What should be included in a well-conceived business plan? Tom recommends the following:
1. Describe why your company is relevant. What is the need being addressed?
2. Explain the overall state of the market and any important trends.
3. Explain why customers will buy your product or service.
4. Describe, in detail, who your customers are.
5. Explain who your current competitors are and their advantages.
6. Explain which competitors you will displace.
7. Describe your product offerings, how they compete with other brands and why they are needed.
8. Provide an overview of the various resources, including the people that will be needed to deliver what’s expected by the customer.
9. Describe corporate priorities and the processes to achieve them.
10. Included three thorough financial plans; one that’s conservative, one moderate and one optimistic, each with realistic and achievable sales revenues, margins, expenses and profits on a monthly, quarterly and annual basis.