This article is part of a series on how to write a great business plan .
Providing an overview of your business can be tricky, especially when you're still in the planning stages. If you already own an existing business, summarizing your current operation should be relatively easy; it can be a lot harder to explain what you plan to become .
So start by taking a step back.
Think about what products and services you will provide, how you will provide those items, what you need to have in order to provide those items, exactly who will provide those items... and most importantly, whom you will provide those items to.
Consider our bicycle rental business example. It's serves retail customers. It has an online component, but the core of the business is based on face-to-face transactions for bike rentals and support.
So you'll need a physical location, bikes, racks and tools and supporting equipment, and other brick-and-mortar related items. You'll need employees with a very particular set of skills to serve those customers, and you'll need an operating plan to guide your everyday activities.
Sound like a lot? It boils down to:
In our example, defining the above is fairly simple. You know what you will provide to meet your customer's needs. You will of course need a certain quantity of bikes to service demand, but you will not need a number of different types of bikes. You need a retail location, furnished to meet the demands of your business. You need semi-skilled employees capable of sizing, customizing, and repairing bikes.
And you know your customers: Cycling enthusiasts.
In other businesses and industries answering the above questions can be more difficult. If you open a restaurant, what you plan to serve will in some ways determine your labor needs, the location you choose, the equipment you need to purchase... and most importantly will help define your customer. Changing any one element may change other elements; if you cannot afford to purchase expensive kitchen equipment, you may need to adapt your menu accordingly. If you hope to attract an upscale clientele, you may need to invest more in purchasing a prime location and creating an appealing ambience.
So where do you start? Focus on the basics first:
If you are still stuck, try answering these questions. Some may pertain to you; others may not.
Once you work through this list you will probably end up with a lot more detail than is necessary for your business plan. That is not a problem: Start summarizing the main points. For example, your Business Overview and Objectives section could start something like this:
Blue Mountain Cycle Rentals is a new retail venture that will be located at 321 Mountain Drive, directly adjacent to an extremely popular cycling destination. Our initial goal is to become the premier provider for bicycle rentals. We will then leverage our customer base and position in the market to offer new equipment sales as well as comprehensive maintenance and service, custom equipment fittings, and expert trail advice.
You could certainly include more detail in each section; this is simply a quick guide. And if you plan to develop a product or service, you should thoroughly describe the development process as well as the end result.
The key is to describe what you will do for your customers--if you can't, you won't have any customers.
Next time we'll look at another major component in a business plan: your Products and Services .
More in this series:
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Spontaneity is fun. But in the profit-driven world of big business, thorough planning just makes more sense. The Small Business Administration says 70% of start-ups are likely to fail within their first two years, and the reasons are too numerous to mention. One of the most significant factors of failure is a poorly constructed business plan -- or no plan at all.
While these documents are central to a business' success, many entrepreneurs are left scratching their heads, wondering what actually makes a good business plan.
So much has been said about business plans, but they still remain widely misunderstood, often with unwelcome consequences. So, if you're just getting started, setting clear objectives is always the clearest path to a solid plan.
Perhaps the most overarching objective of a business plan is to provide a focus for your business. Write down product information, manpower requirements, financial projections and other details that characterize and set direction.
The Small Business Administration advises checking in with your business plan from time to time, and updating it whenever you make any changes. This can highlight how any adjustments can affect your business as a whole. Overall, the plan should remind you of your original goals for starting the business, any new goals you've established along the way and how these two influence your initial vision.
To get an accurate picture of strategy, you can compare actual and planned outcomes, and draw insights that help you make more confident business decisions moving forward. If some parts of the strategy have been unsuccessful, you might scrap them or modify them to perform better.
If a new product is currently underperforming, management may decide to improve it or repackage it. With a business plan, different theories can be tested, from financials and marketing to customer relations. Without the trail of a business plan, executives might make decisions based on speculations and assumptions, increasing their chances of failure.
One of the most important objectives of a business plan is to set the consensus on everything about the business -- vision and mission, goals, projections, strategies, processes, target markets, etc. Unless everyone is on the same page, the proper allocation of resources becomes difficult, thus stunting growth.
With a clear business plan, decision-makers can work in harmony without having to consult or check in with one another, saving everyone time while working toward mutual goals.
One very practical objective of a business plan is to build a case for financing. It's no secret that banks and other lenders ask for this vital document as part of their due diligence prior to granting loans.
With a plan in place, banks are able to explore a business' goals, ideals and methods of operation. All of these give clues to the company's comparative financial value. Needless to say, business plans form most of the foundation for loan providers to decide on approving or rejecting an application.
Starting a business can be intimidating, especially for first-time entrepreneurs. By breaking it down to something concrete, aspiring business owners can get a clearer and more reliable view of how they can materialize their goals.
The tangibility and objective nature of a business plan can help increase your confidence and motivation in growing your company. Yes, you can always discuss your plans verbally during meetings or conversations, but a black and white approach offers a stronger grasp of the direction you want to go and how to get there.
