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r e d f c u.o r g | 7 Where is your business now? Where do you want to go? How are you going to get there? ese are some questions to start with as you sit down to write a business plan. e length and format may vary, but the important thing is to map out how you'll run and grow your business. Writing a formal plan increases your chance of success by 16%, according to a study published in the Strategic Entrepreneurship Journal. A business plan can also make your vision more convincing to potential investors. Most business plans include the following sections: WRITING A WINNING BUSINESS PLAN Executive Summary is is a quick snapshot of your capabilities and needs. Briefly describe your product or service, market, and competitive advantage. Include your main objectives and growth potential. If you're seeking funding, address the capital necessary to start and expand your business. Business Description Go into more detail about your concept, the industry, your customers, and your strengths. Identify the type of operation – for example, wholesale or retail – and how your product or service will be delivered. Market Strategies Prove you've done your homework on the market and know your target audience, as well as the industry outlook. Define the market's size, structure, growth opportunities, trends, and sales potential. Competitive Analysis Identify your competitors' strengths and weaknesses and the strategies or unique selling points that give you an edge. Talk about what you can do to keep competition from entering your market. Design and Development Plan Describe your product's design and life cycle and how you will produce and market this product. Include a development budget, accounting for any necessary research. Operations and Management Plan Address how your business is legally structured, who owns it, and who runs it. Outline management responsibilities and each division's tasks. Financial Factors For an established business, include financials for the last three to five years. For a new business, provide a prospective financial outlook for the next five years, with quarterly or monthly projections for year one. If necessary, add an appendix for supporting financial documents. Writing your business plan isn't as challenging as you might think – after all, you are the one who knows your business best!