Business Plans Are Written Here

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:

• Business Plan Tool 
• How to Write a Business Plan (self-paced course)
• Business Planning Guide
• Business Plan Formats

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.