{"id":67591,"date":"2023-08-09T17:56:02","date_gmt":"2023-08-09T17:56:02","guid":{"rendered":"https:\/\/we-bc.ca\/?p=67591"},"modified":"2024-07-03T20:53:42","modified_gmt":"2024-07-03T20:53:42","slug":"information-you-should-always-include-information-you-should-always-leave-out-of-a-business-plan","status":"publish","type":"post","link":"https:\/\/news.we-bc.ca\/en\/information-you-should-always-include-information-you-should-always-leave-out-of-a-business-plan\/","title":{"rendered":"Information You Should Always Include &#038; Information You Should Always Leave Out of a Business Plan"},"content":{"rendered":"\n<p>There\u2019s no getting around it, writing a business plan is a bit of an undertaking! If you have never written a business plan, it can be hard to know what to include. There are a lot of templates and guides available out there, but sometimes they\u2019re so full of business-speak and jargon it can be hard to translate into the real world.&nbsp;<\/p>\n\n\n\n<p>As a <a href=\"https:\/\/we-bc.ca\/what-we-offer\/advisory-services\/\">Business Advisor<\/a> who has reviewed hundreds of business plans, I\u2019m going to share some of the most important information you should always include and what information you should always leave out of your business plan.&nbsp;<\/p>\n\n\n\n<p>A note before we get started\u2014WeBC largely works with people who are writing a business plan as part of the process to apply for a <a href=\"https:\/\/we-bc.ca\/what-we-offer\/financing\/business-loans-for-women\/?gclid=Cj0KCQjwzdOlBhCNARIsAPMwjbyxO998MRoOIxsLbFe7fCVeIBJF-LxkicvUuhqTjooDDTgVZXiF3moaAmQmEALw_wcB\">business loan<\/a>. As such, I&#8217;m going to cover how to write a business plan that will be read by a potential lender. But even if you\u2019re not planning to apply for a loan, the core elements will remain the same.&nbsp;<\/p>\n\n\n\n<p>Please see our guide, <a href=\"https:\/\/we-bc.ca\/online_resources\/how-to-write-an-effective-business-plan\/\">How to write a business plan<\/a> for a full list of what we look for in a business plan.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What should you always include in your business plan?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Background about you and your journey<\/strong><\/h3>\n\n\n\n<p>This may seem obvious, but your reader will want to know the most basic facts of your business, and the journey that has taken you to where you are today. Some people forget this part! This should include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How your business started (if you\u2019re an existing business), and how your core offerings and business model have changed over the years<\/li>\n\n\n\n<li>Your company\u2019s mission, vision, and goals. In other words, where is your business headed?<\/li>\n\n\n\n<li>Ownership structure and how long the owners have been involved in the business.<\/li>\n\n\n\n<li>Background information about you and other core employees or advisors. This should show the reader that your team has all the skills and knowledge for the business to succeed.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Market research&nbsp;<\/strong><\/h3>\n\n\n\n<p>Most people know they should include market research in their business plan, but a common mistake is to keep the research too high level. For example, it\u2019s good to know how many women there are between the ages of 30-40 in Canada, but how does that translate into sales for <em>your<\/em> store in particular? Here are some tips to beef up your research:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It\u2019s all about targeting. Your reader will want to <a href=\"https:\/\/we-bc.ca\/marketing-skills-for-entrepreneurs\/\">know who your target market is<\/a>, why they\u2019re your target market, and how you are going to reach them. Check out our guide, which includes the <a href=\"https:\/\/we-bc.ca\/online_resources\/six-keys-to-common-sense-marketing\/\">6 keys to common sense marketing<\/a> for more on this, or learn more about <a href=\"https:\/\/we-bc.ca\/marketing-skills-for-entrepreneurs\/\">how to target your marketing in this blog post<\/a>. <\/li>\n\n\n\n<li>Whenever possible, try to include some <em>primary market research<\/em>. This means that you have to go out and gather your own data to show your reader that there will be enough demand for your product.&nbsp;<\/li>\n\n\n\n<li>Show that you understand your competition. What do they do better than you? What do you do better than them? It can sometimes be helpful to use <a href=\"https:\/\/www.bdc.ca\/en\/articles-tools\/marketing-sales-export\/marketing\/how-evaluate-competition\" target=\"_blank\" rel=\"noreferrer noopener\">a table or <em>competitive matrix<\/em><\/a> to organize this information.