Is A Business Plan Necessary - Black Business America

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Is A Business Plan Necessary

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Company Description – this is your chance to shine and make a first good impression. In your own words you should briefly explain why you started your business, how you meet your target customers’ needs and what sets you apart. Explain your unique customer service system or a process that is different than your competitors.

Management & Organization Overview
1. Owners
  1. Legal form of company (corporation, Limited Liability Company etc.)
  2. Name of owners
    1. Share of ownership
    2. Company involvement or role that each owner play in company
    3. % of stock or shares (if applicable)
2. Management and/or key officers– the management of your company should include anyone that plays a key role in the daily operations of your business. Oftentimes, an investor or banker is most interested in this section, because they want to see the type of leader you are in surrounding yourself with qualified people that can contribute to your company’s growth. Information about the management team of your company should include:
  1. Professional bio
    1. Name
    2. Position Description
    3. Education or Certifications
    4. Specific experience as it relates to your company
    5. Employment history and accomplishments while with other companies.
    6. Special skills that can give your company a competitive edge or boost.
    7. Special awards or recognition

Board of Directors – a Board of Directors is usually a group of experienced professionals that can add value to your company by providing invaluable knowledge and expertise that can assist your company in being successful. Oftentimes, the rights Board of Directors can “open doors” that you otherwise would not be able to have open for you. Information about each board member should include:
1. Name and company affiliated with
2. Position on the board
3. Contribution to company
4. Brief bio, including accomplishments

Marketing & Sales – this section should describe how you will market your business, the system you will use, industry statistics that support your system, customer service policy, marketing materials you will use, etc.
1. Sales Strategy
  1. Sales staff and their role
    1. Project sales goals and expectations of sales staff
  2. Hiring and/or recruitment procedures
  3. Sales training
  4. Compensation of sales staff (bonuses, overrides etc.)
  5. Sales process
    1. Provide your detailed procedures for sales staff