First, do you even have one? A comprehensive business plan is a must when you’re applying for a loan or venture capital, or if you’re going to take on business partners. But it’s a good idea to have one even if you’re humming along on your own funds. It’s much easier to gauge your progress and make strategic decisions if you’ve laid out a clear road map. If you didn’t create a business plan before you started your business, it’s not too late.

And if you have one, maybe it’s time to dust it off and see if it needs a tune-up. According to the Small Business Administration, a business plan should always be a work-in-progress, subject to regular tweaking. 

Several Elements 

• Company Description and Organization:  What does your business do? Who does what?
• Market Analysis:  What is your target market, and who is your competition?
• Marketing and Sales Strategies: How are you marketing and selling your products and services?
• Service/Product Line: What are you selling? What else do you plan to sell?
• Financials: These will range from simple tables to full-blown spreadsheets (balance sheet, break-even analysis, cash flow, etc.).
• Funding Requirements:  How much money will you need? How will you use it?
• Executive Summary:  Write this last, as it encapsulates who your company is and where you’re headed.

To be useful (and to increase your chances of obtaining funding, if that’s your goal), be brutally honest and specific. Not good with grammar and spelling? Ask someone who is to edit it.

Business plans can be lengthy documents, but don’t have to be.  Don’t put your potential readers to sleep. Be concise.

 Goals are, by nature, attainable and measurable. Your business plan should not only serve as an attractive prospect for funding, but a guide for you as you continue to hone the framework of your business. Visit it often, and solicit input from your key employees. Keep it tuned up, so it’s ready at a moment’s notice should a potential investor or banker want to see it.