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Eight Essential Components Of A Good Business Plan

How to Write a Business Plan in a Few Hours

Business Plan Cover Image

Part 4: What Are the Essential Components of A Good Business Plan?

The person who figures out how to harness the collective genius of his or her organization is going to blow the competition away. ~ Walter Wriston

There are typically eight essential components to writing a winning business plan:

Components of A Good Business Plan

1. Executive summary that highlights your compelling vision and mission.

2. Executive or management bios detailing the education, training and background of core management team members, and how these experiences work in synergy to grow the company.

3. Company information - quality products and services that fill a void.

4. Competitive analysis of why you differ from competition, and are superior to them in every way.

5. Pricing strategies - basic charges, seasonal discounts, etc. to realize profits.

6. Marketing strategy - How are you getting out the word—collateral, PR, etc.

7. Operations - job descriptions for product manufacturing, delivery, etc.

8. Financial projections - estimations of cash flow to predict revenues and expenses. Not only for planning purposes, but also for important milestones to show benchmark progress and plus securing lines of credit and loans from the bank.

organizing a business plan

We'll discuss them in detail in Part 6. We'll use a simple guide to accomplish your mission—writing your very own business plan. Writing the plan is actually simple.

As Henry Ford pointed out, it's the astute thinking involved that makes a difference to outcomes. That is, a constructive action plan is the result of careful thinking

What's Next

Next In This Guide
Part 5:
Business Plan Planning Do's and Don'ts of an Effective Business Plan - Use This Checklist When Writing Your Business Plan. It Will Help You Include The Right Points And Avoid The Wrong Ones..

Previous In This guide
Part 3:
Business Plan DocumentHow A Business Plan Helps Your Business - Reasons Behind Having A Business Plan And How It Helps You And Your Business

Table of Contents
Business Plan Guide CoverHow to Write a Business Plan in a Few Hours - Table of Contents

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