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How to Write Effective Business Plans

How to Write Effective Business Plans. Jennifer Abel Virginia Cooperative Extension Feb. 2, 2005. What is a business plan?. An outline of what your business will be It is a chance for you to: Set yourself apart from the competition

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How to Write Effective Business Plans

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  1. How to Write Effective Business Plans Jennifer Abel Virginia Cooperative Extension Feb. 2, 2005

  2. What is a business plan? • An outline of what your business will be • It is a chance for you to: • Set yourself apart from the competition • Set SMART goals for your business (Specific, Measurable, Attainable, Realistic, Time-bound) • Explain how your business will grow • Ask for start-up funding

  3. Why write a business plan? • Obtain loans or capital to get your business started • Establish clear objectives for yourself • List your strengths • Analyze the market—know the competition • Create a plan for growth

  4. Pieces of the Plan: Objectives • What do you want the business to accomplish in its first three years? • At what rate will your client base increase each year? • By how much will revenues increase each year? • Make objectives Specific, Measurable, Attainable, Realistic, and Time-bound

  5. Pieces of the Plan: Mission • Provides a clear statement of what the business will do, who it will serve, and why a customer would want to pick your business over a competitor’s

  6. Pieces of the Plan: Company Summary • Provides information on: • Company background • Company ownership • Needed start-up purchases

  7. Pieces of the Plan: Services • What products will you sell or what services will you provide? • Who will be your target customer?

  8. Pieces of the Plan: Market Analysis • What segment of the market will you target? • How will your biz be different? • What is your competition? • How will you reach your market? • What are the current buying patterns of the people you want to serve?

  9. Pieces of the Plan: Implementation • How will you maintain your competitive edge? • Sales strategy • Sales forecast • Milestones—what points will you have along the way to measure success? • Personnel plan

  10. Financial Plan • Break-even analysis • Projected profits and losses • Projected cash flow • Projected balance sheet

  11. Summary • Business plans help you set clear goals • They are necessary for you to get funding • Free help is available to assist you in writing them • Contact the Arlington office of Virginia Cooperative Extension at 703-228-6417

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