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This is where you want to go next if you're ready to develop a traditional business plan, ready for external eyes.
To start, review this overview of business plan financials.
It provides a clear explanation of an income statement, balance sheet, and cash flow projection.
Another important part of the simple business plan exercise is your unique selling proposition (USP).
You will use your USP throughout all of your future marketing activities, but it's also a useful tool in planning your business from the very beginning.
A big part of your business planning process is identifying where you are right now, where you hope to be, and how you plan to get there.
When you are outlining your objectives in your simple business plan, it will help you to think in terms of SMART goals.You will be able to use it as-is to get started with your business, or it can be a starting point for a more in-depth business plan.One of the questions asked in the simple business planning exercise above is: What is your mission?Your mission statement can guide your company from startup to established business, and keep you on track to reach your business goals.A mission statement is a great way to stay grounded and focused.In fact, many businesses fail from lack of research, goals and a thorough plan.The business planning process requires a lot of time, work, and effort, though.The exercise asks you a series of questions about your business, your goals, and your future plans.Once you write down your answers, you will have a short, streamlined business plan.It can be overwhelming for many small business owners.This guide will explain why a business plan is a must-have, provide a shortcut to the business planning process, help you collect important background information, and get you started with a working business plan outline. But, no, you may not need a 10-page, structured, traditional business plan.