Perspective business owners in Ohio who want to achieve success begin by drawing up a comprehensive business plan. Successful business planning works to provide the owner with marketing, profitability and assessment tools to measure the business’s financial growth. The business plan should be thorough and detailed, and an effective business plan carries several parts, such as an introduction, an outline of the company’s marketing and financial arrangement, a detailed outline of the business operations and a conclusion.
The introduction should include a complete description of the particular company including the legal structure and ownership of the company. It should further outline the owner’s experience and abilities and explain what makes the company stand out among its competitors. The marketing section of the business plan should provide an outline of the company’s goods and services including a clear method of advertising and marketing of those goods and services, information about the consumers that will benefit from them and pricing strategies.
The financial management section of the plan should outline monthly cash flow goals and projected returns on any investments for the business’s initial year of existence. The section should also include organized balance sheets and estimated income statements for the next two years and a clear and detailed statement of record keeping procedures, and it is important to state how the business will handle any unforeseen future problems.
It should also carry a section outlining the business operational strategies for the daily routine of the business, including hiring procedures, an inventory of the company’s equipment, a record of the goods and services the company delivered, and official documentation, such as lease, rent and insurance contracts.
Having a sound business plan may promote the long-term growth of a new venture. A local attorney who is experienced in business law might assist an entrepreneur with creating a plan and maintaining contracts with customers and other businesses.
Source: The U.S. Small Business Administration , “Small Business Resource“, September 11, 2014