13 steps to writing an effective Business Plan
A business plan is a written summary of your business and describes what you wish to achieve by being in business and how you intend to organize your resources to meet your goals. A business plan is a road map for success. It helps eliminate unknowns and misunderstandings that can arise if you don’t take the time to put your thoughts, plans, and research on paper.
The purpose of the business plan is to:
A key point to remember about business plans is that they come in all shapes and sizes. For example, we use a specific template for our Starter Company Plus and Miinikaanan Badakidoon programs. However, other funding programs will require different formats. Typically, it’s helpful to follow program guides when applying for funding as they likely include important criteria for the specific applications.
A great tip is to ask a friend to review your plan and provide you with honest feedback. You’re also welcome to book an appointment with our team at the Entrepreneur Centre for a business plan review.
Want to know how to get started? Use the Business Model Canvas.
The Business Model Canvas (BMC) is a tool to help a new or existing business develop their business idea. It is a snapshot of your business, encompassing elements of the business plan in a visual way.
Usually contains the name of your business plus a logo.
It works as a tool to navigate through the business plan and quickly find different sections.
This is easily the most important section of the business plan. It should briefly outline and capture the key elements of your business plan in one page.
Write this section again after you have written the main body of the business plan as it is going to describe the outline of the plan and the key purpose of your business.
The company profile is a backgrounder about your business and includes the mission, vision, values, and goals of your company and explains, as clearly as possible, what your business idea is or what your business does.
The Environmental Analysis reviews the internal and external factors that could positively or negatively impact your business.
When it comes to marketing, the following template is a great way to organize and outline your plan.
This section is not always necessary to include, especially if you are self-employed and not planning on hiring any employees in the future.
The financial strategy is all about the money flowing in and out of your business.
The operating plan is the fourth main section of your business plan and typically deals with what you need to accomplish to operate.
A conclusion is a brief section that closes off and summarizes the key aspects of the overall business plan.
The appendix is probably the greatest saviour of all for business plans, as it is the place to put all the tables, figures, and pictures, as well as other documents such as degrees and resumes.
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