How To Write a Business Plan: An In-Depth Guide
ByMilica Milenkovic
December 23,2022
If you’re planning to start a small business or are already a small business owner, you surely understand the importance of having a business plan. A good business plan can help you build a solid strategy, decide which resources you need, set a budget, and stay ahead of any potential complications that may happen along the way.
Sounds like a dream, but not everyone knows how to write a business plan. That is why we’ve decided to write a comprehensive guide with all the important information summed up. By the end of this article, you should have a clear idea of where to start and how to develop a business plan that will make your business bloom.
What Is a Business Plan?
In short, a business plan is a document that includes your company’s goals and the steps you intend to use to achieve them.
Many entrepreneurs don’t even start developing a business unless they have a business plan set and ready. That’s because it’s important to put all your ideas on paper and see if they make financial sense. If your business idea doesn’t look promising on paper, it’s unlikely it will work in real life. Here are some elements you should think about while writing a business plan:
- Product goals
- Monthly goals and deadlines
- Financials for the first two years
- Profit and loss statements for the first three to five years
Of course, as each business is different, you should adjust your approach accordingly. You don’t have to strictly follow any specific rules as long as you have all the fundamentals covered.
Why Is a Business Plan Important?
Business plans are important for both business owners and potential investors, and here’s why. If you’re just starting out, a business plan will keep you focused and help you position your brand. A solid business plan will help you:
- Prove that you’re serious about your business. If you have a successful business plan that shows your commitment, your partners and those looking to invest in your company will be confident about doing business with you.
- Determine your financial needs. One of the main purposes of any business plan is to help determine how much capital you need and for what. By allocating funds properly, you can plan ahead, which is especially important if you intend to raise additional funding later on.
- Understand your competition. While creating a business plan, you can’t only focus on your company. You need to do a competitive analysis and review the market conditions as a whole. Knowing more about your main competitors will help you step up your game and boost your company’s competitive advantage.
- Understand your audience. A business plan can help you better understand your customers and what they expect of you. It can help you make better products and services and tailor them to your customers’ needs.
- Reduce risk. By following the guidelines set in your business plan, you’re reducing the risk of investing in the wrong opportunities or missing the right ones.
- Attract partners and investors. If you’re running a startup, finding prospective investors is the first order of business. Potential investors will be interested to know your goals and how you will go about pursuing them. They will want to see how you plan to manage stressful situations and whether you have an exit strategy. At the same time, prospective partners will want to check your business plan to see how it benefits them.
As you can see, there are multiple benefits to making a business plan. It shows you are committed to your business and helps get funding, bring new business partners, reduce risk, and engage with your customers.
How To Write a Business Plan, Step by Step
Now that you know all the basics and the advantages of a good business plan, let’s see how you can go about writing one. Here is a traditional business plan template:
1. Executive Summary
First things first. Your business plan should start with an executive summary. The summary should include an overview of your company with a brief description of your product or service. It should summarize all your plans, ideas, and logistical details.
If written properly, your executive summary will attract potential partners and investors and convince them to read the rest of your business plan. The executive summary should include a short review of:
- Your business concept
- Your product description
- Your target audience
- The marketing strategy
- The current and projected financial status
- The information about your team
2. Company Description
This is the part of a business plan where you should provide a detailed description of your company, including your company’s registered name and address and information about your products and services. You should explain your goal, what sets you apart from the competition, and what makes your business a good investment.
Here are some of the particulars you should include in this segment of your business plan:
- Your business model
- Your business structure
- Your mission
- Your business history
- Business objectives
- Thorough information about your team and their salaries
3. Market Analysis
Market analysis is one of the crucial parts of business plan writing. By conducting in-depth market research, you will get a better understanding of the current trends and the nature of your industry. It will also help you learn how to outshine the competition, which is extremely important, especially if you’re new in the business.
One of the main questions you should answer in this part of your business plan is how big your target market is and how many people are interested in what you have to offer. That might sound overwhelming, but there are various sources you can consult.
You can do some academic research, check government statistics on particular demographics, or simply observe relevant news outlets. The more information you have, the easier it will be to make an informed decision.
4. Organization and Management
This is the section in the business plan where you should describe the legal structure of your company. You should explain whether you’re running an S or C corporation, or if you’re operating as an LLC.
