Refining Your Business Plan

Small Business Guide: Refining Your Business Plan.


Many people need to modify their business plan to suit their audience for which the plan is written. Below are some examples for intended audiences:


Raising Funds from Outside Parties:

If your business plan is for bankersinclude:

  • Amount of loan
  • How the funds will be used
  • Repayment terms
  • Collateral offers and existing liens


If your business plan is for investorsinclude:

  • Funds needed short-term and long-term
  • How the company will use the funds
  • Estimate return on investment
  • Exit strategy for investors
  • Percent ownership for investors
  • Involvement of investors on the board or in management


Types of Businesses

If your business is involved in manufacturinginclude:

  • Planned production levels
  • Direct production costs and indirect costs
  • Gross profit margin
  • Production/capacity limits of physical plant and equipment


If your business is involved in services include:

  • List the competitive factors in this industry
  • Your prices
  • Methods used to set prices
  • Quality control procedures
  • Credit, payment, and collection policies and procedures


If your business is involved in technologyinclude:

  • Research and development for new products
  • Plan on protecting intellectual property
  • How you will bring product/service to market


If your company is a retail businessinclude:

  • Pricing and markup policies
  • Inventory selection, level, and pricing
  • Customer service polices
  • Location
  • Credit information


Of course, not everyone’s company is going to fit in the above models. The purpose of this blog post (and this blog series) is for our readers to think about what aspects apply to their specific business.


*This information is taken from the Small Business Center Network (SBCN), part of the North Carolina Community College System, and full packet, entitled “How to Develop a Business Plan” can be viewed here


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