Business Column:Essential Elements Of A Good Business Plan


(Victor Valley)–A business plan should be a work in progress. That’s because your business will evolve over time, and be influenced by outside factors such as the economy and local conditions. Even successful business owners should maintain a current business plan to ensure they remain knowledgeable on the elements that can affect continued success.

Business Plan Executive Summary

The executive summary is Part 1 of the business plan and is the most important section of your plan. It provides a concise overview of the entire plan, along with a history of your company. This section tells your reader where…

Market Analysis

The market analysis section is Part 2 of the business plan. This section should illustrate your knowledge about the particular industry your business is in. It should also present general highlights and conclusions of any marketing…

Company Description

The company description is Part 3 of the business plan. Without going into detail, this section should include a high level look at how all of the different elements of your business fit together. The company description section…

Organization & Management

Organization and Management is Part 4 of the business plan. This section should include: your company’s organizational structure, details about the ownership of your company, profiles of your management team, and the…

Marketing & Sales Management

Marketing and Sales Strategies is Part 5 of your business plan. Marketing is the process of creating customers, and customers are the lifeblood of your business. In this section, the first thing you want to do is define your…

Service or Product Line

Service or Product Line is Part 6 of your business plan. What are you selling? In this section, describe your service or product, emphasizing the benefits to potential and current customers. For example, don’t tell your readers…

Funding Request

The Funding Request is Part 7 of your business plan. In this section, you will request the amount of funding you will need to start or expand your business. If necessary, you can include different funding scenarios, such as a best…


Financials is Part 8 of your business plan. The financials should be developed after you’ve analyzed the market and set clear objectives. That’s when you can allocate resources efficiently. The following is a list of the…


The Appendix is Part 9 of your business plan. This section should be provided to readers on an as-needed basis. In other words, it should not be included with the main body of your business plan. Your plan is your communication tool.

1 comment for “Business Column:Essential Elements Of A Good Business Plan

  1. August 20, 2011 at 11:42 am

    Hey There Highdesertdaily,
    Speaking of which, E10-eight Jerry Grant, the new controller of Blackburn Organization, has reviewed the expected beneficial lives and salvage values of selected depreciable assets at the start of 2008. His findings are as follows. Accrued Beneficial Daily life TypeDate Depreciationin YearsSalvage Valueof AssetAcquiredCost 1/1/08OldProposedOldProposedBuilding1/1/02$800,000$114,000405?Warehouse1/1/03 100,000 19,0002520 5,000 3,600All assets are depreciated by the straight-line technique. Blackburn Business enterprise works by using a calendar yr in preparing yearly money statements. Following discussion, administration has agreed to acknowledge Jerry’s proposed alterations. Compute the revised yearly depreciation on just about every asset in 2008. Building$ Warehouse$ Prepare the entry (or entries) to file depreciation on the creating in 2008. DateAccount / DescriptionDebitCreditDec. 31 $ $
    Keep up the good work

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