Furthermore, you should explain how your management team works and their roles and responsibilities. You should describe the hierarchy between all your team members and how each contributes to your vision.
5. Products and Services
Your business plan should also have a dedicated section about your products and services. What exactly is your product? Who is it for? How much does it cost? Why is it better than what your competitors are offering? These are just some of the questions you should answer in this section.
If you’re planning on adding some new products in the future, you should describe them as well and explain how they will contribute to your business.
6. Marketing and Sales
To build a business plan, you need to define your marketing and sales strategy and how you plan to accomplish it. You should write about your sales process in detail and describe how you plan to attract and retain your customers.
Of course, as the market conditions change, your marketing strategy will also change and evolve, and you can always adjust this part of your business plan accordingly.
7. Funding
If your business needs funding, you should include that in your business plan. You should specify the type of funding and how much you need. You need to explain how you plan to use that capital, as that is the information your potential investors will be most interested in. Also, if you have any plans to sell the company at some point in the future, you should include that information as you write a business plan.
8. Financial Plan
Having solid financial projections is probably the most important aspect of any business plan. Even if you have an excellent business idea and you’re invested in it, it won’t mean much unless you’ve figured out how to finance it. Each financial plan should feature a balance sheet, an income statement, and a cash-flow statement.
A balance sheet gives an insight into how much equity you have in your business. Equity is the value the company’s shareholders would get if all of the company’s assets were liquidated and all its debts paid off. In plain terms, the balance sheet will show what you own vs. what you owe.
The next segment your business plan should include is an income statement. An income statement is used to show a company’s financial performance over a given period of time. This statement includes all the necessary information about your company’s revenue, expenses, gains, and losses. So, whoever reads your business plan will be able to see how your business has performed in the past and whether or not it’s worth investing in.
A cash-flow statement is similar to an income statement, but there are some differences. A cash-flow statement shows the source of cash but also helps track all ingoing and outgoing transactions. If the incoming cash is greater than the outgoing cash, your company has a positive cash flow.
And if it’s the other way around, your cash flow is negative, which can be a serious issue. According to some statistics, 82% of businesses fail because of cash flow problems, which is why you should regularly analyze your cash flow statements.
Types of Business Plans
Although there are some general guidelines, each business plan needs to be tailored according to your company’s needs and stage of development. With that being said, there are different kinds of business plans you can go for.
The Operational Plan
An operational plan is a plan that defines how each part of the team contributes to the company and its goals. It outlines the daily operations and tasks for over a year. A good operational plan ensures each manager and employee knows what’s required of them and understands their deadlines.
Operational business plans are very important as they provide a roadmap for managing a business, but they can also be extremely helpful if you’re trying to get funding. They help assign human, physical, and financial resources, making it easier to reach your goals.
The Strategic Plan
The strategic plan is similar to the operation plan, with one major distinction. While an operational plan focuses on day-to-day operations, a strategic plan focuses on the company’s long-term goals and whatever is required to fulfill them. And while these are both action plans, a strategic plan heavily depends on an operating plan and its efficiency.
As a business owner, you need to ensure you have both operational and strategic plans in place, as that will make it much easier to achieve your business mission.
The Marketing Plan
A marketing plan is another business plan example we cannot forget. It is a document that shows how you intend to promote and sell your products and services. It is an outline of your advertising strategy and all your promotional activities for a specific period of time.
Some of the key elements each marketing plan should cover include market research, marketing objectives and activities, the current business marketing positioning, marketing budget, and KPIs that should be tracked over time. Having good marketing can help you raise brand awareness, increase market share, and enter new niche markets.
The Financial Plan
Financial plans are another vital part of any business plan. As the name suggests, this document focuses on a company’s financial goals and the strategies it needs to employ to achieve them. A financial plan is especially important if you’re just starting a business, as it will show whether or not your business idea is profitable.
Each financial plan should include an investment budget, a financial budget, an operating budget, a cash-flow budget, and a personal expense budget. Once you have all this information in place, you should not have any trouble with your business planning and achieving your business goals. Just make sure to review your business plan periodically to see if it requires any adjustments.
Final Thoughts
As you can see, the process of writing a business plan isn’t as perplexing as it may seem at first, and the final product can be very beneficial to your business. By following the guidelines set in our article, you should be able to make a business plan outline and start developing your business strategy. All you have to do is define where your business currently is and where you want it to be in the future.
