan and how management is prepared to respond to those problems if they emerge. In many cases, an organization will already have in its possession some of the information needed for preparing a business plan.
For example, in the case of nonprofits, grant proposals often contain some of this information. How to Translate Between For-Profit and Nonprofit Plans For-profit and nonprofit business plans have many similarities, even though the phrase "Business Plan" is usually associated with a for-profit organization.
Some of the terms are different, but in most cases, the words in a for-profit Business Plan can be readily translated into words more commonly associated with nonprofits. For example, "balance sheet" is what nonprofit call a "statement of financial position", "profit and loss statement" or income statement is essentially the same as a "statement of financial activities".
Also, the core contents of a Business Plan as listed above are very similar to the core contents of a nonprofit Program Plan because a nonprofit product or service is conventionally referred to as a program.
See Different Names for Similar Concepts. Before you start a major venture, there are several considerations about yourself that you should address.A business plan for a project requiring equity financing will need to explain why current resources, upcoming growth opportunities, and patents can no longer be used as effective locking mechanisms to provide sustainable advantages to a particular business and therefore a secret business plan is less relevant in those models.
Business Plan Development Although there is an unlimited amount of resources (both free and paid) in the Internet for writing a Business Plan, I recommend starting from the links below: How to Write a Business Plan (UK Gov). Even a business with the owner as the only employee of the business needs human resources - planning and managing one employee (yourself) is just simpler (or perhaps harder).
Human resource management is an important staff function for business; because of that, the HR plan needs to . MANAGEMENT & HUMAN RESOURCES of the Business Plan (The Internet Company) Background of Management & The Internet Company: The owner and founder of The Internet Company, Brian P.
Smith, graduated with a Bachelor's Degree in Commerce from the University of Mississippi. The Business Plan Examples website is a collection of business plan resources, tools and guides for creating your own quality small business plan.
About this business plan.
Human Capital Maximizers (HCM) is a human resource consulting company with expertise in a wide range of HR areas. It is targeting the emerging company market, offering advice on compensating employees with stock options.