By Lydia F. Brown on June 13 2018 02:01:58
Make it clear and concise; include only the most important elements, keeping it at a maximum of half a page. To create the summary go back over your plan, pick three or four key messages and write a brief overview, then conclude with details of the action you want the reader to take.
Business plans may be internally or externally focused. Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders. They typically have detailed information about the organization or team attempting to reach the goals. With for-profit entities, external stakeholders include investors and customers. External stake-holders of non-profits include donors and the clients of the non-profits services. For government agencies, external stakeholders include tax-payers, higher-level government agencies, and international lending bodies such as the International Monetary Fund, the World Bank, various economic agencies of the United Nations, and development banks.
Preparing a business plan will help you work out the goals you want to achieve, and the strategies to achieve them. This means you can focus your resources and energy on what you need to do, rather than spreading yourself too thin. The planning process also helps you to consider possible bumps in the road and put a plan in place to better manage them if they do come up.
A business plan is not a document you create once and store in your bottom drawer. It is a living guide that you should develop as your business grows and changes. Successful businesses review and update their business plan when circumstances change.
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