7. What is a business plan and why do I need one?
A business plan defines the nature and scope of your business, quantifies your product mix/volume and/or service type/scope goals, and serves as your company’s resume. It describes the marketing, sales, operational, and financial aspects of a business. It is the roadmap annotated with the course you will pursue to achieve your goals. Because it provides specific and organized information about your business and how invested/borrowed money will be returned/repaid, a good business plan is a crucial part of any investment prospectus or loan package. Additionally, it tells personnel, suppliers and others about company operations and objectives. SCORE has developed comprehensive business plan templates that you can use in creating and maintaining your plan for either a new or established business.
A sound business plan is key to your success. Our local SCORE chapter volunteer counselors can assist you in drafting and refining one which addresses:
- Core Competencies, Goals, & Objectives
- Market , Customer & Competitor Assessments
- Company Assets & Venture Capital Sources
- Fixed/Variable Cost/Expense Estimates
- Product/Service Production Rates & Prices
- Marketing Strategy & Sales Forecasts
- Cash Flow & 12 Month Profit/Loss Projections