Tips for Making a Better Business Plan

As every entrepreneur knows, a business plan is crucial to success. Even if you've been in business for a while, if you haven't formulated a business plan there is no reason you can't start one now. A business plan is essentially a road map to your success. Think of it as a time clock to track the minutes you're spending to grow and market your business and the minutes you spend taking care of your current clients.

Your business plan doesn't have to be overly elaborate, but it should encompass the following points to make it viable and workable. Here are some items to incorporate into your business plan:

1. An executive summary. This should be your "elevator pitch" for your business. If you had to sum up in a few sentences or less the hows and whats of your business it would be what your executive summary sounds like. Use this section to offer investors, or to remind yourself, of why you believe your business concept is a compelling one and how it will propel you toward success. 
2. What is your business model? This is where you explain how your concept will generate money. 
3. What is your sales model? In this section detail where your customer base will come from to support your growth. What is your customer demographic? How will you find potential customers? How will you market your business? What kind of pitch will you use to spread the word? What medium will you use to market your business? What is your budget for marketing? Do you have an idea in mind of how large your market is? 
4. Analyze how many clients you will reach on a monthly basis and how much revenue they will generate for you. 
5. Income and expense projections. How much will you need to bring in compared to what your expenses are to remain viable? 
6. Will you need to hire employees that are able to perform tasks for which you are not experienced i.e., marketing, accounting, etc.

Regardless of whether you're looking for investor capital or to secure a bank loan, a business plan is a necessary part of a successful venture. Your business plan should also be a living document - one that you refer to frequently and update as needed.

Your business plan can help you not only retain current clients but can help you find new customers. Use your business plan to find new ways to build your business. If the information contained in your business plan has failed to meet the expectations and growth you originally hoped for take some time from your day-to-day business operation and revamp your plan to meet the needs of a growing and ever-changing market.