Writing a Business Plan

By Staff WriterLast Updated March 25, 2020

Facebook

Twitter

CC0/geralt/Pixabay

While it may be tempting to put off, creating a business plan is an

essential part of starting your own business. Plans and proposals

should be put in a clear format making it easy for potential investors

to understand. Because every company has a different goal and

product or service to offer, there are business plan templates readily

available to help you get on the right track. Many of these templates

can be adapted for any company. In general, a business plan writing

guide will recommend that the following sections be incorporated

into your plan.

Executive Summary
The executive summary is the first section that business plans open

with, but is often the last section to actually be written as it’s the

most difficult to write. The executive summary is a summary of the

overall plan that highlights the key points and gives the reader an

idea of what lies ahead in the document. It should include areas such

as the business opportunity, target market, marketing and sales

strategy, competition, the summary of the financial plan, staff

members and a summary of how the plan will be implemented. This

section needs to be extremely clear, concise and engaging as you

don’t want the reader to push your hard work aside.

Company Description
The company description follows the executive summary and should

cover all the details about the company itself. For example, if you are

writing a business plan for an internet café, you would want to

include the name of the company, where the café would be located,
who the main team members involved are and why, how large the

company is, who the target market for the internet cafe is, what type

of business structure the café is, such as LLC, sole proprietorship,

partnership, or corporation, what the internet café business mission

and vision statements are, and what the business’s short-term

objectives are.

ADVERTISEMENT

Services and Products

This is the exciting part of the plan where you get to explain what

new and improved services or products you are offering. On top of

describing the product or service itself, include in the plan what is

currently in the market in this area, what problems there are in this

area and how your product is the solution. For example, in a business

plan for a food truck, perhaps there are numerous other food trucks

in the area, but they are all fast –food style and unhealthy so, you

want to introduce fast food that serves only organic and fresh

ingredients every day. This is where you can also list your price

points and future products or services you anticipate.

ADVERTISEMENT
ADVERTISEMENT

Market Analysis
The market analysis section will take time to write and research as a

lot of effort and research need to go into it. Here is where you have

the opportunity to describe what trends are showing up, what the

growth rate in this sector looks like, what the current size of this

industry is and who your target audience is. A cleaning business plan,

for example, may include how this sector has been growing by 10%

every year due to an increase in large businesses being built in the

city.

ADVERTISEMENT

Organization and Management

Marketing and sales are the part of the business plan where you

explain how you will attract and retain clients. How are you reaching

your target customers and what incentives do you offer that will keep

them coming back? For a dry cleaner business plan, perhaps if they

refer customers, they will get 10% off their next visit. In addition, you

may want to explain what needs to be done in order for the business

to be profitable. This is a great way of showing that you are

conscious about what clear steps need to be taken to make a

business successful.

ADVERTISEMENT

Financial Projections & Appendix

The financial business plan section can be a tricky one to write as it

is based on projections. Usually what is included is the short-term

projection, which is a year broken down by month and should include

start-up permits, equipment, and licenses that are required. This is

followed by a three-year projection broken down by year and many

often write a five-year projection, but this does not need to be

included in the business plan.

ADVERTISEMENT

The appendix is the last section and contains all the supporting

documents and/or required material. This often includes resumes of

those involved in the company, letters of reference, product pictures

and credit histories. Keep in mind that your business plan is always in

development and should be adjusted regularly as your business

grows and changes.

I work with high potential business leaders to help them align personal

and professional purpose, gain clarity on their strategi

Gain clarity. Be Purposeful.
I work with high potential business leaders to help them align personal and professional purpose,
gain clarity on their strategies and experience greater fulfillment in their life as they grow their
teams and business.
YOU HAVE A BUSINESS TO GROW.
As a driven entrepreneur and emerging leader looking to pave your own path in this world, you
have big dreams for your life and business. This fire inside of you is beautiful to see! The
problem: between trying to figure out how to bring your business to market with overwhelming
how-to information and trying to juggle your life, you’re feeling depleted, overwhelmed, and a bit
confused. More importantly, the more information and advice you get, the more you feel you’re
losing your purpose. You want MORE. More time to do what you love. More success in your
growing business. More impact to really help people. You feel like you’re unsure where to take
your growth and spend all your time marketing your business (with little return) and clouding up
your days just trying to catch up.

