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The Key Steps in Writing a Business Plan

On Behalf of | Feb 27, 2023 | Business Planning

A business plan serves to describe a company’s road map when it comes to the operational and financial aspects of the business. Oklahoma companies that are only just starting out do this, while those that have been around for a while also put together business plans whenever it’s deemed to be necessary.

What a business plan may be used for

One of the main purposes of business planning is to help provide direction and guidelines to meet particular goals. Such a document can assist the company when it comes time to seek financial loans.

A solid business plan would ideally have risks outlined as well as projected costs of certain decisions that the company might make. Some basic elements of a business plan include financial projections, an executive summary, and details of the company’s operations.

How best to write a business plan

You may want to use a template for your business plan, though this can be a mistake if you end up with something that’s too generic. Your best bet is to tailor the structure to what makes sense for your company.

Make sure that it has an overview to start. Then, get into a description of the company, market analysis for the industry, descriptions of the main products and services, your marketing strategy, what you project for the financial outlook over time, and an appendix that includes any additional data and supporting documents.

Remember that a business plan is a document that’s sure to change throughout the company’s life. If you make significant changes to your business, amend the plan. This also should be done whenever you have new information crucial to the company and its finances or other major aspects.