FAQ
Can you start a business without a business plan?
You can start a business without a business plan, though this is not recommended. Even if you’re the only person that will have insight into it, it’s much easier to plan a business if you have a clear outline. A business plan will help you focus on your goals and attract investors, perhaps even gain a business partner.
What are the three main purposes of a business plan?
Business plans have numerous purposes, but most importantly, they can help you clarify your short and long-term goals, understand your financial and logistic needs, and attract funding from investors and lenders.
What is a good business plan?
A good business plan is one that starts with a strong executive summary and engages the reader to continue reading it. It should have a clear outline with all the necessary elements in place. Although there is no specific rulebook on how to write a business plan, there is a pattern you should follow.
More From Our Blog
In business, you will frequently come across the term “operating cash flow.” What does it mean, though?
This post will give you the definition of operating cash flow (OCF) and then provide an example. We’ll also discuss two different methods for calculating OCF.
Operating Cash Flow: A Definition
Operating cash flow is the cash that businesses generate during normal operations. Companies receive money from customers and clients and then use it to fund wages, rents, bills, marketing, and other services.
The operating cash flow formula is as follows: net income plus non-cash income, adjusted for changes in working capital, revealing total cash generated and spent in a given period.
Operating cash flow, along with free cash flow and net income, helps companies determine their financial health. It provides a real-time view of their current cash position, regardless of their end-of-quarter profitability.
OCF Formula
To calculate operating cash flow, you can apply the following operating cash flow equation:
Operating Cash Flow = Net Income + Non-Cash Expenses - Increase In Working Capital
You can also calculate operating cash flow per share to see how much revenue each chunk of equity is generating:
Cash Flow Per Share = (OCF - Preferred Dividends) / Common Shares Outstanding
Subtracting preferred dividends (if the company offers them) is essential for calculating this statistic because these shareholders receive cash first.
How To Understand OCF in Accounting
At first, operating cash flow seems like a complex topic. That’s because most people are used to thinking in terms of profit and loss. However, once you understand how OCF works, you’ll quickly see the value it offers.
Operating cash flow enables firms to track cash flows in and out of their business accounts during regular operations. It lets them separate their primary business activities from other factors that influence their balance sheets, telling them how much money they have to play with at any given time.
Operating cash flow, sometimes called “cash flow from operating activities,” is the first section of the cash flow statement. It excludes any investments or financing transactions and includes cash in-flows and out-flows related to:
Selling and purchasing inventory,
Paying staff wages,
Providing services,
Paying salaries and bonuses,
Paying suppliers, contractors, and consultants.
Why Would a Company Use Operating Cash Flow?
The beauty of operating cash flow is how it strips out various factors that get in the way of assessing the core health of a business.
For example, a company may have just made a large sale and is waiting for money to enter its accounts. On its year-end profit-and-loss statement, it will record the sale as revenue, making the company appear healthy. However, if the firm cannot collect the money, perhaps because the client pays late, it has no cash inflows – something that a look at the OCF will reveal.
Even so, operating cash flow isn’t always helpful for measuring the financial solvency of a firm. For instance, if capital spending is high and the company applies accelerated depreciation, the operating cash flow will appear chronically low even if the business has enough cash on hand to meet all its needs.
To remedy this, firms also report free cash flow (FCF). This expanded definition of a company’s cash flow avoids the artificial deflation of its total cash reserves, which often appears after working capital increases are taken into account.
Indirect and Direct Methods for Calculating Operating Cash Flow
There are two methods of calculating OCF: indirect and direct.
Indirect Method
The indirect method of calculating OCF takes net income and applies various correction factors to it, reflecting the status of non-cash accounts, such as accounts payable, accounts receivable, and capital depreciation. The reason accountants call it “indirect” is because OFC is inferred from the company’s net income position.
An increase in accounts receivable, for instance, indicates that the firm has earned money, but the cash has not yet been received. Therefore, it must be subtracted from the net income.
By contrast, accounts payable implies that the company has incurred expenses, but they have not yet been paid. This extra cash would need to be added back to net income to produce the OCF statistic.
Direct Method
The other method is for the company to record all transactions in cash and summarize its cash position for a particular accounting period on that basis. For instance, it might keep tabs on cash paid to suppliers and vendors, workers, and tax authorities when measuring out-flows, and sources of income, such as sales and dividends, when measuring in-flows.
