Too many people think of business plans only for starting a new business or applying for business loans. They are also vital for running a business. A simple start-up plan includes a summary, a mission statement, listing planned keys or steps to success, a market analysis, and break-even analysis. This kind of plan is good for deciding whether or not to proceed with a plan, and it can tell whether there is a business worth getting involved and spending time and money to pursue it.

Is There a Standard Business Plan?
A successful normal business plan includes some standard features. Plan formats and outlines vary, but generally a plan will include items such as a description of the company, product or service. It will discuss the market, including forecasts or projections of the upcoming items that spell success. The management team usually lists each person and what expertise he or she has that will lead the company to success. What will he or she contribute? Also featured should be a financial analysis of products and the company.

Your plan will depend on your specific situation. For example, description of the management team is very important for investors while financial history is most important for banks.

What is Most Important in a Plan?
It depends on the case, but usually it's the cash flow analysis and specific implementation details.

 Cash flow is both vital to a company and hard to follow. Cash is usually misunderstood as profits, and they are different. Profits don't guarantee cash in the bank. Lots of profitable companies go under because of cash flow problems. It just isn't intuitive.
 Capable managers need to assign responsibilities, with dates and budgets, plus management should follow up with those responsible. People do not do what you expect, they do what you inspect.
 Good management will also track results. Business plans are really about getting results and improving the company.

What sections are included in a good plan?
1. Executive Summary: Write this last. It's just a page or two of highlights.

2. Company Description: When was it legally established? What is its history and start-up plans, etc?

3. Product or Service: Describe what you're selling. Zero in on customer benefits.

4. Market Analysis: You need to know your market; your customer's needs, and where they are, plus how to reach them, etc.

5. Strategy and Implementation: Be specific when you outline what your plans are to implement your sales plan. Include management responsibilities with dates and budget.

6. Management Team: Include backgrounds of key members of the team, personnel strategy, and details.

7. Financial Plan: Include profit and loss projections, and what is expected cash flow needs, insert a balance sheet. Include the computations for break-even analysis. You can get a sample in PDF format free download from the internet. State your assumptions, business ratios, etc.

You need a business plan if you're running a business. A business plan is like a map and a compass for a business. Without it you're operating with a blindfold on. With a plan you can set objectives, establish company priorities, and provide for cash flow.

Bplans.com has identified some of the top companies in various areas of business planning and created a general resource list for your convenient reference.