Without such a plan, you run the risk of running around in ways that have little to do with generating results. A five-year strategic plan describes where you are now and how you plan to achieve your goals over a five-year period. When writing your plan, include subheads that are specific to your goals. Executive Summary First, start with an executive summary.
This term is familiar to most commercial loan officers and small business investors. Learning how to write an effective five year business plan helps you manage better and improves your chances of receiving the loans or investment dollars you need to succeed. You should thoroughly understand business plan components and your company to complete a winning blueprint for success.
Below are several points to consider when writing an effective 5-year business plan. Strategic Plan Design your strategic plan.
Combine your goals with your vision for your company. Decide on the best strategies -- e-commerce, retail locations, business-to-business, business-to-consumers or combinations thereof -- to reach your business objectives.
These will be the benchmarks for your five-year business plan Executive Summary Prepare an executive summary. This section outlines your goals, objectives, strategies and your expertise in achieving the results you project.
When seeking loans or investment, this is the most critical section of your business plan. You have limited time to impress a loan officer or investor, both of whom read many business plans daily.
Make it brief, "hard hitting" and highly focused on achievement. Management Team Display the talent of your management team. Like a resume -- only more interesting -- management team biographies increase the credibility of your executive summary and all projections that follow.
If you are a one-person management team, be sure to emphasize all your skills. For example, if you are strong in technology and accounting, be sure to mention your marketing, customer relations and operations skills.
Products or Services Describe the products or services you offer, in detail. Clearly state sound reasons that your products are currently viable and how you will react to future challenges in the market. Financial Projections Create financial projections for the next five years.
Include income statements, balance sheets, and cash flow estimates. For years one and two, show Income and cash flow Statements on a monthly basis. You can use quarterly projections for years three through five. If your starting a small business, you can estimate your balance sheet on a semi-annual basis because you probably expect few major changes.
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Kimberlee Leonard has been helping businesses for more than 17 years with business planning, team development and sales training. "How Do I Write a 5-Year Strategic Plan?" Small Business.
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