Business Plans -- How to Write an Effective Business Plan

What are business plans?

From the Small Business Administration: A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. As it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.

Before you begin writing your business plan, consider four core questions:

  • What service or product does your business provide and what needs does it fill?
  • Who are the potential customers for your product or service and why will they purchase it from you?
  • How will you reach your potential customers?
  • Where will you get the financial resources to start your business?

Library Resources

Business Plans Handbook

A compilation of actual business plans developed by small businesses throughout North America. 
Business Plans Handbook is part of Gale Virtual Reference Library.  Use the link above to access the online collection.

Web Resources

Books and Video on Developing and Writing Business Plans

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Last Updated: Nov 4, 2023 12:37 PM