Picking up from where How to Create a Business Plan: 7 Elements of a Successful Business Plan (Pt. 1) left off, below, we will continue pointing out some of the most essential aspects of a comprehensive business plan.
More Important Components of a Successful Business Plan…
3. The Business Goals
After describing the business’ operations in depth, the next component of the business plan should focus on detailing what the business’ goals are in terms of profitability and success. To this end, you may want to explain the business’ goals according to a time line; in other words, what are the business goals for the first month of operation, the first quarter, the first year, etc.
As you explain these goals, some of the specific questions you should think about answering in this section include (but are not necessarily limited to):
- What will make your business profitable?
- How will you measure success?
- What is your time frame for growing your business? And how will you do this?
- What strategies and/or support systems do you have in place if the business does not end up meeting some or all of these stated goals?
Here, it’s important to note that, as you create a business plan, this section does not have to be long (like the business description section will likely be); instead, consider dedicating one or two paragraphs to each of the above-mentioned topics. In general, keeping this section more concise can be preferable when you are using your business plan to secure financing (among other things).
4. Your Business Team
In this section of your business plan, you should detail what types of employees will comprise your business’ team and why each of these employees (or groups of employees) is critical to the operation and success of the business. Here, some of the specific aspects of the business team that you may want to highlight in detail can include (but are not necessarily limited to):
- The number of people that will be needed to get the business operation up and running
- How and when more people may be hired to support the growing business needs (and to optimize the business’ profitability)
- The type of training and/or education that may be unique to certain employees of the business
- How your employees may give your business a competitive edge.
We will wrap up this discussion regarding developing a business plan in the upcoming conclusion to this blog series – make sure you look for it!
Denver Business Formation Lawyer at Downey & Associates, PC
If you need help with any aspect of forming a business, you can count on Denver Business Formation Lawyer Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their business legal issues.
Our dedication to our clients, coupled with our extensive experience handling complex matters of business law, means that our clients can always trust that we will aggressively protect their rights and help them achieve the best possible outcomes to their sensitive legal matters.
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