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Resources (https://tricitieschamber.com/resources/) Business Resources (https://tricitieschamber.com/resources/business-resources/) Starting your Business (https://tricitieschamber.com/resources/business-resources/starting-business/) Crafting your Business Plan
Crafting your Business Plan As an aspiring business owner, your business plan is an asset that can make or break your entrepreneurial career. This claim may seem exaggerated, but the value of proper planning should not be understated. This is because, as an entrepreneur, you often find yourself wearing many different hats depending on the time of day. You may begin to feel overwhelmed, which can negatively affect your long-term judgement. Therefore, by setting a course for your business in advance – outlining goals, solidifying an identity, planning an exit – your choices as an entrepreneur can remain grounded and rational even in times of hardship. So what exactly goes into a business plan that makes it so special? While there is no single, set layout to follow, the Canada Business Network (CBN) has put together a good set of topics worth looking into:
1. Executive Summary The executive summary, like an essay’s introduction, provides an important snapshot of your business plan. It should be concise, like a written elevator pitch. It should also quickly cover every major topic that your business plan aims to dive into ALL EVENTS + later. Just remember that your executive summary is your first impression; anybody who reads your plan will make immediate judgements about you and your business based on what they saw in the summary. It’s recommended, therefore, (HTTP://BUSINESS.TRICITIESCHAMBER.COM/EVENTS/CALENDARCATGID/6) that you write your summary after completing the other sections of your plan, as you’ll want the best understanding of your plan possible before you craft your vital first impression. This may sound like a lot to cover in a small amount of space. While that is the case, it’s important that you really focus on keeping this section compact and easy to read. As your summary is your first impression, you do not want your potential investors to be left feeling bored or tired after reading it. A captive audience will be much more receptive to your ideas, after all. Specifically, the CBN recommends that your summary be less than two pages long.
2. Business & Industry Overview 3. Marketing Strategy 4. Operational Plan 5. SWOT Analysis 6. Human Resources Plan 7. Social Responsibility Strategy 8. E-Business Strategy 9. Financial Forecasts and Other Information 10. Business Exit Strategy Once you’ve finished putting together your business plan, you’ll want to review it extensively. You’ll be showing your plan to potential investors, so you’ll want to put your best foot forward. Also, try not to shy away from workshopping your plan to friends and family; receiving impartial feedback is a valuable part of the writing process. Remember that the end goal is a concise, easy to read, professional document that clearly outlines every aspect of you and your business. When you’re confident that your plan fits all of those criteria, you’ll be properly prepared to make your entrepreneurial dream a reality.
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