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However, if you intend to start up a corporation that may someday go international, employ hundreds of people, and get financial backing from the World Bank (or someone as financially strict), then you absolutely need a business plan.But it’s not just about accountability and direction; several other benefits come with having a solid business plan that every entrepreneur can enjoy.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.
Make it brief, "hard hitting" and highly focused on achievement. 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.
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.
These will be the benchmarks for your five-year business plan Prepare an executive summary.
This section outlines your goals, objectives, strategies and your expertise in achieving the results you project.Clearly state sound reasons that your products are currently viable and how you will react to future challenges in the market.Create financial projections for the next five years.When business planning is performed correctly, the constellation of dots that comprise your venture come together in a cohesive fashion that ultimately paints a picture of your company, its goals, and its pathway to success.A business plan is an excellent tool for entrepreneurs, startups, and small businesses.For example, if you are strong in technology and accounting, be sure to mention your marketing, customer relations and operations skills.If you're going to "outsource" these functions, explain how you plan to use other experts and whom you're considering.When you think about it that way, you will quickly realize that every entrepreneur has a business plan in one form or another.The problem often comes when people start thinking of a business plan as a long, boring, academic-type document that can only be written and used by Ivy League graduates who truly understand corporate mumbo-jumbo.A 5-year business plan will help you manage your company and seek loans or investment money.This term is familiar to most commercial loan officers and small business investors.