What is a business plan?
A business plan is a working document that explains what a business does, who it serves, how it competes and how it expects to make money. It can be useful for internal planning as well as conversations with lenders, investors or partners.
What should a small business plan include?
Start with an executive summary, company description, market analysis, products or services, marketing and sales approach, operations and a financial plan. Keep assumptions explicit and update the plan as the business changes.
How to make the plan useful
Avoid writing a document that sits in a folder. Use measurable goals, realistic assumptions and a short review schedule. A good plan should help you decide what to do next.