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Operating Plan. The operating plan outlines the physical requirements of your business, such as office, warehouse, or retail space, equipment, inventory and supply needs, labor, etc. For a one-person, home-based consulting business the operating plan will be short and simple, but for a business such as a restaurant or manufacturer that requires custom facilities, supply chains, specialized equipment, and multiple employees, the operating plan needs to be much more detailed.
A standard business plan consists of a single document divided into several sections, including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.
Be concise. It’s really important that potential investors can understand what your business is all about from a quick glance at your plan. Make sure you include a summary of your business, and how it will make money right from the start, and use simple language throughout.
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.
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