Wednesday, May 5, 2010

Business Plan Basics

As I stated in the previous blog, a business plan can be as simple as notes jotted down on a piece of paper or as complex as would be needed for a business loan. At the very least, a busines plan should include the following elements:

1. Vision/Mission Statement
2. Marketing Strategy
3. Business Strategy
4. Financials

This blog will deal with the first element, the Vision/Mission Statement.

The Mission Statement is a brief description that explains why your business exists. Think about what is most important to you and what you hope to accomplish through your business. It would be good to have two separate statements. One that is very concise that you can use when you're talking with prospective buyers and another, more detailed statement that you would use in your company literature.

Here's an example of what I mean.....

Project Genesis is a company that provides assistance for people with disabilities. Their mission statement is "the independence of individuals in achieving and sustaining their full range of experiences, rights and desires." Fully written in their literature is the more detailed mission statement, "Project Genesis, Inc. believes that all persons, regardless of their disability, have the right to enjoy the same full range of life experiences which others in their community enjoy. We believe that each person who desires to live and work in their community can be successful."

For more information on how to develope a Missionn Statement, feel free to check out the site

I'd love to hear your thoughts, please feel free to leave feedback....


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