Business Plan Basics

Everyone needs a business plan. No matter how much you think you can manage without one, it’s better to write things down to help give you a visual. The business plan is an essential component if you plan on attaining lenders of any type to help finance your business. A business plan on paper acts as a blueprint for your business that you can refer to and possibly reassess your current track. Frank Fiore has written several books including, “Write a Business Plan In No Time.” This book covers all the basics of writing an effective business plan. The book has 15 chapters and touches on everything from presenting your plan to understanding the elements of a business plan.

Source: Amazon.com Frank Fiore
When it comes to a business plan all elements are vital to making a successful impression on the potential investors. Fiore also founded, edited and wrote the New Times newspaper, which is now a multi-state operation. A study mentioned in "Business Plans For Dummies" by Paul Tiffany states that companies with just the strategic section of a business plan have 50% more profits and revenue than non-planning businesses. Another survey found business-planning companies have 63% higher revenue growth and 100% more profit. So as the old saying goes, “if you fail to plan then you plan to fail.” Business plans can be as short as a one-page document to a standard 20-30 pages. The difference is in the details. According to SBA.gov, “writing your business plan also forces you to think about your business objectively.” When you write down the facts it helps you to see if you will actually make money, how and when. Often this leads to new business strategies you may not have considered prior to your start. Writing the business plan helps you to visualize your dream and can tell you if you need any revisions. So no matter if it’s a one-page business plan or a 25-page business plan you should write it down. In the words of John Greenleaf Whittier, “as a small businessperson, you have no greater leverage than the truth.” A business plan helps provide that truth.