You'll also need to know your financial goals as defined in a budget, which also build on the goals you set in the earlier section of your plan. Three of Rohr's favorite areas to focus on right now are: acquisition, e-marketing, and testimonial.
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With an acquisition, the goal would be to buy a faltering company and turn their phone number or URL into a lead generator for your business. E-marketing strategies would be to use social media sites like Facebook and Twitter to promote your business as well as spending time on search engine optimization and even an e-newsletter. You should also consider turning your early customers into promotional agents for your business by taking pictures of the work you did for them and then reaching out to that person's peers and colleagues. Just as importantly, you also need to set dates that you are going to take all these actions, says Rohr.
They want to see how you plan to get potential customers to reach in your direction.
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Dig Deeper : How to Write a Marketing Plan How to Write a Business Plan Outline: The Org Chart Even if you plan on running a sole proprietorship, you still won't be able to do everything involved in running your business by yourself, whether that might be setting up your website or preparing for tax season, says Rohr.
That's why it's important to set up an organization chart to define who you plan to have do the tasks you need in your business—even if they're subcontractors.
Writing an operations manual for how someone can answer the phone at your business is a project. I don't care what they are, but they should focus on solving a problem or capitalizing on an opportunity. If you have employees or contractors, "don't forget to assign names to each project to define who is responsible for it," says Rohr.
Dig Deeper : Tools for Managing Projects and Collaborating With Co-workers How to Write a Business Plan Outline: Your Story, the Executive Summary Once you have nailed down all the details of your plan, it's time to spend less than a page answering the key questions about your business: The what, the why, the for whom, the how much, the by when, and the where.
You could even think about this section as the one you would hand over to Warren Buffet if he was sitting next to you on the plane and asked you, "So what do you do? You're about to be redirected We notice you're visiting us from a region where we have a local version of Inc. Today's Must Reads. Forgot Password?
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Elements of a Business Plan | Business Strategy
Types of business plans include, but are not limited to, start-up, internal, strategic, feasibility, operations and growth plans. New businesses should detail the steps to start the new enterprise with a start-up business plan. This document typically includes sections describing the company, the product or service your business will supply, market evaluations and your projected management team. Potential investors will also require a financial analysis with spreadsheets describing financial areas including, but not limited to, income, profit and cash flow projections.
Internal business plans target a specific audience within the business, for example, the marketing team who need to evaluate a proposed project. Internal plans provide information about project marketing, hiring and tech costs. While the structure of a strategic plan differs from company to company, most include five elements: business vision, mission statement, definition of critical success factors, strategies for achieving objectives and an implementation schedule.
A feasibility business plan answers two primary questions about a proposed business venture: who , if anyone, will purchase the service or product a company wants to sell, and if the venture can turn a profit.
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Feasibility business plans include, but are not limited to, sections describing the need for the product or service, target demographics and required capital. A feasibility plan ends with recommendations for going forward.
Operations plans are internal plans that consist of elements related to company operations. An operations plan, specifies implementation markers and deadlines for the coming year. Growth plans or expansion plans are in-depth descriptions of proposed growth and are written for internal or external purposes.
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If company growth requires investment, a growth plan may include complete descriptions of the company, its management and officers.