The best way to turn an idea into a business is to make a plan. However, making a plan isn’t just for you. Did you know that businesses that have a plan grow 30% faster? Business plans can also help you secure lenders and investors, and business plans reduce risk. Let’s talk about how to make plans for your Denver, Colorado business.
There are several important parts to a sound business plan, but the first one is to have an executive summary. The executive summary is the “too long, didn’t read” version of your business plan. It tells readers everything they need to know at a glance. For this reason, it is usually written last, even though it comes first in your report.
For your next section, you should spend time describing your company, performing a market analysis, outlining the management of your organization, listing your products and services, defining a marketing plan, and making a financial plan. All of these pieces are integral to a sound business plan, and a business plan is important because it keeps you on the right track with your business and allows you to get adequate business funding.
No matter how long you’ve been in business, when you appeal to lenders, they will want to know your future business plans before they agree to give you money. When appealing to lenders, the most important sections of your business plan will be your financial and marketing plans. Lenders want to know how you will use the money they give you and your plan for growth to ensure you can pay the money back.
A business plan is a necessary part of owning a business and can help you stay on the right path as your business grows. Businesses that plan grow much faster than businesses that don’t, but the plan isn’t just for you. A business plan is also for lenders and financial institutions, such as Aspen Commercial Lending, so it is important to make a thorough plan for how your business will grow, how you will finance your business, and how you will market it.