Writing A Business Plan For An Existing Business

Writing A Business Plan For An Existing Business-78
If you are writing a business plan to get a bank loan or because you’re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.

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Use this chapter to describe your current team and who you need to hire.

You will also provide a quick overview of your legal structure, location, and history if you’re already up and running. Because once you know the details of your business inside and out, you will be better prepared to write your executive summary.

In currently existing businesses, this section is often larger and more detailed than the other sections. Your executive summary is your 30-second elevator pitch.

It should emphasize the aspects of your product or service that make your business unique and compelling to customers, and should also define the scope of what you do and do not do. You should be able to include three to five years worth of historical financial statements, a current analysis of profit and loss and cash flow, and at least one year's pro forma statements based on historical records. This section tells the investor what you are using the investment funds for, how your business will grow to capture new market opportunities, and how your business is changing to meet new market opportunities. It should be one page or less and be a persuasive and exciting piece of sales writing designed to entice investors into looking further.

You can always use the appendix of your plan to provide the full specs if needed.

Writing a business plan may seem like a big hurdle, but it doesn’t have to be. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.Evangeline Marzec is a management consultant to small high-tech companies, and has been in the video games industry since 2004.As a published writer since 1998, she has contributed articles and short stories to web and print media, including e How and Timewinder.She holds a Master of Business Adminstration from Thunderbird School of Global Management.Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand.In that case, you can dispense with details about the management team, funding requirements, and traction, and instead treat the executive summary as an overview of the strategic direction of the company, to ensure that all team members are on the same page.There are four main chapters in a business plan—opportunity, execution, company overview, and financial plan.Cover the key highlights of your business, but don’t into too much detail.Ideally, your executive summary will be one to two pages at most, designed to be a quick read that sparks interest and makes your investors feel eager to hear more.Speak in terms of the size of your potential market base, the percentage of the market share you have, and how you reach these customers.Describe how the market is growing; investors would rather work with a small company in a growing market than a large one in a stagnant market. Include an analysis of your current and upcoming competitors, how you compare to them, how you work with or around one another, and the regulations that govern your business.

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