An Introduction to Business Plans

Having an updated business plan is extremely helpful and useful for businesses, and now may be the prefect time to update yours. Simply put, a business plan is a description of you business’s future; what you plan to do and how you plan to do it. Your business goals, the strategies you’ll use to meet them, potential problems that may come up and ways to solve them, the organizational structure of your business, and the amount of capital required to finance your venture are all key components of a business plan, as well as the following:

There are three primary parts to a business plan:
>Business Concept
>Marketplace section
>Financial section

These three sections are broken down even further into seven key components:
>Executive summary
>Business description
>Market strategies
>Competitive analysis
>Design and development plan
>Operations and management plan
>Financial factors

To read more from Business Week on developing a business plan, who needs a plan, types of plans, and the right plan for you click here.

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