What Is a Business Master Plan?
A business master plan is a document that outlines the smaller details pertaining to your business. It includes everything from the basic mission statement to profiles of key players and list of products or services. A business master plan is no different from a regular business plan, but the original copy is often referred to as the master copy. In other words, a business master plan is a company's business plan but can also refer to the original copy of the document.
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When to Write One
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A business master plan should be written before you officially launch your business. The business plan is part of the planning process of the business. While some business owners write the plan before registering and getting additional funding, others will write the plan after the business name has been registered with the state and funding has been secured. If you plan on getting a business bank account or a loan from a bank, a business plan must often be presented as part of the application process.
Sections
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Although a business master plan can differ greatly in terms of content, some sections are highly suggested for the business owner to address all areas of the operational business. For example, common sections of a business plan include an executive summary, an overview of the business, its history and goals, a list and description of the products or services offered, an analysis of the target market and given industry and an in-depth analysis of the direct competitors both locally and online. Plans can also include a list of marketing strategies, a description of the management team, an operational chart and a full budget outlining the business' cash flow for the first six months in business.
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Purpose
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A business plan is sometimes needed to get a banking business loan or to get additional funding from a bank to start your business. The business master plan, however, has a greater purpose for the business owner. It is designed to plan the business, anticipate and solve problems before they happen and to ensure that each aspect of the business runs smoothly. The plan will also help the business owner stay on track as the business grows and develops over the first six months to a year.
Features
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A business plan can have features such as graphs in the budget section and pictures of products in the product development section. These are added to give the business plan color and visuals, since much of the plan is written text. Other textual features can include a short mission statement from the owner and additional documents, such as business registration papers and permit and license approvals.
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References
- Photo Credit business plan 2 10509 image by pablo from Fotolia.com