YOU JUST DON’T…

  Know where to start with all the information available out there and how to create an
effective strategy.
 Balance mental health priorities, business & marketing strategy and management well.
 Know how to separate the good eggs from the bad eggs in the ‘gig economy’ when
everyone is an expert in everything.
 Have accountability to help you outline priorities and strategies, and create a roadmap to
get there - and stay on track!
So you continue to search for solutions to solve your growth challenges, using time and resources
you don’t have, and nothing changes. It’s time to…

My Clients Have Done Things Like

 Launch high potential startups that gain investor support and exit as Billion dollar
companies.
 Create impactful business models that diversify their revenue to safeguard against ebbs
and flows of the economy.
 Grow their brands into millions of followers online, garner millions of press mentions and
achieve $10M+ in annual revenues.
 Align their personal purpose with their business & leadership opportunities to create their
own success and fulfillment.
 Make their passion-projects viable business opportunities that allow them to have more
fulfillment in their daily life.
 Find personal balance and prioritize staying on track so they can meet their growth goals.
IT’S YOUR TURN.
Schedule Time for Us to Speak

Making a Risk Management Plan for Your Business

By Staff WriterLast Updated June 24, 2020

Facebook

Twitter

It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its
management. You’ll be developing one covering compliance, environmental, financial, operational
and reputation risk management. These guidelines are for making a risk management plan for your
business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what
it will be compromised of into easy to understand chunks. Even though this summary is the
project’s high-level overview, the goal is describing the risk management plan’s approach and
scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re
reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team
meeting. Every member of the team must be vocal regarding what they believe could be potential
problems or risks. Stakeholders should also be involved in this meeting as well to help you collect
ideas regarding what could become a potential risk. All who are participating should look at past
projects, what went wrong, what is going wrong in current projects and what everyone hopes to
achieve from what they learned from these experiences. During this session, you’ll be creating a
sample risk management plan that begins to outline risk management standards and risk
management strategies.
Evaluate the Potential Risks Identified
ADVERTISEMENT
A myriad of internal and external sources can pose as risks including commercial, management
and technical, for example. When you’re identifying what these potential risks are and have your
list complete, the next step is organizing it according to importance and likelihood. Categorize
each risk according to how it could impact your project. For example, does the risk threaten to
throw off timelines or budgets? Using a risk breakdown structure is an effective way to help
ensure all potential risks are effectively categorized and considered. Use of this risk management
plan template keeps everything organized and paints a clear picture of everything you’re
identifying.
Assign Ownership and Create Responses
ADVERTISEMENT
ADVERTISEMENT
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump
into action should an issue occur. Those who are assigned a risk, as well as the project manager,
should work as a team to develop responses before problems arise. That way, if there are issues,
the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
ADVERTISEMENT
Having effective risk management companies plans includes having a system for monitoring. It’s
not wise to develop a security risk management or compliance risk management plan, for
example, without having a system for monitoring. What this means is there’s a system for
monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re
ensuring no new risks will potentially surface. If one does, like during the IT risk management
process, for example, your team will know how to react.
What Is the Purpose of Budgeting?
By Tina RuhlowLast Updated May 18, 2021

