Parameters to Include in your Business Plan Template
Most entrepreneurs, startups and business owners are usually reluctant to write down their business plans and document key activities but we have made this process easier for you with our custom business plan template. To help you build your own business plan seamlessly, you can purchase our affordable business plan template; with this, you can easily integrate these main parameters to include in your business plan template.
So you don’t need to start writing your new business plan from scratch. This lucrative business plan template provides a systematic assessment of all the critical factors to your company development purposes and business goals. It contains the information required by financial institutions, tax authorities and potential investors to assess your business ideas and give you the opportunity to be considered in terms of loan applications and business profitability.
Preparing and maintaining a workable business plan is important for any business succeed, regardless of its size, industry or organizational structure. With this reliable business planning tool, you can begin to assemble your wining business ideas by putting things together; one by one. And at the end of this session, you will have a full list of main topics to include in your business plan. First, let us define our main subject: Business Plan Template.
What is a Business Plan Template?
A business plan template is a sample business plan or business plan format that provides a wealth of information to help you document you own business ideas in a well organised manner. A good business plan format could help you visualize your business capital expenditure and projected future return on investments (ROI).
Most business plan templates include some necessary features of a perfect business plan that will make your business proposal a comprehensive document. All you need to do is order for one today; we will send you a downloadable copy of the Business Plan Template. Next, you will start to input your business information, edit its parameters and customize everything to suit your business needs.
Now; below are some of the important components of a good business plan every entrepreneur must understand and tailor to suit his/her business plan development.
7 Key Parameters to Include in your Business Plan Template
#1. A Vision Statement
Your vision statement simply defines the core ideals that give the business its shape and direction. This statement will be a concise outline of your main business purpose and goals. Read how to create a Vision Statement and Value Positioning for your business.
#2. The Executive Summary (Business Profile)
This section describes your intended business and how you plan to running it. Your company description provides information on what you do, and what differentiate your business from other competitors. What is your product line and how does it benefit your customers?
Try to stay focused on the market your business intends to serve here. And include the target customers for the company’s products or services. The executive summary is a snapshot or overview of your business entity; as it touches on your company profile and goals.
#3. Organization and Management
Your business can be a form of sole proprietorship, partnership business or Limited Liability Company (LLC). Include your business legal structure and management resources here. By far, the most important ingredient for a success business will be yourself- the owner. Focus on how your prior experiences can be applicable to your new business venture or enterprise. Be factual and avoid hypes here.
Again, prepare your résumé and one for each persons who will be involved in starting up or growing the business. This part of your business plan will be read carefully by most partners, including your lenders, investors and vendors. If you lack the ability to perform certain key functions in a business, please include the qualified team member who will be taking control of the tasks.
We have Professional Business Plan Writers, Accounting and Legal Experts to help you. Why not hire us to do this? If you lack the ability to train your staff, include an explanation on how you will compensate for this deficiency. Maybe you will need to hire the services of a human resource development agency to do the job o your behalf.
Also, plan to hire key people who will provide skills, services or opportunities you don’t have. Include a brief biography and experience of all your intended board members, your partners or internal management team members – and describe their functions or roles within the company.
#4. Target Market Research (Economic Assessment)
Your business will be part of a specific economic sector or industry. Here, you will provide a complete assessment of the economic environment or market in which your business will thrive. We want you to investigate the market analysis by identifying:
- What the primary customers are demanding for,
- The major players or competitors in the industry,
- Your potential sales opportunities and/or
- Variables that are likely to prove fatal to the venture.
Explain how your business will be appropriate for the regulatory agencies, your geographic locations and demographics – which you will be dealing with. You can provide your market feasibility studies with demographic results and/or business traffic flow statistics. Normally, some of this information can be available from your local business planning departments or trade associations.
#5. Your Business Financial Projection
What is your assessment of what could go wrong in your business and how do you plan to handle these problems? Things like cash liquidity or shortage. For example, whether you can rent or lease a space. Prioritize those areas where your options are limited to paying in cash, and review alternatives where there may be other ways.
For a small business or sole proprietor seeking for outside funding or loan from the banks; you financial projections should be able to back up your funding request. Your prospective financial data will include a description of your business physical location, facilities and equipment needed; inventory requirement, suppliers and any other items on your operational plan.
Include a one-year cash flow projection that will incorporate your capital expenditure budgets. With the finance in place, how do you plan to start or maintain the business through year one or so? We advised that you raise only the amount of money you required to finance your next experiment, with a cushion for contingencies.
In our advance financial management classes, you will learn how to predict future cash needs using cash flow control methods, like income statement. You may also want to include your balance sheet, your sales forecast, business ratios and brake-even analysis.
#6. Marketing Plan and Expansion Plan
To drive sales, maintain customer loyalty and ultimately grow; your business will define its marketing and expansion strategy on your business plan. How do you plan to market your business? And…What is your sales strategy, pricing policy, and proposed offline/online business advertising activities?
Your marketing and expansion plans should describe how you plan to test your markets and products and gauge potential customers reactions– even before rolling out and opening your doors. Try to be specific here. Include the management responsibilities, budgets and measurable milestones with dates.
At some point, you may start your business on a small scale in the real world through customer research, test marketing, or go-to-market prototyping. Ask yourself if your experience or expertise gives you the right opinions on specific opportunity. You can hire our local market research experts to work with you at this section.
Remember: Don’t be everything for everybody! If you can acquire the necessary skills and technology, focus on key success areas that can accelerate your startup journey or growth opportunities. As a rule, specialists do better than non-specialists in any business sector.
#7. Include A Damage Control Plan
All businesses will experience episodes of distress and this should be covered in your business plan. Your survival will depend on how well you are prepared to cope with these industry and socio-economic challenges. Your damage control plan should anticipate potential threats to your business niche and how you plan to overcome them.
3 Examples of Damage Control Plan:
- Plan for 35% loss of sales
During economic downturns, your survival will depend on your ability to maintain liquidity for a period of at least 12 months. Can your cash flow plan show how to avoid running out of cash?
- Plan for a catastrophic incident
Businesses can be overturned by unforeseen disasters which can be avoided by maintaining appropriate insurance cover or ensuring quality safety standards. You will need the assistance of qualified insurance agents and safety professionals here.
- Plan for product obsolescence
If your business is in the fast-moving consumer goods (FMCG) category, or rapidly changing technology area such as home electronics, mobile phones, etc., you will need to plan on how to keep a step ahead of technology changes and advancements. A continues product research and development (R&D) is advised in these cases where necessary.
Wrapping Up: 7 Key Parameters to Include in your Business Plan Template
If you are starting a business, it is our recommendation that you become the sole author of your business plan – by writing out the plan yourself and in your own words. The internet, libraries and bookstores also provide valuable resources on how to write a good business plan; and information that you may need to design a profitable business plan for any type of business.
We have provided a Microsoft Word sample business plans template to help you organize thoughts and analyze the best strategies that will grow your business forward. You can Contact us now to order and download this awesome business plan template that included all theses sections and more.