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Tips for writing an effective small business plan

One of most important tools that you will have in your small business is your business plan. Every business owner, regardless of the size of their company, will need to have a business plan; however, it is crucial for a small business to have one. There are so many considerations that have to be made when a business is just starting out. Having a business plan, can help the small business to be guided along a path that will help to insure its success. In addition, a small business owner will need a business plan, to show lenders if they want to be considered, for business financing. Here are some tips for writing an effective small business plan-

  • Focus on communication-An effective small business plan will clearly communicate what your business is, what its goals are, and what it has to offer. It is important to keep in mind that the very act of writing this section of the business plan, will help the owner determine what their business really is and where they want to go. This in turn leads to the setting of business goals, and a plan has to how to achieve them. Finally, it is important to understand that potential lenders or investors,will want to see that you have a plan, as to how you are going to use capital, and most importantly to them, how you will pay itback.
  • Design the management structure and processes of your small business-Another important component to your small business plan, should be the design of your management structure. While it may seem difficult to do this, when your business is small (and quite possibly you are the only working in it), it is crucial to have an idea as to how you want your business to grow. This will help you in hiring the right people, for the right jobs, as your business gets bigger. Once again, lenders or investors will look closely at this section of your business plan, as they want to see that you and anyone you hire, has the right experience and expertise to run the business. This par of your small business plan should also outline any processes that will be used to put your small business together.
  • Add planning to your plan-It will not be enough to have business goal, you will need to be able to detail them, and most importantly how you will achieve them. This will provide a road map for growing your small business, and let potential investors and lenders know that you have a plan. Simply opening your doors or your website and waiting for your customers, to arrive won't be enough. You will need to detail your marketing, sales and promotional plans that will help your small business, to grow and develop. In addition, to this you will need to have a financial plan that includes how profits, costs and other financial issues will be handled.
  • Be prepared to spend some time initially and down the road-Writing a small business plan can be a timely process. You need to commit to doing the most thorough job possible, and then understand that a small business plan is dynamic. You will need to be prepared to add revisions to your business plan, as your small business grows. As your business gets larger you may need to add or even take away sections on your initial small business plan. This can be a time consuming process, but successful small business owners understand that this is an integral step in helping their business to grow and succeed.
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