Every business needs to have a solid business plan developed in order to compete, whether it is a multi-national corporation or just a simple website. Business plans aren’t just for startups or obtaining capital from a bank. A good business plan is a living document that changes over time allowing the business management team to make decisions and evaluate their progress while keeping specific goals in mind. A professionally written business plan can make the difference between having a successful company and filing for bankruptcy.

There are several pieces that need to be included, and they are each very focused on just one aspect of the company. No two business plans will be exactly the same, and keeping it up to date is as important as having it in the first place. It usually makes sense to have a professional develop your original business plan for you. They have the expertise to know what goes in the plan and how to word it so that it puts your company and your future prospects in the best light.

A typical business plan will start out with the executive summary. This is simply an overview of the company in a paragraph or two that explains what they do and how they do it. The executive statement is the first thing that people read when they examine a business plan, but it is usually the last thing that is written after the rest of the plan is in place.

The company description section will include information on the formation of the company and whether it is a corporation, a sole proprietorship, etc. It can also include a little history of the founding of the company or information about what the startup plans for the company are if it is just in the planning stages.

The products and services section gives a detailed overview of what is offered by the company and where their focus is. It includes information such as the brands and price ranges of products or the types of services offered as well as the benefits that a potential client would realize that differentiate the business from similar ones.

The section on market analysis requires a little research on the current trends in the relevant industry. Include information on the potential or current client base, and on the competition and what they are doing. This is a good place to include information about how clients can be attracted to the business including marketing goals and advertising plans.

Business strategy is included in its own section, with information regarding specific plans of action such as future expansions, equipment purchases, franchise opportunities, and other major changes coming down the road. This section should have very specific goals that include a timeline and a method of documenting results. Also typically included are specific details of the implementation for each item included in the strategy so that anyone reading the business plan will know what to expect in coming years and be able to recognize it when it comes.

A section detailing the ownership and management team is essential. This section should include a short biography on each member of the team including relevant experience and area of responsibility. A brief resume of successful past experiences for each member also helps to increase confidence in the operation.

Financial analysis is perhaps the most daunting section of the business plan for the startup company. It requires that projections be made about income and expenses as well as cash flow, profit and loss, and various other factors that are hard to quantify before the business is actually in operation.

Optional sections include web development information, specific brand authorizations, equipment purchases, and specialized training and certifications that a particular company may possess, setting it apart from the competition. A section on existing financing and owner equity should be included if obtaining capital is a goal.

Any business can benefit from having a professional business plan. It is considered essential in the current market for businesses of all sizes. Small online businesses are probably the most likely to benefit from having a solid business plan in place, a valuable lesson learned from the dot-com bubble of the late 1990’s.