Key elements of a business plan include:
1. Executive Summary
The executive summary must be 1-2 pages long and must provide a summary of the entire business plan including the key strategic direction, product and services offered marketing plan, operational plan and financial plan. The executive summary must be written last and typically contains at-least one paragraph for each section listed below.
2. Business Overview
The business overview section includes the business history, mission and objectives. It also lists the team members with their bios and the ownership structure.
3. Products and Services
This section lists the products and services offered by the business including features and benefits and competitive advantages of the products or services offered over the business. The section must cover how the business differentiates itself from the competition.
4. Industry Overview
5. Marketing Plan
6. Operations Plan
7. Financial Plan
The financial plan is perhaps the most important part of the business plan one must devote more 2/3rd of time allocated to this section. The financial plan incudes three years’ of financial projections, including income statements, pro-forma balance sheets, and monthly cash flow statements. Additionally, the section should include an easy-to-understand summary of the financials and the must state all the assumptions made in developing the projections.