End of the Year a Great Time to Work on Convincing Business Plan
A business plan can be useful for both new and existing businesses and year-end is a great time to start planning for upcoming years. However, many people who own a business or those interested in starting a business say getting a business plan written is their most daunting task.
According to Chrystal Irons, business development specialist with University of Missouri Extension, a business plan doesn’t have to be long. It should be simple and direct and encompass the vital sections to tell your business idea and story in a convincing fashion.
One way to do that is to add an appendix, show publication clips, pictures, graphs, drawings, principals' resumes, letters of intent from prospective customers, job descriptions, tax returns, contracts, licenses, leases, client testimonies, personal financial statements, credit reports, letters of reference and other such documents that lend credibility to your product or service.
The organization of a business plan is also important.
“You will need a cover sheet and a one-page executive summary that captures the reader's attention and serves as a summary for the plan,” said Irons.
According to Irons, accuracy is critical and there are several other sections that every good business plan needs.
First, a basic description of the business, including an explanation of the business concept, a history of the business, a list of growth possibilities and an explanation of why it will succeed.
“The marketing plan should include potential customers and how you plan to attract and hold them,” said Irons. “This part of the plan includes benefits of your product or service, pricing strategy, sales promotion plan and potential, distribution methods, purchasing plan and competitors.”
Other important elements include information describing how the business will be managed, the organizational roles, and personnel needs. The plan must include financial information such as needs, revenue and cost projections as well as a break-even analysis.
“The sections will vary depending on the readership and type of business,” said Irons.
For more information or assistance related to a current or future business, contact either of the MU Extension business specialists in the Ozarks: Chrystal Irons at (417) 417-546-4431, Kathy Macomber at (417) 682-3579 or one of the two Small Business and Technology Development Centers in southwest Missouri: Missouri State University in Springfield at (417) 836-5685 or Missouri Southern University in Joplin at (417) 625-3128.
Since 1914, Greene County residents have sought help from Extension in areas related to agriculture, gardening, 4-H youth, nutrition, families, business and community development. Members of “Friends of Greene County Extension” contribute financially to make it possible for Extension to continue having a positive impact on the quality of life in Greene County. To learn how you can help go online to http://extension.missouri.edu/greene or call (417) 881-8909. The Greene County Extension Center is located inside the Springfield-Greene County Botanical Center, 2400 S. Scenic, Ave., Springfield, Mo.
According to Chrystal Irons, business development specialist with University of Missouri Extension, a business plan doesn’t have to be long. It should be simple and direct and encompass the vital sections to tell your business idea and story in a convincing fashion.
One way to do that is to add an appendix, show publication clips, pictures, graphs, drawings, principals' resumes, letters of intent from prospective customers, job descriptions, tax returns, contracts, licenses, leases, client testimonies, personal financial statements, credit reports, letters of reference and other such documents that lend credibility to your product or service.
The organization of a business plan is also important.
“You will need a cover sheet and a one-page executive summary that captures the reader's attention and serves as a summary for the plan,” said Irons.
According to Irons, accuracy is critical and there are several other sections that every good business plan needs.
First, a basic description of the business, including an explanation of the business concept, a history of the business, a list of growth possibilities and an explanation of why it will succeed.
“The marketing plan should include potential customers and how you plan to attract and hold them,” said Irons. “This part of the plan includes benefits of your product or service, pricing strategy, sales promotion plan and potential, distribution methods, purchasing plan and competitors.”
Other important elements include information describing how the business will be managed, the organizational roles, and personnel needs. The plan must include financial information such as needs, revenue and cost projections as well as a break-even analysis.
“The sections will vary depending on the readership and type of business,” said Irons.
For more information or assistance related to a current or future business, contact either of the MU Extension business specialists in the Ozarks: Chrystal Irons at (417) 417-546-4431, Kathy Macomber at (417) 682-3579 or one of the two Small Business and Technology Development Centers in southwest Missouri: Missouri State University in Springfield at (417) 836-5685 or Missouri Southern University in Joplin at (417) 625-3128.
Since 1914, Greene County residents have sought help from Extension in areas related to agriculture, gardening, 4-H youth, nutrition, families, business and community development. Members of “Friends of Greene County Extension” contribute financially to make it possible for Extension to continue having a positive impact on the quality of life in Greene County. To learn how you can help go online to http://extension.missouri.edu/greene or call (417) 881-8909. The Greene County Extension Center is located inside the Springfield-Greene County Botanical Center, 2400 S. Scenic, Ave., Springfield, Mo.
posted by David L. Burton at 12/20/2012 03:44:00 PM
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