Conclusion
Operating cash flow is a useful tool businesses use to determine their net cash position. It is valuable because it informs companies about their ability to pay for the inventory and services they need right now, regardless of their profitability. However, free cash flow might be more helpful to companies with accelerating depreciation programs.
By Nikolina Cveticanin ·
June 10,2022
Every day, entrepreneurs across the world come up with ideas that might turn out to be multi-million dollar businesses. Regrettably, those lightbulb moments quickly fade if there’s no financing available to see them through. Ideas keep vanishing because there’s no capital to bring them to life.
Fortunately, there is a way to navigate this issue. Our discussion of venture capitalist vs. angel investor will allow you to regard the above scenario in a positive light. We’ll compare angel investing and venture capital, learn their differences, and weigh the pros and cons that should help you choose the right one for your business or startup.
What Is an Angel Investor?
An angel investor is typically an individual or group of individuals with high net worths (surpassing $1 million) who invest in small or growing businesses. Angel investors usually invest during the early stages of a business, either before operations commence or right after. With angel investing, small businesses get a chance to secure seed funding. In return, angel investors can get convertible debt or equity in the business, become part owners and/or shareholders.
The Securities Exchange Commission requires that angel investors be accredited. Accreditation is important to ensure that the investor or group of investors are financially sophisticated. They should also be able to fend for themselves, especially in the event of a loss. In our comparison of angel investors and venture capitalists, we will see that this is one of the most salient points, as it protects investors.
To earn such accreditation, investors must meet either of the following two criteria:
Earned an annual income of $200,000 for two years before the accreditation and has a high chance of retaining such earnings in the future. Where taxes are filed with a spouse or spousal equivalent, the income is pegged at $300,000 annually (a monthly income of $16,667 and $25,000, respectively).
A net worth of over $1 million.
What Is a Venture Capitalist?
To engage in a venture capitalist vs. angel investor conversation, first, we need to look at the definition of a venture capitalist. Namely, a venture capitalist is an individual or corporate entity that invests in small and growing businesses with funds pooled from investment companies, banks, pension funds, and other sources. This means the money invested doesn’t necessarily belong to the venture capitalist. Investors in this category will also not invest at the early stages of the business but when they see potential or actual growth.
Investments by venture capitalists are considered high risk, but the potential for growth shown by the small business can easily offset the risk of a bad investment.
Difference Between Venture Capital and Angel Investing
Venture capital and angel investing have similarities in that they focus on small and growing businesses. There is also their preference for technology and science sectors because they tend to show considerable growth and provide more investment security. Moreover, both kinds of investment can earn a reasonable stake in the business, and options for conversion of debt to equity can be made available.
Regardless of these similarities, there are also notable differences that set them apart. This is why a comparison of angel investors and venture capitalists is indispensable before a business decision can be reached. Below are some aspects where their differences shine through.
Amount of Funding Available
An angel investor will typically invest hundreds of thousands of dollars because they are investing their own money. Venture capitalists, on the other hand, will invest millions of dollars because they have more access to a range of funds.
Types of Investors
As already stated, angel investors are wealthy individuals or groups of individuals with high net worths. Meanwhile, venture capitalists take on high-risk investments with funding from third parties.
Time of Investment
Angel investing is usually done at a more vulnerable point of the business, which is a higher risk. Businesses that have angel investors are generally in their early stages, before or right after operations commence. Conversely, venture capitalists prefer to invest in more established businesses that have higher chances of providing tangible returns. To be fair, this is not out of place, considering that the funds belong to third parties.
Level of Involvement
Regardless of the type of investor, there’s a desire to become involved in the activities of the business they invested in. The aim for both venture capitalists and angel investors is to have a firsthand idea of how their investment is being managed and the steps being taken to ensure their returns. Angel investors tend to become part owners and get involved in the day-to-day operations of the business. But, in some cases, they are satisfied with only providing financial support. Venture capitalists, on the flip side, prefer to get involved in the decision-making by being on the board of directors.
Due Diligence
Due diligence is one of the most important segments of any investment process for angel investors or venture capitalists. Angel investors will usually conduct basic due diligence checks because they own the investment sum and won’t be held accountable by third parties.
