Then, translate that list into a few short paragraphs (like the example below). Instead, write it like you would a profile: How do you describe a company’s history?ĭon’t worry about making your company history a dense narrative. A statement that doesn’t fit your core values or what you actually do can undermine your marketing efforts and credibility. Tip: Review your mission statement often to make sure it matches your company’s purpose as it evolves. Think about what motivates you, what causes and experiences led you to start the business, the problems you solve, the wider social issues you care about, and more. Nowhere is that truer than your mission statement. Throughout every part of your plan, less is more. Emotional to captivate readers and grab their interest.Inspirational to make others believe in your vision.It’s more than what you do or what you sell, it’s about why exactly you do what you do. What is a mission statement?Ī mission statement is your business’s reason for existing. These elements give context to the bigger picture in your business plan, letting investors know the purpose behind your company so the goals make sense as well.

Within a business plan, your company description contains three elements: Laura’s Landscapers provides a premium, sustainable service for customers with disposable incomes, large yards, and a love of nature. Currently, only two exist-neither of which focus on eco-friendly planning nor are certified by green organizations. However, high-end firms in the area are scarce. Market research indicates that an increasing number of wealthy consumers in Richmond are interested in landscape architecture based on sustainable design. This framework isn’t meant to be rigid, but instead to serve as a jumping-off point. You can follow a straightforward “problem, solution” format, or a fill-in-the-blanks framework: This executive summary focuses on what’s often called the value proposition or unique selling point: an extended motto aimed at customers, investors, and employees.

(We’ll use that same company throughout this guide to make each step practical and easy to replicate.) How do I write an executive summary?īelow, you’ll find an example from a fictional business, Laura’s Landscapers. In short, it’s an overview of your business. It’s a high-level look at everything and summarizes the other sections of your plan. An executive summary is typically one page or less. The executive summary lays out all the vital information about your business within a relatively short space. Now, let’s dive into the 10 key elements of your business plan.Įven though it appears first in the plan, write your executive summary last so you can condense essential ideas from the other nine sections.

Experiencing slow growth and need a changeĭefining your audience helps you determine the language you’ll need to propose your ideas as well as the depth to which you need to go to help readers conduct due diligence.

Attracting, hiring, and retaining top talent.

Searching for a new partner or co-founder.

It’s also smart to write a business plan when you’re: Over the long term, it’ll keep you focused on what needs to be accomplished. Perhaps the strongest evidence comes from the Journal of Business Venturing’s 2010 meta-analysis of 46 separate studies on 11,046 organizations: Its findings confirm that “business planning increases the performance of both new and established small firms.”īefore you leave a nine-to-five income, your business plan can tell you if you’re ready.

Entrepreneurs with a business plan have a 129% increased likelihood of growing beyond the startup phase and a 260% increased likelihood of growing from “idea” to “new business.”.

Owners with business plans are twice as likely to grow, get investments, or secure loans than those without.

Businesses with a business plan grow 30% faster than those without.

In 2018, entrepreneurial resource center Bplans worked with the University of Oregon to compile and analyze research around the benefits of business planning. Not only does a business plan help you focus on concrete objectives, but it gives outside parties reassurance that you’ve thought ahead.

You need a business plan because the majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid, written plan.

Scalability: Can you grow sales volume without proportional growth in headcount and fixed costs?Ī templated business plan gives investors a blueprint of what to expect from your company and tells them about you as an entrepreneur.

A solid team in place: Do you have the people you need to support your goals and objectives?.

Product-market fit: Have you done the research to determine the demand for your product or service?.

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