Business plans are essential documents for guiding a company’s structure, operations, and goals to ensure continuous growth and success. The coronavirus pandemic has changed how businesses operate, causing financial stress and forced closures. Whether a company is still running or an entrepreneur is establishing a new startup, their business plan should include the following.
This is the first section that introduces the company and summarizes a professional business plan.
Description of Company
This section is information about business owners and the legal name of their business. It also includes the location, mission statement, service or product type, short-term and long-term goals, objectives, and inspiration behind starting a business.
Here, entrepreneurs will provide a thorough overview of the business industry, including potential competitors, regulatory standards, and trends. It identifies how a company plans to reach customers and meet their needs.
Here, entrepreneurs should state whether their business is a corporation, limited liability partnership or company, or a sole proprietor. The section identifies executives and each management team member and their titles and responsibilities. Present this information in a graphic presentation for readability and clarity.
Product & Service
Outlining the company’s products and services is a key part of the business plan. This section explains the manufacturing and distribution of a product and the benefits for consumers.
Be sure to include details about financing the business venture and assumptions presented in the balance sheet, income, budget, and cash flow statements. State company’s desired goals to generate revenue.
The appendix is an important section to share legal documents, copies of permits and licenses, projection of finances, and/or tax returns.
Companies can update existing plans by revising information on operations and including safety protocols for customers and their employees. If there is no control of the spread of Covid-19 by 2021, entrepreneurs must address safe protocols implemented within their organizations. The sections to include this information are the market analysis, organization structure, product & service, financial analysis, and/or appendix sections of the business plan.
Business owners should prioritize government sites when searching for updates pertaining to the pandemic. Avoid gossip news and unreliable media sites. Creators of business plans should look for clarity and factual data before making decisions.