Venture capitalists are more prone to lawsuits in the event of reckless investments because of the fiduciary responsibility to their clients and other third-party institutions. For this reason, they are liberal with the resources that go into due diligence, preferring to ascertain in the preliminary stages that the investment doesn’t pose any risk.
Industries of Interest
As a rule of thumb, an angel investor will invest in an industry they are familiar with. This is either because they have made money in that industry, or understand the workings. Venture capitalists are more interested in industries they consider profitable.
Angel Investor Pros and Cons
Angel Investor Pros
Angel investors are more willing to take risks with their own money by investing in businesses that have just launched operations or are about to do so.
In most cases, angels only require a return on their investment at a future date of the anticipated growth of the business. This is more convenient than debt financing with a set payback date.
Mentorship opportunities may present themselves because angel investors are familiar with the industry they have invested in. As startups need all the guidance they can get, especially when navigating challenges, angel mentorship is valuable.
With angel investing, there is flexibility to convert the investment sum into equity in the business. This saves the business owner from having to repay bank loans when the business is going through a rough patch.
Angel Investor Cons
Since angels invest their own money, their funds may be insufficient. The consequence is that a business owner will need to bring several angel investors on board and potentially deal with a slower funding process.
Some angel investors may become difficult to work with when they insist on having a say in your business without having some level of ownership.
Venture Capitalist Pros and Cons
Venture Capitalist Pros
Venture capitalists can and will most likely leverage their connections and experience in the industry to market and promote your business. This is a win-win situation for both parties involved.
Just like angel investors, they may grow your company by sharing their industry knowledge and referring professionals to work for.
Venture capitalists can also convert their investment sum to equity in your business and eliminate the need to pay back funds at a set time.
They can provide more substantial amounts of money your business needs to grow.
Venture Capitalist Cons
As is the case with angel investing, venture capitalists tend to have a say in your business due to the significant investment they’ve made. Expectations may get too high and can only be remedied through a balanced decision-making process.
The likelihood of a buyout by venture capitalists is high. This may only be beneficial when you need the funds for a new business venture.
The Role of Private Equity
After the above comparison of angel investor and venture capitalist, a quick definition of private equity is important to address grey areas and possible similarities.
Private Equity Definition
Private equity refers to funds that are mainly interested in acquiring private companies not yet listed on the stock exchange. Private equity funds usually have high-net-worth or accredited individuals and firms coming together to pool capital towards investment. Entry into these funds is exclusive due to the large sums required. For example, the minimum entry requirement for some funds is $250,000. Once the required capital is raised, the fund is closed.
Angel vs. Private Equity
The key similarity between angel investors and private equity is that they have the same goal of investing in a business to get returns. They may do so because they believe in the potential the business possesses, wish to gain control of it, or to save it from failing.
On the other hand, the major difference between the two types of investors is that the angel is an individual who invests on a smaller scale, while a private equity investor usually does so on a larger scale. The intention of a private equity investor is also geared toward acquiring the entity to be invested in.
Venture Capitalist vs. Private Equity
The objective that both venture capitalist and private equity have is the same - to get returns. Private equity investors, however, are more interested in larger enterprises and companies that are well established. As discussed in this article, venture capitalists are open to investing in startups and businesses that show growth potential.
Moreover, venture capitalists are known to narrow their investment scope to tech and science-inclined companies, but this is not the case with private equity investors who prefer diverse portfolios. The sizes of their investments also differ, with private equity investments being higher.
Final Thoughts
Regardless of your preferred capital raising strategy, if you’re a business or startup owner, you should explore the benefits provided by venture capitalists vs. angel investors. Even though both classes of investors can help you grow your business, you need to weigh the pros and cons to determine which one is optimal for your company. The amount of capital required is also an important factor to be considered because the investment scopes of these classes differ.
No matter the class of investor you need to approach, be sure to conduct due diligence and prepare an impactful business plan that will increase your chances of securing the investment you need.
By Nikolina Cveticanin ·
December 20,2022
Unlevered free cash flow is a term used in corporate finance and investment analysis to discern a company's value. It is the amount of cash a company generates after deducting interest payments, income taxes, and other expenses.
This metric is important for business owners and investors alike, as it can be used to make informed decisions about a business or investment opportunity. So, let's explore unlevered free cash flow in more detail and discuss how you can use it to assess a company or individual investment portfolio.
