Small Business Strategy Nsw – A cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on how to write a business plan for companies at any stage, complete with free templates and expert advice.
Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to help you determine what type of business plan you should write. Plus, get information on how a business plan can help grow a business and expert tips for writing one.
Small Business Strategy Nsw
A document that communicates the timeline, finances, and methods needed to achieve the organization’s goals and ambitions. In addition, it may include a mission statement and details about the specific products or services offered.
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A business plan outlines different time periods depending on the stage of your company and its goals. A typical business plan should include the following criteria:
Startups, entrepreneurs, and small businesses create business plans to use as a guide as their new company grows. Even large organizations can create (and update) a business plan to keep high-level goals, finances, and deadlines under control.
While you certainly need to create a formal outline of your business goals and financials, creating a business plan will help you understand the viability of the company, its profitability (including when it will be profitable) and how much money you need. can help determine Investors. Conversely, a business plan also has functional value: setting goals not only keeps you accountable over time, but also attracts investors in itself and therefore serves as an effective strategy for growth.
For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates. This page focuses on for-profit business plans, but you can read our article on nonprofit business plan templates.
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The specific information in your business plan will vary based on the needs and goals of your enterprise, but a typical plan will include the following ordered elements:
If your plan is too long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth explanation of each step listed above, read “How to Write a Business Plan Step by Step” below.
Broadly speaking, your audience is those who have a vested interest in your organization. They may include potential and existing investors as well as customers, internal team members, suppliers and vendors.
Your business stage and target audience will determine the level of detail required for your plan. Corporations need a comprehensive business plan – up to 100 pages. Small businesses or startups should have a concise plan that focuses on financials and strategy.
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To determine what type of business plan you should create, ask yourself, “What do we want to plan?” Figure out function first and form will follow.
There is no set order for a business plan, except for the executive summary, which always comes first. Also, make sure you organize the plan in a way that makes sense and flows naturally.
A traditional business plan follows a standard structure – because these plans are detailed, they require a lot of upfront work and can run to dozens of pages. A lean business plan is less general and focuses on summarizing key points for each department. These plans are very short and usually run about a page in length.
In general, you should use the traditional model for a legacy company, a large company, or any business that is not committed to Lean (or another agile methodology). Use Lean if you expect the company to pivot quickly or if you are already using a Lean strategy with other business activities. Additionally, a Lean Business Plan is sufficient if the document is for internal use only. Stick to the traditional version for investors, as they may be more sensitive to sudden changes or the high degree of flexibility built into the plan.
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Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element of the plan.
The executive summary is always the first section of your business plan. The aim is to answer the following questions:
Check out our roundup of executive summary examples and sample templates. Read our executive summary guide to learn more about writing one.
The purpose of this section is to define the scope, scope and purpose of your venture. To do this, answer the following questions as clearly and concisely as possible:
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In this section, provide evidence that you have surveyed and understood the current market and that your product or service has a place in the market. To do this, answer these questions:
In many cases, the business plan does not propose a brand-new (or market-disruptive) venture, but a more competitive version than what is currently available – in terms of features, price, integration, etc. In this section, answer the following questions to demonstrate how your product or service can outperform competitors:
In this section, write a brief description of the team members and other key personnel who are integral to success. List roles and responsibilities and, if possible, note the hierarchy or team structure.
In this section, clearly define your product or service, as well as all the effort and resources that go into creating it. The strength of your product will largely define the success of your business, so it’s important that you spend time testing and refining the product before launching into marketing, sales, or funding details.
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In this section, define the marketing strategy for your product or service. It doesn’t have to be a complete marketing plan, but it should answer the following basic questions:
Write an overview of the sales strategy, including priorities for each cycle, steps to achieve these goals, and metrics for success. For business planning purposes, this section is not required to be a comprehensive, in-depth sales plan, but it can outline the high-level goals and strategies of your sales efforts.
This section is one of the most important parts of your business plan, especially if you’re sharing it with investors. You don’t have to provide a complete financial plan, but you should be able to answer the following questions:
In addition to fundraising analysis, investors want to see thoughtful financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this can be anywhere from one year to five years.
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Although these estimates are not exact – and some flexibility should be exercised – you can make the following assumptions:
This basic business plan template has space for all the traditional elements: executive summary, product or service description, target audience, marketing and sales strategies, etc. In the financial sections, input your baseline numbers and the template will calculate projections for sales forecasts, financial statements and more.
For more tailored templates, visit this business plan template roundup or download a fillable business plan template to make things easier.
If you’re looking for a specific template by file type, visit our pages specifically dedicated to Microsoft Excel, Microsoft Word, and Adobe PDF business plan templates.
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, which communicates high-level information for a quick overview (such as a stakeholder presentation), a typical business plan is more than one page.
Following are the steps to create a simple general business plan as shown in the template below.
Use this simple business plan template to outline every aspect of your company, including information on financing and other funding opportunities. This template is fully customizable to meet the needs of any business, be it a startup or a large company.
Read our article on Free Simple Business Plan Templates or Free 30-60-90-Day Business Plan Templates to find more convenient options. You can also explore our collection of one page business templates.
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A more proactive approach to traditional improvement planning focuses more on activities, processes and relationships rather than concrete deliverables and timelines (and maintaining flexibility in all aspects).
Although there is some overlap between a traditional and lean business plan, you can write a lean plan by following these steps:
Startup leaders can use this Lean Business Plan template to relay the most important information from a traditional plan. You’ll find all the sections listed above, including key metrics and timelines for differentiation, cost structure and revenue sources, and industry and product overviews. The template is fully customizable, so you can modify it to fit your lean startup goals.
, includes many of the elements of a traditional business plan, as well as additional financial documents such as credit history, loan applications and loan repayment plans.
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In addition, you may be asked to include personal and business financial statements, collateral forms and equity investment information.
Without including all the key details in your business plan, you have several options to enhance the document for the highest chance of winning funding and other resources. Follow these tips from experts:
Beyond these other practical tips, the language you use
