[[:encoded, "The idea of starting your own business can be exciting and inspiring, but for most small business owners, writing an effective business plan is not considered an exciting part of starting the process; therefore, many choose not to create one or update it on a consistent basis. Traditional business plans can be very dry and uninteresting, so you are about to learn how to create an effective business plan that not only gets you excited, it will inspire you, and others, to take action.\n\nThe length and details of an effective business plan will be determined by the type of business you’re creating or updating the one you currently have. The key is to create not just another business plan, but an effective business plan that inspires you, and others, to take action. \n\nFirst, let’s get clear on the essential components of an effective business plan:\n\n•\tExecutive Summary \n•\tMarket Analysis \n•\tCompany Description \n•\tOrganization & Management \n•\tMarketing & Sales Management \n•\tService or Product Line \n•\tFunding Request \n•\tFinancials \n•\tAppendix\n\nPart 1: Executive Summary\nThe executive summary is the most important component of an effective business plan because it will be the first thing the reader sees. This is where you’ve got to grab the reader’s attention and inspire them to support your vision through your mission statement. Provide a history of your company, its current standing, and future vision.\n\nAlthough the executive summary should be the first component in the business plan layout, it should actually be the last component you create. Once you have completed all other components it will be easier to come back to the executive summary and nicely tie in key points.\n\nPart 2: Market Analysis\nThis is your opportunity to shine and highlight your knowledge of the industry. This will also be where you will identify your target market and what you know about them. Take this opportunity to spotlight comprehensive market research and projected profit margins.\n\nPart 3: Company Description\nKeeping it brief, describe how all the elements of your business fit together. This component should include how the nature of your business makes you unique and the primary factors that will make your company a success. Be sure to clarify the marketplace need and how your company is poised for a competitive edge.\n\nPart 4: Operation and Management\nIn this component, include your business’s organizational structure, details about ow
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Goal Setting & Achievement Podcast: Business|Productivity