Writing your business plan

Your business plan is the core document that helps define your company to your employees, to your future customers, and to credit and service providers.

Treat your plan as a working document. Once you write it, seek feedback from experienced business owners and bankers to refine your content. Update and edit it on a regular basis; it will help guide you in your decision-making and provide the core for subsequent strategic plans.

Your plan should include:

• A detailed description of your company, including how it will be managed and staffed
• A market scan and competitive analysis of your proposed market differentiation
• Financial projections to forecast breakeven points and capital needs
• Sales and marketing plans to illustrate how you plan to grow
• An appendix to provide detailed quantitative support for your projections

Need help? The Small Business Administration (SBA), SCORE, and the National Federation of Independent Businesses (NFIB) are excellent sources of help.