Winston Churchill once said, "Plans are worthless. Planning is priceless. Just because the future is uncertain doesn't mean you can't anticipate it. On the flip side, just because you have a plan doesn't mean you can't be agile and make decisions in the moment based on current circumstances—you're not locked into the plan. A business plan can also help you communicate more effectively with potential employees, partners, and customers. Generally, the first step to writing a business plan is to develop an outline of the content that will be covered.
5 Simple Rules for Writing a Solid Business Plan
Write your business plan
Last Updated: April 26, References Approved. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. There are 17 references cited in this article, which can be found at the bottom of the page. This article has been viewed , times. Learn more Written policies and procedures integrate the guidelines, rules, focus, and principles of an organization.
How to Write a Small Business Plan
Writing a business plan is a key step when starting your business or nonprofit. Thereafter, it is also a very helpful annual exercise. Creating a business plan is different than creating a strategic plan , which outlines your programming — what activities you undertake day-to-day to accomplish your wonderful work. Many entrepreneurs and visionaries skip a business plan altogether — or write one when they start their organization and never use it or revisit it. That is a mistake.
Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment. A business plan is a roadmap describing a business, its products or services, how it earns or will earn money, its leadership and staffing, its financing, its operations model, and many other details essential to its success. Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a loan.