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The fifth layer comes into play after you have started your business. Your business plan at this point in its development includes not only projections but also real statistics about cash flow, actual expenses, actual income, and other figures. This is the plan you need to steer, adjust course, grow a new aspect of the business. Revisit your business plan every six months. Have goals—financial and otherwise—that you want to meet within six months, a year, five years. If you put them in front of you in writing, you will be more likely to make them a reality.

Anatomy of a Business Plan

What information goes into a business plan? Frankly, far more information than can be covered in any detail in a single chapter. If you want to create an effective business plan, you will need to find some more help. The SCORE program specializes in just such help. Books and computer programs are also widely available.

Double-Check Your Plan

A business plan is not something you can put together an hour or two before meeting a loan officer for an interview. For it to be convincing, you need have specific, accurate information, and you need to make your plan persuasive. Look at it from the perspective of the person who will be reading it. Does it help the lender see your business like you see it? Does it say “good risk” to your prospective lender? Make the plan look neat and professional. Be descriptive and complete, but edit sections until most are two pages or shorter. Then, before you bring your business plan to the lending agency, have a friend or business associate, preferably one with business background, look at it. Listen to suggestions with an empty cup and try to incorporate those things that will strengthen your presentation.