Facebook

Twitter

Photo Courtesy: JGI/Jamie Grill/Getty Images

The main purposes of budgeting are resource allocation, planning, coordination, control and
motivation. However, budgeting is also an important tool for decision-making, monitoring
business performance, and forecasting income and expenditures. With proper budgeting, it can be
easier to manage limited resources efficiently. But what does this mean for you as far as your
personal finances are concerned? Take a deeper look at the role of budgeting and how it can
transform your financial health.
What Is a Budget?
In essence, a budget is a plan. It takes into account how much money you make each month and
helps you plan how much of it to spend and on what. Your budget also reflects how much money
you’ll need to put towards things like bills, living expenses and other costs.
Photo Courtesy: seksan Mongkhonkhamsao/Getty Images
One of the first steps in creating a budget is to figure out your own spending habits. Some regular
expenses, such as rent or car payments, are straightforward to figure out, especially if you pay the
same amount every month. Other expenses may take a little more work to pin down because they
vary from month to month or season to season.
Rather than using wishful thinking to guess how much you spend on things like dining or
entertainment each month, try to write down everything you spend money on for at least one
month. Saving your receipts and jotting down each purchase at the end of the night can be a
helpful way to get a realistic view of where your money tends to go.
Why Is Budgeting Important?
What is the purpose of budgeting? If you’ve ever come up short on cash right when a bill is due,
you know firsthand. One of the primary reasons budgeting is important is to ensure that you
always have enough money to meet your financial needs and pursue your financial goals.
ADVERTISEMENT
Photo Courtesy: Porta/Getty Images
However, the benefits of budgeting don’t end there. Below are the six main purposes of a budget:
Goal Setting: When you’re living paycheck to paycheck, it can be hard to think about long-term
goals like taking a vacation or buying a new car. Budgeting allows you to get clearer about your
finances so you can see where to cut back and tuck a little money away to meet that goal.
Limits to Overspending: Many people use their budget to track not only what expenses they have
coming up but also when those expenses are due. Ensuring you have enough to cover your bills on
time is an effective way to save money on late fees.
Planning for the Future: Once you get a better handle on your finances, you can also start planning
for the long term. You might even consider putting aside money in an IRA or investing it for long-
term returns.
Emergency Preparation: It’s important to be able to cover a financial emergency. You should begin
by saving up six months’ worth of living expenses and keeping it in a separate savings account. If
you ever find yourself out of a job or have an emergency medical bill, you’ll be able to cover the
costs until the situation changes.
A Reduction in Stress: While the thought of budgeting may not sound like much fun, it’s better
than losing sleep over upcoming expenses you can’t afford.
Limiting Unhelpful Habits: The first few months of budgeting tend to present many people with
plenty of revelations about behaviors that have and haven’t helped them. By keeping a closer eye
on your money, you’ll begin to notice and address the spending habits you want to change for the
better.
How to Budget Money Wisely
There are many different ways to budget your money, and it’s important to find the one that works
for you so you’ll stick with it for the long term. One thing you’ll want to keep in mind when
planning out your budget is to make sure you don’t forget to include things like entertainment.
ADVERTISEMENT
ADVERTISEMENT

Photo Courtesy: Tony Anderson/Getty Images

One time-honored method is called the 50/30/20 rule. It’s a simple framework that advises
budgeting:
 50% of your income for needs and necessary expenses
 30% for things you want
 20% for saving and investing
While this is a good place to start, it can be helpful to break down each of the three categories
above into smaller subcategories. For instance, rather than simply putting aside half of your
income for bills, you may want to create categories like:
 Rent
 Phone bill
 Groceries
 Electricity bill
 Insurance
These smaller categories will help you stay realistic about how much money you plan to put into
the overall category of “needs.” Over time, you may find that you want to change the amount you
budget towards certain categories. Maybe you discover that you aren’t setting aside enough money
for things like investing and can cut down on subcategories like dining out to make up the
difference.
Budgeting and Forecasting: Creating a Budget Planner
Creating a budget doesn’t do as much good unless you make new habits and stick to it The good
news is that there are plenty of helpful resources that can help you keep track of your personal
budget. Check out the following resources to get started:
ADVERTISEMENT

Photo Courtesy: Oscar Wong/Getty Images

Nerdwallet: Nerdwallet offers a free budget planning worksheet that can help you start your
budget.
Mint: One of the most popular free budgeting apps, Mint makes keeping track of your budget and
bills simple.
YNAB: YNAB, which stands for “You Need a Budget,” is a paid subscription service, but its
users swear by it. It not only helps you stay on track with budgeting but also teaches you ways to
stay ahead of your finances for the long haul.
Goodbudget: Never get caught off guard again with Goodbudget, a smartphone app that uses the
time-tested envelope method in digital form.
What Is Budgeting in Business?
Budgeting is just as important for businesses as it is for individuals. In the same way a personal
budget helps you keep track of your own finances, a business budget helps managers (and small
business owners) ensure that a company takes in more money than it spends.
ADVERTISEMENT

