The Importance of a Business Plan Taking the time to put together a business plan is as important as hiring the right employees. Just what is a business plan? Simply put, it is any plan that helps a business to look ahead, allocate resources, focus on key objectives and plan for problems and opportunities. You can find many books on how to write a business plan and the internet is full of software programs you can purchase that provide templates of business plans. Books and software can certainly be very helpful, but are not absolutely necessary. Here is an example of what type of information a standard business plan should include: 1. Executive Summary – Although this is usually the first page of a business plan you should write it last. It is simply a couple of pages of highlights. 2. Company Description - Include specifics such as history, legal establishment, plans, etc. 3. Market Analysis - It is imperative that you know your own unique market, including customer needs, where they are located and how to reach them. 4. Service or Product - Include detailed description of what you are offering and place major emphasis on how customers can benefit from your product or service. 5. Implementation and Strategy – Include specific details, such as key responsibilities of management, including dates and budget allocation. 6. Management Team – Spell out backgrounds of key management members, their personal strategies and any pertinent details. 7. Financial Plan – Detail balance sheets, break-even analysis, business ratios and profit and loss statements. You can collect data and write the business plan in any order that works for you. The above is simply an outline of how the final product should be presented.