New Book
Available...
by Dr. Gary W. Lawson
CEO, Lawson & Associates
"The Entrepreneur's
Marketing Guide" ($20)
Business Plans
Developing a business plan - $375
Every Saturday Morning 9:30 a.m.
- Noon
New group starts first Saturday of each month.
Total Class = 4 Saturday Mornings
Pre-sign Up Enrollment Required
At Lawson & Associates Business Consulting (LABC), we believe that every great company starts with a great business plan. Whether you're just starting a business and you're looking for funding or your business is already up and running and you want a roadmap for the future, you're going to need a detailed, comprehensive business plan to help you get where you want to go.
Business plans include but are not limited to an executive summary of your business and goals, a description of your company's products and services, a detailed overview of your company's target market, a competitive analysis, and projections of future sales and profits. In every case, you will write, with as little assistance from LABC as possible and as needed, your own business plan. It will be tailored to your specific needs. It will be unique. It will be your work, your ideas, your projections, your vision, your timeline and your follow-up.
SBA Business Plan Basics
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.
Plan Your Work
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.
Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.
Before you begin writing your business plan, consider four core questions:
- What service or product does your business provide and what needs does it fill?
- Who are the potential customers for your product or service and why will they purchase it from you?
- How will you reach your potential customers?
- Where will you get the financial resources to start your business?
Writing A Business Plan
What goes in a business plan? The body can be divided into four distinct sections:
1) Description of the business
2) Marketing
3) Finances
4) Management
Addenda should include an executive summary, supporting documents, and financial
projections.
Although there is no single formula for developing a business plan, some
elements are common to all business plans. They are summarized in the following
outline:
Elements of a Business Plan
1. Cover sheet
2. Statement of purpose
3. Table of contents
I. The Business
A. Description of business
B. Marketing
C. Competition
D. Operating procedures
E. Personnel
F. Business insurance
II. Financial Data
A. Loan applications
B. Capital equipment and supply list
C. Balance sheet
D. Breakeven analysis
E. Pro-forma income projections (profit & loss statements)
Three-year summary
Detail by month, first year
Detail by quarters, second and third years
Assumptions upon which projections were based
F. Pro-forma cash flow
III. Supporting Documents
Tax returns of principals for last three years Personal financial
statement (all banks have these forms)
For franchised businesses, a copy of franchise contract and all
supporting documents provided by the franchisor
Copy of proposed lease or purchase agreement for building space
Copy of licenses and other legal documents
Copy of resumes of all principals
Copies of letters of intent from suppliers, etc.