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Practical Application: Business Plan Template

Instructor: Scott Tuning

Scott has been a faculty member in higher education for over 10 years. He holds an MBA in Management, an MA in counseling, and an M.Div. in Academic Biblical Studies.

It would be hard to overestimate the importance of a business plan. When launching a business, the quality of the business plan will influence funding, customer acquisition, financial decisions, the management structure, and the overall success of the business.

The Business Plan: A Roadmap to Success

You probably couldn't imagine an architect who would approach a new building with the attitude, ''It's OK. I can just make it up as I go along.'' Yet, that is how many would-be entrepreneurs approach their idea for a new business.

Perhaps the most unfortunate part of this common scenario is that often the entrepreneur's idea is great. Without a great plan to match the great idea, they focus too much on the strategy and too little on the planning and execution.

For this reason, it's important to use a business plan. A business plan template, like the one below, can help an entrepreneur follow a systematic approach as they are planning out their new endeavor.

Map It Out

Before we jump right in, we should review the important components. For further review, check out the lesson How to Write a Business Plan.

Do you recall the mandatory questions that a business plan should answer? Are you able to sort these questions into their respective business plan sections? The review roadmap below can help guide you through the answers to these questions.


Business Plan Map


Template Design

Now that you've reviewed your roadmap, it's time to get it down on a template. A business plan can take many forms, but let's use the template below as a guide. Are all of the necessary questions answered? Have they been placed in the correct categories?


Template


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