Photo Courtesy: ljubaphoto/Getty Images

By developing a financial framework, a business can make sure it’s making the wisest possible use
of expenditures without affecting profit. Budgeting allows a business owner to plan for expenses
like merchandise to sell, advertising, rent and other costs, and the company can then formulate a
plan for covering these costs. By creating a business plan, a business can also set goals by
understanding how much profit it needs each to make in order to effectively stick to the budget.
Budgeting Methods for Business
Just as there are different ways for individuals to create a budget, there are also a variety of
strategies that businesses tend to use. Some businesses even allow their employees to take on
active roles in the budgeting process by using a method called participative budgeting.
ADVERTISEMENT
Photo Courtesy: filadendron/Getty Images
Some additional popular budgeting methods for business include:
 Incremental Budgeting: Adjusting the company’s existing budget to reflect either growth
or a drop in the company’s earnings
 Value Proposition Budgeting: Determining how much funding each budget category
receives based on the amount of overall value it brings to the business
 Activity-Based Budgeting: Setting a goal for the company and then working backward by
funding the types of activities that will help to meet that goal
 Zero-Based Budgeting: Justifying every single dollar spent to emerge with no additional
money or debt at the end of each period
 Cash Flow Budgeting: Finding extra means of generating income when a business’
budget is struggling to stay on track
 Surplus Budgeting: Determines what a company can do with extra money when it ends up
with the pleasant surprise of earning more than expected
Making a Risk Management Plan for Your Business
By Staff WriterLast Updated June 24, 2020
Facebook
Twitter
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its
management. You’ll be developing one covering compliance, environmental, financial, operational
and reputation risk management. These guidelines are for making a risk management plan for your
business.

Developing Your Executive Summary

When you start the risk management plan with an executive summary, you’re breaking apart what
it will be compromised of into easy to understand chunks. Even though this summary is the
project’s high-level overview, the goal is describing the risk management plan’s approach and
scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re
reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team
meeting. Every member of the team must be vocal regarding what they believe could be potential
problems or risks. Stakeholders should also be involved in this meeting as well to help you collect
ideas regarding what could become a potential risk. All who are participating should look at past
projects, what went wrong, what is going wrong in current projects and what everyone hopes to
achieve from what they learned from these experiences. During this session, you’ll be creating a
sample risk management plan that begins to outline risk management standards and risk
management strategies.

Evaluate the Potential Risks Identified

ADVERTISEMENT

A myriad of internal and external sources can pose as risks including commercial, management
and technical, for example. When you’re identifying what these potential risks are and have your
list complete, the next step is organizing it according to importance and likelihood. Categorize
each risk according to how it could impact your project. For example, does the risk threaten to
throw off timelines or budgets? Using a risk breakdown structure is an effective way to help
ensure all potential risks are effectively categorized and considered. Use of this risk management
plan template keeps everything organized and paints a clear picture of everything you’re
identifying.

Assign Ownership and Create Responses

ADVERTISEMENT

ADVERTISEMENT

It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump
into action should an issue occur. Those who are assigned a risk, as well as the project manager,
should work as a team to develop responses before problems arise. That way, if there are issues,
the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
ADVERTISEMENT

Having effective risk management companies plans includes having a system for monitoring. It’s
not wise to develop a security risk management or compliance risk management plan, for
example, without having a system for monitoring. What this means is there’s a system for
monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re
ensuring no new risks will potentially surface. If one does, like during the IT risk management
process, for example, your team will know how to react.
Your Guide to Writing a Business Plan
By Staff WriterLast Updated April 18, 2020
Facebook