Another objective of a business plan is to entice potential investors. Before people put their money into a company, they'll naturally want to review plans for performance, and a business plan couldn't be more perfect for this. The document will provide a crystal clear picture of the business' current financial performance, anticipated profit streams, marketing research for the target demographic, growth and expansion plans, and so on.
In other words, a business plan gives potential investors a bird's eye view of what they can expect from a certain company. It's a good vehicle for you to show off your business and get those investors on board.
As a company grows, you'll probably add executives to your team to help steer your business on the right path. A business plan gives these new decision-makers a wider scope of the business and how their skills can play an important role.
The absence of a business plan can also give rise to wrong expectations, disappointments and frustration, which can ultimately undermine the interests of both sides.
Just looking at a clear outline of a business plan with objectives will make it easier for you to see how it plays a pivotal role in success. But, aside from creating this plan, you also need to keep it from being static, letting it evolve with the dynamic needs and demands of the industry. A safe rule of thumb is to update this document annually.
A business plan is a good way to go back in time and appraise the business for what it's achieved so far, what needs more work and attention and, most importantly, how existing processes can be improved to produce competitive results.
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Navigating career changes: seven steps to reigniting your journey.
Mark Protus ( Protus Consulting) offers 20+ years of effective learning and leadership solutions driving growth, engagement, and potential.
Are you feeling stuck in your current role and longing for a change? You’re not alone. In one study, 44% of respondents said they were unsatisfied with their career path options, and another study found that more than 50% of people are thinking about changing their careers.
I see many professionals who feel overwhelmed by uncertainty in the job market or frustrated by a lack of career advancement opportunities. Some seek a better work-life balance or higher job satisfaction. Many people want to discover purpose through a meaningful career that fits their passions and contributes to the greater good.
I think this all underscores the importance of having a solid career plan to help you stay focused on your goals and passions. Let’s dive into seven steps you can take to successfully plan your career, discover your strengths and work toward becoming your best self.
First, you want to understand your skills, interests, values and personality. Knowing yourself more deeply allows you to make informed career choices that truly resonate with who you are. Start by taking personality tests, reflecting on your experiences and identifying what excites you. For example, think about a project you enjoyed; what skills did you use? What aspects did you find most rewarding?
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To get started, I recommend personality identification tools like Myers-Briggs, CliftonStrengths or 16Personalities. Reflect on your results and consider how they align with your current or desired career path. And, see if you are learning something new about yourself.
Now that you have a clearer understanding of yourself, it’s time to explore potential career paths. Use online resources, attend industry events and network with professionals in fields of interest to open your eyes to possibilities you might not have considered. I especially find that informational interviews—talking to people who are already in a role you’re curious about—can provide invaluable insights.
Websites like LinkedIn and Glassdoor are great for researching different careers and companies. To find industry events, you can use platforms like Eventbrite or Meetup. Lastly, LinkedIn is also a great tool to connect with professionals and request interviews to learn more about potential careers.
Setting both short-term and long-term goals gives you a road map to follow, ensuring progress and purpose. Define what you want to achieve in the next six months, year and five years. Make these goals SMART: specific, measurable, achievable, relevant and time-bound. For example, if you want to change industries, a short-term goal could be to finish a relevant certification in six months.
Use goal-setting apps like Monday and Trello or even outline your goals with a simple Google Doc. Break down your long-term goals into smaller, manageable tasks and set deadlines for each. Regularly review and adjust your goals as needed.
Turn your goals into tangible tasks you can tackle daily or weekly. List out the steps needed to achieve each goal, set deadlines and prioritize tasks. If your goal is to land a new job, your action plan might include updating your resume, applying to five jobs per week and networking with at least three new contacts each month.
Tools like Todoist or Notion can help you create detailed action plans. Prioritize your tasks and set reminders to stay on track. Use job search engines like Indeed or LinkedIn Jobs to find relevant job postings and track your applications.
As already hinted at, continuous learning is key to staying competitive and achieving your career goals. Focus on skills and experiences that can increase your value and open doors to new opportunities. This could include technical skills, soft skills or industry-specific knowledge.
You can also enroll in courses, attend workshops or seek out volunteer opportunities to build these skills. If you want to be a leader, you can take a leadership development course and volunteer to lead a project at work.
Websites like Coursera, Udemy and LinkedIn Learning offer a wide range of accessible courses to help develop skills. You can also look for volunteer opportunities on platforms like VolunteerMatch or Idealist to gain practical experience.
Regularly reviewing your progress and making necessary adjustments is crucial to staying on track. Life changes, and so do your goals and circumstances.
Set aside time every few months to reflect on your progress. Are you hitting your milestones? Are your goals still relevant? If not, don’t be afraid to pivot. If you find a new interest that excites you more than your current path, adjust your plan to include this new direction.
Set up calendar reminders to schedule quarterly reviews for yourself. Reflect on your progress using tools like a journal or a reflective app like Day One. Adjust your goals and action plan based on your findings.
Career planning is a journey, and I know how challenging it can be to stay motivated. Seek support from a network of supporters for encouragement, advice and new perspectives. Celebrate your achievements, no matter how small, and surround yourself with positive influences.
Consider joining professional associations related to your field, and use some of the platforms already mentioned to find mentors and join relevant groups. This network can help you celebrate your milestones and stay motivated.
