One piece of advice that is given to people regardless of the type of business or industry they want to get into is to create, and stick to, a business plan. Even if having cash at the ready is not a viable alternative for you, you may have planned to have a line of credit available for such opportunities, knowing that in your field these opportunities do arise from time to time. If you want to start a business, you must be able to communicate to other people what kind of business you want to start.
7 Banks and other funding sources don’t lend money because people with interesting business ideas are nice. Whether you are managing a public or private company, a well-written business plan is necessary to clearly outline company objectives and articulate a cohesive business strategy.
For example, if one of your goals is to generate 10 new sales per month, then in your marketing section you’ll need to think about how many sales each promotional channel needs to deliver in order to support this objective. Even though it appears first in the plan, write your executive summary last so you can condense essential ideas from the other nine sections.
IP should therefore be taken into consideration both when drafting the global strategy that will be described in the business plan and when actually writing the document itself. The company overview will most likely be the shortest section of your business plan.
Under this heading of the business plan, make sure you write about all the marketing strategies you have planned to adopt. The executive summary should answer two major questions: what is your business idea, and why will this business idea be successful. A typical cash flow statement starts with the amount of cash you have on hand, adds new cash received through cash sales and paid invoices, and then subtracts cash that you have paid out as you pay bills, pay off loans, pay taxes, etc.