The Modern Business Plan
Hey there ladies and gentlemen! We're back here on the Business Discussion space, sharing an article from the QuickBooks Blog. This one goes over the updated terms for creating a modern business plan, and even provides a free template download for you to use! Let's check it out.
What is a business plan?
"A business plan is essentially your company’s roadmap. It lays out your goals, strategies, financial projections, and how you’ll run your day-to-day operations. It forces you to think through the details—how your business will make money, who your customers are, and what sets you apart from the competition."
"Having a business plan is also important because most venture capitalists and banking institutions require a formal plan before they even consider investing in a company. Even if you’re not looking for small business loans, a business plan keeps you accountable and on track."
Take a look at some eye-opening stats that highlight why having a business plan is important:
- Entrepreneurs who create a business plan are 260% more likely to launch.
- Businesses with a structured plan are 30% more likely to grow.
- Around 70% of businesses that make it past the five-year mark follow a strategic plan.
- The majority of high-growth companies (71%) have a business plan in place.
- Companies with a written plan are 7% more likely to experience significant growth compared to those without one.
- Businesses with a clear, structured plan were more than twice as likely to secure loans (30%) compared to those without one (12%).
Once you have your audience in mind, you can start creating the 10 key components of your business plan:
- Executive summary
- Company description
- Market research and potential
- Competitive analysis
- Products and services
- Marketing and sales
- Business financials
- Management and leadership
- Funding request
- Appendix
That's a few details to get you started. I invite you to check out the full article here for more info and the template download. Maybe you're looking to update your business plan or maybe it's time to write one for the first time. Either way, I hope this post helps you out and of course, the comments are always open for discussion as well.