Elements of a Typical Business Plan
Originally published: 04/12/2017 16:53
Publication number: ELQ-15156-1
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Elements of a Typical Business Plan

Document outlining what you should include in a business plan.

This is a very straightforward document outlining firstly structure, and secondly, what you should include in your business plan. Bullet-pointed format with straight-to-the-point subheadings. Ideal for use as a checklist.

The purpose of a business plan is to document and plan the specific details of your business. Typical business plans are usually around 15-20 pages. They are compiled of particular plans, strategies, company information, analysis', designs, and finances.

One of the main reasons business plans are arranged is to clarify the direction of your business. This is so that an overview is formed of what the business is currently and what it plans to be in the future. To clarify can be to briefly describe the business and its product/service, or it can be to specify your product or service in detail, as well as providing a detailed description of your target customer.

Another purpose is to envisage the future of your business and the goals you must achieve to end up there. Thinking about future expansion and ideal direction whilst compiling your business plan can be an efficient way of preparing for market changes and trends. Having a solid vision in mind of where you want your business to be in the future will help your business to stay on track amidst market changes.

Business plans are also used for fundraising purposes. By cleanly outlining your business facts and figures on paper, you can prove that your business has the potential to make a profit, therefore attracting the investors you need to get your business up and running.

Attracting team members will eventually be essential in the running of your business. Sometimes business plans can be used as tools to attract employees, partners, and secure suppliers. They can be shown to future high-level candidates or potential partners to show them the potential of the business and convince them to come on board.

Finally, a business plan is intended to outline the organizational structure of your business, and so therefore can be a useful tool to refer back to when you need reminded of goals and objectives, sales targets, or milestones.

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1 Contents of a Typical Business Plan

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