Career planning involves steps like self-assessment, research and an action plan. By building a network and actively developing skills, you can start a successful career that matches your talents and interests.
Don’t be discouraged if progress seems slow; every bit of effort counts. Keep moving forward, and remember how each step helps bring you closer to your ideal career.
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This plan, known as a business plan, is a comprehensive document that outlines a company's goals, strategies, and financial projections. Whether you're starting a new business or looking to expand an existing one, a business plan is an essential tool. As a business plan writer and consultant, I've crafted over 15,000 plans for a diverse ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
Social objectives. For example, a sample of business goals and objectives for a business plan for a bakery could be: To increase its annual revenue by 20% in the next year. To reduce its production costs by 10% in the next six months. To launch a new product line of gluten-free cakes in the next quarter.
A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies.
The outline of your goals, objectives, and the steps you'll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance. A business plan can help you explore ideas, successfully start a business, manage operations, and pursue growth.
A Harvard Business Review study found that the ideal time to write a business plan is between 6 and 12 months after deciding to start a business. But the reality can be more nuanced - it depends on the stage a business is in, or the type of business plan being written. Ideal times to write a business plan include: When you have an idea for a ...
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years. Operational business plan. An operational business plan is a detailed document that outlines the day-to-day operations of a business.
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines ...
A business plan acts as a unifying document that aligns the team with the company's goals and strategies. It ensures that everyone is on the same page, working towards common objectives. This alignment fosters collaboration and efficiency, driving the business towards its targets. 3. Validating the Business Concept.
A business plan is a document that contains the operational and financial plan of a business, and details how its objectives will be achieved. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing. A business plan should follow a standard format and contain all ...
To plan your plan, you'll first need to decide what your goals and objectives in business are. As part of that, you'll assess the business you've chosen to start, or are already running, to see ...
The Main Objectives of a Business Plan Here's what a business plan will reveal and how it can save you time and resources. The Main Objectives of a Business Plan. By Eric Butow Oct 27, 2023 ...
Creating a business plan is an indispensable part of any business. The main purpose of creating such a document is to attract prospective investors to provide capital to the enterprise. Therefore, the plan should cover all the important perspectives of a business - financial, operational, personnel, competition, etc.
Purpose and goals: Outline why your company exists: What problem does it solve, what needs will it satisfy, why do you want to start the business, etc. Include your goals and benchmarks for ...
A business plan is a detailed written document that describes your business's activities, goals, and strategy. A strong plan outlines everything from the products a company sells to the executive summary to the overall management. In essence, a business plan should guide a founder's actions through each stage of growth
4. Learning and Growth Opportunities. Another consideration while setting business goals and objectives is learning and growth opportunities for your team. These are designed to increase employee satisfaction and productivity. According to Strategy Execution, learning and growth opportunities touch on three types of capital: Human: Your ...
A business plan provides a financial roadmap, estimating both the costs and revenue projections. It details how financial resources will be managed and secured, which is crucial for attracting potential investors. Market understanding. Market research is an integral part of a business plan.
A business goal is a broad, long-term outcome that a company works toward.Goals usually inform which strategies that department leaders will implement. A business objective, however, is a specific, short-term outcome or action that helps the company achieve long-term goals.. Although the terms are often used interchangeably, goals and objectives are not the same.
To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business. 1. To help you with critical decisions. The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and ...
A business plan is an operating document that describes the dream of an entrepreneur with the objectives and plans to achieve them. A business plan shows the viability of the business idea from every aspect. A business plan is a crucial document that is utilized by both the company's external and internal audiences.
Focus on the basics first: Identify your industry: Retail, wholesale, service, manufacturing, etc. Clearly define your type of business. Identify your customer. You cannot market and sell to ...
Proper allocation of resources. One of the most important objectives of a business plan is to set the consensus on everything about the business -- vision and mission, goals, projections ...
The plan's future Project 2025 is backed by a $22m (£17m) budget and includes strategies for implementing policies immediately after the presidential inauguration in January 2025.
This solicitation supports the Electric Program Investment Charge 2021-2025 Investment Plan's (EPIC 4 Investment Plan) strategic objective to "Inform California's Transition to an Equitable, Zero-Carbon Energy System that is Climate-Resilient and Meets Environmental Goals." The purpose of this solicitation is to fund applied research and development projects that inform California's ...
"It wasn't accidental," said war expert Kostyantyn Mashovets in a Facebook post. "It's clearly part of one clear plan." Mykhaylo Zhyrokhov, a military analyst, agrees.
A comprehensive business plan includes t-shirt market analysis, operational strategies, and financial projections. Regular updates and expert feedback can refine your business plan, making sure it stays relevant and effective. Starting with Printify simplifies setting up a t-shirt company, making it accessible to entrepreneurs with various budgets.
No matter the size or scope of your financial goals, a financial plan can help make them a reality. Financial planning is the process of looking at the current state of your finances and making a ...
Setting both short-term and long-term goals gives you a road map to follow, ensuring progress and purpose. Define what you want to achieve in the next six months, year and five years.