First, do you even have one? A comprehensive business plan is a must when you're applying for a loan or venture capital, or if you’re going to take on business partners.

But it's a good idea to have one even if you’re humming along on your own funds. It's much easier to gauge your progress and make strategic decisions if you’ve laid out a clear road map. If you didn’t create a business plan before you started your business, it's not too late.

And if you have one, maybe it's time to dust it off and see if it needs a tune-up. According to the Small Business Administration, a business plan should always be a work-in-progress, subject to regular tweaking.

Several Elements

A good business plan should consist of several related elements. Here are the most important:

 - Executive Summary. Write this last, as it encapsulates who your company is and where you're headed.

 - Market Analysis. What is your target market, and who is your competition?

 - Company Description and Organization. What does your business do? Who does what?

 - Marketing and Sales Strategies. How are you marketing and selling your products and services?

 - Service/Product Line. What are you selling? What else do you plan to sell?

 - Financials. Break out Excel. These will range from simple tables to full-blown spreadsheets (balance sheet, break-even analysis, cash flow, etc.).

 - Funding Requirements. How much money will you need? How will you use it?

To be useful (and to increase your chances of obtaining funding, if that's your goal), be brutally honest and specific. Not good with grammar and spelling? Ask someone who is to edit it.

Business plans are lengthy documents, but don't put your potential readers to sleep. Be concise.

Don't Go It Alone

Knowing the framework your business plan should follow may not be enough: You should lean on the experts.

The Small Business Administration has a good site that provides resources for starting and maintaining a business. One of the topics covered is business plan creation.

You may also want to consult with us and/or your attorney as you're designing or redesigning your business plan. We can be of particular help with making your financials as effective as possible.

PC software is also available that simplifies the process tremendously and helps ensure that your lengthy document is thorough and well-designed. Business Plan Pro ($99.95 and $199.95) is the best. It walks you step by step through the process using a wizard that asks questions and drops your answers into the appropriate section of the plan. More than 500 sample plans provide guidance, and you can import and export data. When you're done, Business Plan Pro produces a business plan containing text, graphics, and financial data that you can take to the bank (or simply continue to tweak for your own use).

A Good Roadmap

Goals are, by nature, attainable and measurable. Your business plan should not only serve as an attractive prospect for funding, but a guide for you as you continue to hone the framework of your business. Visit it often, and solicit input from your key employees. Keep it tuned up, so it's ready at a moment's notice should a potential investor or banker want to see it.

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