Have Greater Success with a Business Plan

A business plan is imperative when it comes to knowing your business and how to succeed. It describes what your business is, your goals, targets, and financial forecasts. It can help you be realistic with your expectations and truly focus on what’s important.

Equally as important, a solid business plan can help you get the financial assistance you need to start up or continue operating your business. Your plan can demonstrate your business understanding and ability to be profitable.

According to the Government of Canada’s Business Plan Guide, “A business plan is more than just something to show lenders and investors, it is also necessary to help you plan for the growth and progress of your business. Your business’s success can depend on your plans for the future.”

Ask yourself the following when writing your business plan:

• How will I generate a profit?
• How will I run the business if sales are low or if profits are down?
• Who is my competition, and how will we coexist?
• Who is my target market?
• What should be included in a business plan?

The Government of Canada’s Business Plan Guide also suggests that all business plans contain:

• Executive summary (business description)
• Identifying your business opportunity
• Marketing and sales strategy of a business plan
• Your team
• Operations
• Financial forecasts of a business plan
• Other useful documentation
• The executive summary (business description)

If you need help creating your business plan, reach out to your management team, consultants, accountants, bookkeepers, copy editors or your Innovation Business Advisor. We want your business to thrive!