Twitter

crazystocker/Shutterstock
If you’re starting a new business, then you need an effective plan. Not only does this enable you to
plan your company, but it also gives potential clients an insight into how your business works. A
business plan is also vital if you want to attract investors or secure a loan from the bank. Drafting
a business plan is a complex process, but it doesn’t have to be. This guide will ensure you create a
definite plan to impress investors and clients. 
The Basics
When creating your business plan, there are some essential elements you must include. The
Executive Summary provides a description of your business, and what you hope to achieve.
People usually write at least one page, but leave their Executive Summary until last.
You’ll also need to detail what your business offers and define your target audience. This makes it
easier for people to see whether your company has a chance of succeeding. The opportunity
section is also an excellent way for you to see what competitors offer and how you can create a
USP to stand out from the competition. 
Appealing to Investors
Every business that wants growth and prosperity must ensure they promote themselves to potential
investors. Business plans aren’t just about what the business is, but who is part of it too. Detail
your current team members and explain what they bring to the company. Investors want to know
they’re making a wise investment.
ADVERTISEMENT
Your current finances and financial forecast are also essential aspects of your business plan. Look
at your products, how much you’re selling them for and what kind of profit margin you expect to
gain. It’s also vital you detail your outgoings and look at how various economic situations could
affect your finances. 
Writing a Winning Executive Summary
There are problems in every market, and a successful business solves that problem. If you can
show how you’ll be able to offer solutions in your business plan, you’ll appeal to investors.
Choose your target audience based on research and ensure you show your research. There are
many ways to conduct market research including defining SOMs, SAMs and TAMs. 
ADVERTISEMENT
TAM stands for Total Available Market and comprises everyone you want your product to reach.
Your Segmented Addressable Market (SAM) is a specific portion of the market you’ll target. This
is important because it shows you’re able to direct your product at the right people and not just
everyone. Your SOM (Share of the Market) is what you feel you’ll gain with your product.  
How to Determine Pricing
Pricing your product is one of the most challenging things you’ll have to do. There are many
things to consider, such as how much it’s worth and making sure you don’t charge unrealistically.
Many new businesses believe undercharging is the best way to go, but doing this can undermine
your company’s authority and cause fewer people to be interested in investing.
ADVERTISEMENT
Market-based pricing involves looking at your competitors and evaluating their prices. Which
company has the most customers? How does their pricing match others? These are all vital aspects
you should consider. Remember, customers expect quality and a fair price, so make sure you
combine the two. 
Future Goals
Investors and banks want to know that you’ve considered what the future will hold for your
company. When you write your business plan, be sure to take into account how you see the
company growing, what you’ll do to ensure it thrives and that you understand the potential risks.
Banks and investors want to know that you can build a business and are aware of the obstacles
you’ll have to overcome.
ADVERTISEMENT
Starting your own business doesn’t have to be difficult. If you ensure you produce a robust
business plan, it can be an exciting process. Your business is part of your future, so start by
outlining your goals and look forward to seeing results. 
How to Write a Lesson Plan
By Staff WriterLast Updated June 24, 2020

Facebook

Twitter

Prepare for class by writing clear lesson plans that are easy to read. Include details specific enough
that a substitute teacher could come in and understand them. Once you’ve written the lesson plans,
make a copy to have in case the original is misplaced and as a backup at home.
Objectives
Plan your objectives for the lesson plan. Figure out the amount of time you’ll be teaching and
break it down into segments. Make an outline, including an estimated amount of time for each
section. Decide if you want all lecture lessons, part lecture and student involvement or an activity-
based lesson. Lay out a week’s worth of plans to carry over any information from one day to the
next. What you don’t complete on Monday can be finished on Tuesday.
Introduction
Write an introduction for the lesson, giving an overview of what’s expected. Include a warm-up
activity to get the students’ attention. A lesson plan free template is ideal for creating weekly
lesson plans. Include the procedures you’ll use during the intro and the rest of the lesson.
Highlight materials you’ll need and have them available ahead of time.
Instruction
ADVERTISEMENT
Considering the academic, social and personal needs of the students, write out the instruction
plans, keeping sequencing in mind for flow. Incorporating various learning styles in the lesson
plans can be an effective teaching method with a wide range of students and their abilities.
Worksheets, question and answer sessions, group activities and individual assignments make use
of various learning styles. Curriculum-based hands-on board games and art activities related to the
lesson break up the study sessions.
Conclusion
ADVERTISEMENT
ADVERTISEMENT
Conclude the lesson by summarizing what you’ve discussed. Review the key points. In your
lesson plan, mark notations in textbooks you’re using as a cross-reference. Leave space in the plan
to go back over areas that were difficult for the students to understand. Tie in one lesson plan to
the next one. Mark down if you plan to assign homework related to the lesson.
Evaluation
ADVERTISEMENT
Practice scripting, especially if you’re new to teaching. Use that extra copy of the lesson plan to
practice at home. This helps you gain confidence and ensures successful classroom instruction. By
walking through the lesson plan, you’ll find areas that might need tweaking. After you’ve
completed the lesson in the classroom, evaluate how it went. What parts worked and which ones
need adjusting? Give yourself wiggle room in each of the lesson plans to make adjustments as
needed.
ADVERTISEMENT