What You Need In A Business Plan

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When she's not working, you will find her exploring her current town of Cape May, NJ or binge watching Pretty Little Liars for the 700th time.

Maybe you think you don't need a step by step guide to writing a great business plan.

The key to business success is having a clear vision of what you want to accomplish as a company, experts say.

But before you write a business plan, you should come up with three to five key strategies that will enable you to achieve that vision, advised Evan Singer, CEO of Smart Biz, a provider of SBA loans. "It's far better to do three things very well versus 10 things not so well." Tied in with building the vision for your business is also putting together a mission statement.

The mission is the "why" you're doing what you do.

"The first sentence of the mission statement should be why you're in business.As with a business plan, your model should be revisited and updated as the realities of your business start to unfold."Start [answering] 'what ifs,'" said Muller. "If I sell this product at this price point, and this is the cost of client acquisition, what rates of return can I get?As an impatient person myself, I fully understand the desire to skip over the business plan stage, especially if you’re launching a business in an industry that you have some experience and familiarity with.For example, if you’ve worked as a CPA for 10 years and you want to strike out with your own CPA firm, you may feel like you know everything you need to know.She added that from the mission statement, it is an easy transition to develop your "value proposition" statement that defines what makes you unique in the marketplace and how you intend to differentiate and position your business.Alex Muller, senior vice president and chief product officer of GPShopper at Synchrony Financial said a good financial model should include many of the details you would put in your formal business plan – for example, hiring, pricing, sales, cost of acquisition, expenses and growth.Entrepreneurs should go out and talk to industry experts, potential customers in their target market and other entrepreneurs to determine their business' viability, said Kara Bubb, principal consultant at Kara Bubb Product Consulting. The forethought put into the plan identifies the milestones by which you can mark your progress."Talk to some real potential future clients [and experts], and ask for some honest feedback," Bubb told Business News Daily. Who, specifically, are you targeting with your business? Editor's note: If you're looking for information to help you with business plan services, use the questionnaire below to have our sister site provide you with information from a variety of vendors for free.Jennifer Post graduated from Rowan University in 2012 with a Bachelor's Degree in Journalism.Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and

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