Writing a business plan

A business plan is a formal written document containing the goals of a business, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved. A common structure includes an executive summary; the business description and opportunity; market analysis and competition; products and services; the marketing and sales plan; the operations plan; the management team; and the financial plan with projections for revenue, expenses and cash flow. Business plans are used to clarify direction, secure financing from banks, microfinance institutions or investors, and apply for grants.