Last week’s message stressed the importance of a good business plan. In the next two weeks, I will be highlighting the components of a business plan and why they are significant. This week, I want to discuss the cover sheet, business purpose, table of contents, business description and marketing strategies. Let’s get started!
- Cover sheet – Making a good first impression is essential to success, that’s why the cover sheet is a vital piece of your plan. Make sure to include your business name and logo on the cover sheet. Don’t be afraid to be creative, but at the same time, it needs to look professional. This is the first page anybody sees of your business plan, so it’s a great opportunity to showcase the individuality of your business.
- Purpose – This is where you describe the mission and purpose of your business. Although all businesses want to turn a profit, most also have a specific reason for existing. What do you envision your company becoming? For example, maybe you want to serve the best Italian food in the city or to be the number one spa destination in town. The “purpose” is your ultimate goal for the business.
- Table of contents – It’s helpful to incorporate a table of contents into the plan for reference and to make the document look more professional.
- Business description and ownership – Here you describe what the business does and how it will deliver the product or service. Also, share the type of business structure and the names of the business owners. If your business has a production process, describe the process in detail in this part of the plan.
- Marketing – Discuss all your marketing strategies and how you plan to reach your primary target market in this section. It will also be used as a foundation for developing your marketing message that you’ll use for all forms of media, from print to direct mail.
This covers the first half of developing a professional business plan. Check next Wednesday’s Utah Pulse for more information on putting the final touches on your plan, from identifying competition to including financial projections.
And remember, Zions Bank’s Business Resource Center can help you with your business plan. Call us for a free appointment at (801) 594-8245. We are open Monday through Friday from 9 a.m. to 5 p.m. Beth Holbrook can be reached at email@example.com.