September 2008

BUSINESS BUYER TIP

Writing a Business Plan
Article courtesy of SBA (Small Business Administration)

Business Plan Basics
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. As it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.

Plan Your Work
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives. Before you begin writing your business plan, consider four core questions:

• What service or product does your business provide and what needs does it fill?
• Who are the potential customers for your product or service and why will they purchase it from you?
• How will you reach your potential customers?
• Where will you get the financial resources to start your business.

Writing The Plan
What goes in a business plan? The body can be divided into four distinct sections which are the business description, marketing, finances and management.

Agenda should include an executive summary, supporting documents, and financial projections. Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized < click here to continue article>

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B I Z B U Y S E L L ' S   L O A N   C E N T E R If you're looking to buy (or sell) a business, you should contact an SBA loan expert to discuss your purchase (or sale) of a small business. Having taken this step will let business sellers know that you are a serious buyer, increase your chances of getting the business you want, and help you understand how much business you can afford. Get started today with BizBuySell's Loan Center

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