Write a Business Plan that Means Business - Tips on Resources for Writing.
Tips on Writing a Business Plan are conveniently found at the Small Business Administration’s Website located at www.sba.gov. The SBA offers volumes of tips and free advice on developing and running a small business. Their SCORE division (www.score.org) offers free personal email counseling from retired executives. If you haven’t written a Business Plan, this is the best place to start. Banks are familiar with and accept the SBA format. And don’t let the term Small Business throw you off; a typical small business loan under SBA standards is defined as being under one million dollars. Regardless of whether you are pursuing a small business loan or not, the most valuable Tip on Writing a Business Plan is to visit the SBA website - then Write a Business Plan that Means Business.
The SBA website includes an outline of information to include in your Business Plan, which is boiled down to four categories: Description of the Business, Marketing, Finances and Management. The description of the Business Plan will include an overall description of the business, marketing, and competition, operating procedures, personnel and business insurance information. The Financial Data you should include in your Business Plan consists loan applications, capital equipment and supply list, balance sheet, breakeven analysis, profit and loss statements, three year summary, then details of projections for the first year by month, then details by quarters for the second and third years, and the assumptions on which these projections were based, and of course a pro-forma cash flow.
Supporting documents typically included in a Business Plan are tax returns for the last three years, personal financial statements, franchise financial statements and contracts if they apply, copies of proposed leases or purchase agreements, copies of licenses, legal documents, resumes of owners and key management, and letters of intent from suppliers.
Sounds like a lot? It is. But it’s worth it. Once you are able to disseminate all of this information you will have a more accurate and clear plan of your cash flow, your pending difficulties, and discover areas where you might be able to expand or improve. There is no better way to get to know your business than to actively participate in creating the Business Plan. The better you know your business, the better your business will be.
There are many websites available to help you with your research. The Government has resourceful page at www.usa.gov. The Census Bureau has a wealth of data for any demographic, economic or geographic need at www.census.gov. Trademark and patent information is available at www.uspto.gov. The Department of Labor has employment regulations and wage information at www.dol.gov. A portal dedicated just for businesses is located at www.business.gov. Here you’ll find permit information, specialty loan information, industry information, and links galore. The IRS is located at www.irs.gov. If you are going to incorporate, do a search for your local Department of State office.
Tips on writing a Business Plan and the resources you need to confirm your data are available within these government websites. By researching your Business Plan thoroughly, writing a Business Plan will be the interactive tool you need to comprehend all of the interwoven implications of every decision. Take a tip, do your research and Write a Business Plan that means Business - and your business could be the one that survives.