We’ll also look at some of the key considerations when assessing this metric and potential pitfalls associated with using it to assess the enterprise value of a business.
So, What Is Unlevered Free Cash Flow (UFCF)?
This type of free cash flow measures a company's ability to generate cash flow from operations. It is calculated by subtracting a company's interest payments and income tax payments from its operating cash flow.
This metric is often represented on the company's financial statements, but analysts also calculate this enterprise value manually. Unlevered free cash flow is important for business owners and investors alike because a cash flow statement indicates a company's ability to generate cash flow after meeting its financial obligations.
How Is Unlevered Cash Flow Calculated?
The unlevered free cash flow formula is:
Unlevered cash flow = operating cash flow - interest payments - income tax payments
The formula for calculating unlevered cash flow considers earnings before interest, taxes, depreciation, and amortization, which is known as EBITDA, and investments in buildings, equipment, or machines, also known as CAPEX. The math will also include inventory, accounts receivable, and accounts payable to calculate the net operating profit.
Levered vs Unlevered Free Cash Flow
When calculating free cash flow to find out how much capital your business could use for growth or whether a business is worth investing in, it's important to differentiate between levered free cash flow and unlevered free cash flow.
Levered free cash flow measures a company's ability to generate cash flow after meeting its financial obligations. This includes debt obligations, operating expenses, and capital expenditures.
On the other hand, unlevered free cash flow measures a company's ability to generate cash flow from operations.
While both unlevered and levered free cash flow are important, the first is often used as a more accurate measure of a company's true cash-generating potential. This is because it excludes the impact of debt on a company's cash flow.
What Can Unlevered Free Cash Flow Tell Us About the Company?
Unlevered free cash flow can be used to make informed decisions about a business or investment opportunity by evaluating the company's ability to generate cash flow.
Whether or not a company presents unlevered vs levered free cash flow on its income statement can make all the difference for investors. A company that is highly leveraged by debt may be more inclined to report unlevered flows on its cash flow statement. This way, the company ignores its debt and provides a less realistic and more positive overview of its working capital to its potential investors.
It’s advisable for investors to check the amount of debt weighing the company down before investing. In particular, they should seek information on the overall free cash flow margin and not rely solely on the numbers presented as unlevered free cash flow.
The difference between levered and unlevered can also be an important indicator of a company's expenses, financial obligations, and the debt it might be in. Occasionally, the levered free cash flow could be negative - in this instance, the company owes more than it earns, which you wouldn’t be able to tell simply by looking at its unlevered free cash flow.
If the difference between unlevered and levered free cash flow is too small, this could also indicate that the company is barely getting by. When you calculate unlevered free cash flow and compare it to levered free cash flow, it’s an indicator that companies with a small difference between the two could easily go under if there’s a sudden drop in their revenue.
Potential Pitfalls of Using Free Cash Flow as an Analytical Tool
There are a few potential pitfalls associated with using unlevered free cash flow as an analytical tool. First, it is important to remember that the unlevered free cash flow formula does not take into account a company's capital structure, and some companies may take advantage of this fact when presenting their financials. This means that a company with a high level of debt may appear to have a higher net present value than it actually does.
Furthermore, companies themselves can manipulate the unlevered free cash flow metric for their financial statement. For instance, a company could choose to defer or prepay certain expenses, such as loan payments, to make itself look better. It could also fire employees or postpone capital-intensive projects to tweak its unlevered free cash flow.
Bottom Line
Despite its pitfalls, unlevered free cash flow can be an excellent measure of a company's ability to generate free cash flow after interest and taxes. It is important for business owners and investors alike, as it can be used to make informed decisions about a business or investment opportunity.
It can be used to assess the financial health of a company and the potential return on investment. However, there are some key considerations to keep in mind when assessing unlevered free cash flow, such as the projection period over which the cash flow is being generated and the company's capital structure.
Altogether, when unlevered free cash flow working capital is combined with other metrics like levered free cash flow, it can be a great indicator of whether a company could be a good investment or not.
Further Reading:
How To Find Angel Investors and Kick-Start Your Business
Everything You Need to Know About Investment Banking
Digital Asset Management Software
Best Bank for Small Business
Franchises Under 10k - Affordable Franchises To Invest In
By Vladana Donevski ·
June 10,2022
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