This article is part of a series on how to write a great business plan. In the Products and Services section of your business plan, you will clearly describe--yep--the products and services your business will provide. Keep in mind that highly detailed or technical descriptions are not necessary and definitely not recommended. Use simple terms and avoid industry buzzwords so your readers can easily understand. On the other hand, describing how the company's products and services will differ from the competition is critical. So is describing why your products and services are needed if no market currently exists.
Business Plan Execution. Get Specific.
Prepare an Investor-Ready Business Plan
Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. With that in mind, jump right in. Within the overall outline of the business plan, the executive summary will follow the title page.
An Introduction to Business Plans
Goal setting is one of the most important activities you can do in your small business, regardless of how old your business is, where you are located, how profitable it is, or what you sell. Goals help you stay focused and they can prevent your business from becoming stagnant. Your business goals keep you moving forward and set the stage for ongoing success.
A business plan is a foundation, or rather a springboard, towards the establishment and growth of a new business. A business plan is an essential tool for companies raising capital —and your business plan needs to be investor-ready. An investor-ready business plan is a document that has been professionally prepared to meet the needs of both venture capitalists and angel investors. They will want to see specific information in your well-crafted plan that allows them to feel comfortable investing money into your business. So, as you write this document, make sure to think with an investor's eye.