Business Plans Are Written Here

Business Plans Are Written Here Main Photo

11 Dec 2023

Benjamin Franklin said, “If you fail to plan, you are planning to fail.” December is National Write a Business Plan Month, the perfect time to plan for the success of your business. Harvard Business Review says, “Entrepreneurs who write formal business plans are 16% more likely to achieve viability than otherwise identical non-planning entrepreneurs.”

What Is a Business Plan?

For new business owners, a business plan is an overview that explains:

  • What the business is
  • What the business sells
  • Why the business exists
  • The competition
  • How the business is funded

For existing business owners, a business plan is a roadmap to success. It’s a guide that is adjusted and updated often as the business changes/grows. Business plans outline a business’ present and future journeys.

Whether you’re a new or existing business owner, a business plan is the best quick reference guide to have in place should any unexpected questions or situations arise from outsiders, prospective investors, and employees. If you are applying for a business loan, most banks require a copy of your business plan with the completed application.

Common elements of a business plan include:

  • Executive Summary - An overview of operations, strategy, and goals
  • Products and Services - What the business offers and how it helps consumers/customers
  • Market Analysis - Profile of the Ideal Customer
  • Competitive Analysis - Strengths and weaknesses against the competition
  • Marketing and Sales Plan - The best market for the business to attract customers, generate revenue, and how
  • Operational Plan - How the business will run daily, including inventory, equipment, employees/labor, etc. 
  • Organization and Management Structure (including one-person-run businesses) - Departments, staff, and staff requirements
  • Key Milestones - Date or number projections for when each goal is attained
  • Financial Plan - Accounting documentation, expenses, funding, salaries, liabilities, etc.
  • Appendix - Data, charts, and other visual aspects, etc.

How to Write a Business Plan

There's no need to stress if you’ve never written a business plan. The Small Business Association (SBA) offers much information on their website:

Once you’ve gathered all the information, are ready to write your business plan, and want more creativity than an MS Word document or plain PDF, visit B Plans, a website dedicated to writing business plans.

CEDC Is Here to Help 

For in-person assistance, the Conroe Economic Development Council (CEDC) provides businesses with individual support and offers local business resources available to Conroe-only companies. Contact CEDC today to get your business plan started or updated here.