Business Plan

The Business Plan is used in a business expansions to clarify the purchase plan and to convince financing officers that the idea will work.

In general, a good business plan explains the business idea, summarizes the objectives of the idea, identifies the resources (both in terms of money and people) that will be needed, describes how those resources will be obtained, and tells the reader how the business will succeed.

Financial lenders in particular will evaluate the business plan when you apply for financing so it is important to submit a solid business plan that you know inside and out. In order to achieve this, the person who must execute the plan should do the business planning. LOWBIC has advisors who can help with the development of the plan.

Overview of a Business Plan

• Executive Summary – summarizes key points of the business plan in one or two pages
• Business Description – an overview which introduces the reader to the business
• Management and Ownership – a description of management and staff
• Products and Services – a description of the products and services
• Market Analysis – an overview of the industry in which the business will compete
• Sales and Revenue Activities
• Marketing (Promotion and Advertising) - marketing strategy which summarizes the product, promotion, pricing, and distribution strategies of the business
• Operations – an implementation plan
• Financial Plan - includes pro-forma balance sheets, income statements and cash flow statements. A balance sheet compares what your business owns to what it owes. A cash flow statement compares how much money will be coming in to how much you will be spending. An income statement compares your revenues to your expenses to see if you are going to make money.

Visit the CBSC Interactive Business Planner  online which will guide you through each step in preparing your business plan.

The North West Business  Centre and Lake of the Woods Business Incentive Corp. offer free assistance with your business plan so call now to book an appointment with one of our staff.