An effective Business Plan is an important foundation on which a successful venture is built. It will be the outline of your most basic plans and loftiest goals. It can be as simple or as complex as your business dictates. This plan is going to take you through the startup process and beyond. It should, however, be flexible. Believe me, it will be constantly changing, hopefully improving. A good Business Plan details the specifics of the business: people involved; location; business type and form; products/services; and licensing/permits needed. It should also include: your marketing strategy; appraisal of your competition; your management plan; and financial picture. Generally, a business plan is presented with a cover letter and table of contents. Within the plan itself, these categories are covered: a description of the business; the marketing plan; the financial management plan; and the management plan. Once you have a plan you are satisfied with, use it to monitor and evaluate your progress. If you are lucky, and things go as planned, extend your plan. If you are not so fortunate, you must re-examine your plan to figure out what went wrong, and try to recover. Periodically revising your plan will keep you on top of things. JEM's Tip: If you plan to pursue outside financing, such as a bank loan, an impressive plan is a must!
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