Developing a Business Plan - Penn State Extension
“I had always put off developing a business plan until I learned it was a requirement in my industry when working with drug wholesalers,” said Lee. “With Wells Fargo’s Business Plan Tool, I received step-by-step support to create a business plan and the process was simple. Now I have a solid plan that presents my business objectives and financial projections in a professional manner when working with healthcare partners, and I know it will come in handy when seeking future financing for my business.”
Developing an Internet Business Plan
An important task in starting a new venture is to develop a business plan. As the phrase suggests, a business plan is a "road map" to guide the future of the business or venture. The elements of the business plan will have an impact on daily decisions and provide direction for expansion, diversification, and future evaluation of the business.
This publication will assist in drafting your own business plan. It includes a discussion of the makeup of the plan and the information you need to develop a business plan. Business plans are traditionally developed and written by the owner with input from family members and the members of the business team. Business plans are "living" documents that should be reviewed and updated every year or if an opportunity for change presents itself. Reviews reinforce the thoughts and plans of the owner and the business, and aid in the evaluation process. For an established venture, evaluation determines if the business is in need of change or if it is meeting the expectations of the owners.
If you are interested in developing a new business on the Internet or expanding your current business onto the global information superhighway, it is important to develop a business plan as part of your preparations. Like a regular business plan, your Internet business plan must give details of the proposed venture, along with expected needs and results (Kuratko and Hodgetts, 1992). In addition, it must take into account the unique nature of electronic commerce.Wells Fargo (NYSE: WFC) helped 10,000 small businesses develop a formal business plan in the first year of offering The Business Plan Center, a free online resource that provides a tool to help owners create and update their business plans. was introduced in 2015 as part of the company’s ® platform, a broad initiative designed to deliver guidance and resources to help business owners achieve financial success. Since the launch, the Business Plan Center has received nearly 1 million visits.Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline:Correct. You heard it. Develop a business plan. Write it down! Have a vision, a mission, specific objectives, implementation strategies, and action steps. Make sure you address your strategies for marketing, sales, strategic alliances, and set milestones. Look at your management structure, personnel plan, and identify management gaps. Oh, and let’s not ignore your financial planning – what are your financial assumptions, do a break-even analysis, a budget, projected income statement, and balance sheet.In an effort to provide all small business owners with a convenient way to create or revise business plans, Wells Fargo launched the Business Plan Center, which features two free tools: the Business Plan Tool, a step-by-step guide to develop a written business plan, and the Competitive Intelligence Tool, which provides business owners with key insight on competitors and the market for their businesses that can be used as part of the planning process. A business plan can provide the owner-manager or prospective owner-manager of a small service firm with a pathway to profit. This publication is designed to help an owner-manager develop a business plan.The Mississauga Business Enteprise Centre (MBEC) has a variety of resources that can help you develop your business plan. Follow these resources to help you develop a successful business planAgenda should include an executive summary, supporting documents and financial projections. Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline:The bottom line is this – a business may be able to be success and make money without a business plan, but imagine how much further that business could go with a little more forethought and planning? If an owner is serious about their business’ success, taking time to develop a business plan is an important first step. establish the ground rules for the collaborative relationship. Trading partners exchange information about their corporate strategies and business plans in order to collaborate on developing a joint business plan. The Joint Business Plan identifies the significant events that affect supply and demand in the planning period, such as promotions, inventory policy changes, store openings/closings, and product introductions.