What is a business plan and why do I need one?

      A business plan is a road map for the direction of your company and specifically defines your business and clearly states your goals. A good business plan is a crucial part of any loan package because it provides specific and organized information about your company and how you will repay borrowed money. Basic components include an income statement a cash flow analysis and a current and pro forma balance sheet.

      It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals.

Where can I find help writing my business plan?

      At no cost, Small Business Development Center (SBDC) consultants assist clients with their business plan by critiquing and offering suggestions for improvement. There are private sector consultants that offer business plan writing services for a fee. The SBDC also offers "Writing a Business Plan" workshop several times a year. This workshop discusses the basic information required to complete a business plan, and offers attendees a chance to discuss questions with a consultant, banker and accountant.

Writing a Business Plan

How long will it take to write a business plan?

      A well thought out business plan generally takes anywhere from 6 months to a year to complete, but it can be less depending on how committed you are to the business, and how much time you are willing to spend on writing your plan. Your business plan is a joint venture with your consultant. The SBDC consultant cannot write the business plan for you.

      The writing of the plan is an educational process in which you learn about your business and how you expect to operate. It should reflect your goals, objectives, priorities, and management style.