What are the elements of a business plan?
Berry: In basic form, it’s a document in seven elements. First, do a quick executive summary. Second, describe the company: who owns it, when it started, etc. Third, lay out what the company sells: Is it a product or service? Fourth, present a market analysis: Who needs the product and why? Fifth, discuss the operations of the business: How specifically will you implement your strategy? Sixth, sketch the management team and organizational structure. Lastly, project, as best you can, the future cash flows of the business. Are we talking some bloated tome here? A long-winded document may be necessary for a bank [when seeking a loan]. Internally, we work in bullet points. You host seminars on the importance of business planning. We don’t mean to be flip, but doesn’t everybody know this stuff? If you’ve ever needed a root canal, it’s because you have a terrible toothache. That’s the way much of the world looks at business plans–like a painful experience to solve some specific problem. Wha
