Business Plan Layout

The Components of a Business Plan

When choosing your business plan layout it is important that you include all of the essential components of a business plan.

No matter which format you choose the emphasis should be on the information contained in the plan. All the elements of a business plan should be addressed. The major elements of a business plan are the:

• Executive Summary
• Business Structure and Legal Requirements
• Marketing Plan
• Operations Plan
• Financial Plan
• Action Plan
• Appendices - any supporting documents

The Executive Summay

The Executive Summary highlights the main points of your plan. It should be written last. It should contain a summary of each of the major components of the plan and summarise your business idea.

It is also where you list the opportunity itself and your competitive advantage. It should form a compelling argument stating why there is an opportunity and how you will maximize that opportunity. You should be convincing and include facts based on your research.

It really is in your business' best interest to finalise a business plan. Yes, it is time consuming and some amount of research will be necessary. But the rewards are worth the effort involved.

A well researched business plan lets you:

• Determine your objectives
• Reveal potential markets
• Spot weaknesses in your strategies
• Take advantage of opportunities
• Increase your chances of finance approval
• Focus on your goals, and
• Crystallize the vision that you have for your business

If you're an established business writing a plan can reveal areas of improvement. You can identify untapped opportunities. If you're thinking about starting business, a plan will show you if your idea is viable.

It is much better to know if your business has a chance of succeeding BEFORE you commit yourself legally and financially.

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