How to Write a Business Plan Memo
A clear and comprehensive business plan memo will give you a road map for your business, while helping you clarify what you are trying to do and how you will do it. Often it can be just as educational for the writer as it is to those to whom it is presented. The process should be comprehensive, so that it could make you aware of things that you may not have considered. This also will help to sharpen your ideas in areas where things may be unresolved. According to the U.S. Small Business Administration, a business plan should address four major themes: a description of the business itself, marketing, finance and management.
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Instructions
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Begin with a clear statement of what your business is about and what the goal is. Keep it simple and don't assume the reader will know anything about your plan prior to reading your memo. This will keep you from omitting pertinent information.
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Explain how you will market your business or product, and what mechanisms already exist that you will exploit. Describe the known and unknown factors. Explain innovations you will employ or skills you bring to the table to achieve market penetration. Describe key people in your organization with the knowledge to make this happen.
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Outline the financing of your venture, including current capital, where you intend to raise more, loan agreements or other financing resources. If your business looks well and verifiably capitalized, you are more likely to get people on board.
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Describe how the business will be structured and managed, who will be responsible for which components and where you intend to find the personnel to operate your business, if you don't have commitments already. If you have key personnel in place, provide biographical information demonstrating that they have the knowledge and experience to do the job.
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Write an executive summary. It's best to save this for last; after you have gone through the process, you will have a better idea of the most important points and be able to summarize your plan most effectively. Make is short, punchy and to the point. It may be the only thing people read, and if you do not set the hook, the reader will not continue reading the rest of the plan.
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References
- Photo Credit Writing of business plan image by Vasyl Dudenko from Fotolia.com
