{"id":429,"date":"2019-08-25T11:52:26","date_gmt":"2019-08-25T11:52:26","guid":{"rendered":"https:\/\/www.sivioinstitute.org\/labs\/sec\/?page_id=429"},"modified":"2019-08-27T12:10:00","modified_gmt":"2019-08-27T12:10:00","slug":"business-planning-essentials","status":"publish","type":"page","link":"https:\/\/www.sivioinstitute.org\/labs\/sec\/abcs-of-business-plans\/business-planning-essentials\/","title":{"rendered":"Business Planning Essentials"},"content":{"rendered":"\n\t\n \tYou are here:\nHome<\/a><\/span><\/span>\n\n\t

Business Planning Essentials<\/h1>\n

The Business Plan: From Concept to Reality<\/h2>\n

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You’ve no doubt heard the expression, “Failing to plan is planning to fail.”<\/p>\n

Many\u00a0entrepreneurs\u00a0write a business plan only when they need to secure start-up financing. However, your\u00a0plan is far more than a document for banks and investors to read; it’s an invaluable roadmap for launching and growing your business.<\/p>\n

In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you\u00a0spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially.<\/p>\n

Here, we’ve summarized the key sections that you’ll find in a business plan.<\/p>\n

The Seven Key Sections of a Business Plan<\/h2>\n
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  1. Executive summary.<\/strong>\u00a0Your executive summary should be\u00a01-2\u00a0pages long, and provide an overview of your business concept, key objectives of your business and your plan, ownership structure,\u00a0management team, your product or service offering, target market(s), competitive advantages, marketing strategy, and a summary of your financial projections. Your executive summary should be written\u00a0last, after you’ve written the rest of the plan; each paragraph should be a summary of the more detailed, related section of the plan.<\/li>\n
  2. Business overview.<\/strong>In your overview, include details regarding your business\u2019s history, vision and\/or mission, objectives, and your ownership structure.<\/li>\n
  3. Products and services Portfolio.<\/strong>Expand upon your products and services, including features and benefits, competitive advantages, and, if marketing a product, how and where your products will be produced.<\/li>\n
  4. Industry overview.<\/strong>The industry overview is your opportunity to demonstrate the viability of your business by discussing the size and growth of your industry, the key markets within your industry, how your customers will buy your products or services, and which markets you\u2019ll be targeting.<\/li>\n
  5. Marketing strategy.<\/strong>Here you describe your target market segments, your competition, how you’ll differentiate your products or services, and your products\u2019 or services\u2019 unique selling proposition (USP).\n