<\/li>\n\n\n\n<li>Be specific about your <a href=\"https:\/\/we-bc.ca\/online_resources\/focused-marketing-workbook-targeted-effort-tangible-results\/\">marketing plan<\/a>. If your business plan says that you will promote your business using online advertising and you don\u2019t provide additional details, that\u2019s not going to be enough information. You should provide a sensible level of detail that shows the reader that you understand the ins and outs of your marketing channels, how much it will cost, and the sales you expect your efforts will achieve.&nbsp;<\/li>\n<\/ul>\n\n\n<div data-block-name=\"woocommerce\/featured-product\" data-edit-mode=\"false\" data-image-fit=\"cover\" data-product-id=\"48141\" class=\"wc-block-featured-product alignnone has-background-dim wp-block-woocommerce-featured-product\" style=\"min-height:500px;\"><div class=\"wc-block-featured-product__wrapper\"><div class=\"background-dim__overlay\" style=\"background-color: #000000\"><\/div><img decoding=\"async\" alt=\"Focused Marketing Workbook\" class=\"wc-block-featured-product__background-image\" src=\"https:\/\/news.we-bc.ca\/wp-content\/uploads\/2021\/11\/Focused-Marketing-Cover-Product-400x400.png\" style=\"object-fit: cover;object-position: 50% 50%;\" \/ loading=\"lazy\"><h2 class=\"wc-block-featured-product__title\">Focused Marketing Workbook<\/h2><div class=\"wc-block-featured-product__description\"><p>Do you feel tired and frustrated at the amount of money and effort this marketing requires? What if you could find a way to reduce the scatter, efficiently manage your time and get better results?<\/p>\n<\/div><div class=\"wc-block-featured-product__price\"><span class=\"woocommerce-Price-amount amount\" aria-hidden=\"true\"><span class=\"woocommerce-Price-currencySymbol\">&#036;<\/span>20.00<\/span> <span aria-hidden=\"true\">&ndash;<\/span> <span class=\"woocommerce-Price-amount amount\" aria-hidden=\"true\"><span class=\"woocommerce-Price-currencySymbol\">&#036;<\/span>40.00<\/span><span class=\"screen-reader-text\">Price range: &#036;20.00 through &#036;40.00<\/span><\/div><div class=\"wc-block-featured-product__inner-blocks\">\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/we-bc.ca\/product\/focused-marketing-workbook\/\">Shop now<\/a><\/div>\n<\/div>\n\n<\/div><\/div><\/div>\n\n\n<h3 class=\"wp-block-heading\"><strong>A breakdown of your financial plan and business model<\/strong><\/h3>\n\n\n\n<p>Even if you\u2019re not writing a business plan to apply for a loan, your business plan should include a breakdown of all the investments you plan to make in the next 1-5 years, as well as a breakdown of <em>how<\/em> you will make money.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you\u2019re just starting up, or have a big project in mind, your business plan should include details of exactly what you plan to purchase and how much it will cost.<\/li>\n\n\n\n<li>Once you have an idea of the cost of your plan, you\u2019ll need to identify your sources of funds\u2014where will that money come from: Personal contributions? Debt? Equity investors?<\/li>\n\n\n\n<li>Lastly, your reader will want to see a breakdown of how you make money. You should be able to provide a summary of things like your pricing strategy, what your target margins are, and how you handle things like discounts or markdowns.&nbsp;<\/li>\n<\/ul>\n\n\n<div data-block-name=\"woocommerce\/featured-product\" data-edit-mode=\"false\" data-product-id=\"48074\" class=\"wc-block-featured-product alignnone has-background-dim wp-block-woocommerce-featured-product\" style=\"min-height:500px;\"><div class=\"wc-block-featured-product__wrapper\"><div class=\"background-dim__overlay\" style=\"background-color: #000000\"><\/div><img decoding=\"async\" alt=\"Financial Workbook for Small Business\" class=\"wc-block-featured-product__background-image\" src=\"https:\/\/news.we-bc.ca\/wp-content\/uploads\/2021\/11\/Financial-Workbook-Cover-Product-400x400.png\" style=\"object-fit: none;object-position: 50% 50%;\" \/ loading=\"lazy\"><h2 class=\"wc-block-featured-product__title\">Financial Workbook for Small Business<\/h2><div class=\"wc-block-featured-product__description\"><p>This introductory-level guide takes you through practical exercises to help you understand the type of information financial statements provide.<\/p>\n<\/div><div class=\"wc-block-featured-product__price\"><span class=\"woocommerce-Price-amount amount\" aria-hidden=\"true\"><span class=\"woocommerce-Price-currencySymbol\">&#036;<\/span>20.00<\/span> <span aria-hidden=\"true\">&ndash;<\/span> <span class=\"woocommerce-Price-amount amount\" aria-hidden=\"true\"><span class=\"woocommerce-Price-currencySymbol\">&#036;<\/span>40.00<\/span><span class=\"screen-reader-text\">Price range: &#036;20.00 through &#036;40.00<\/span><\/div><div class=\"wc-block-featured-product__inner-blocks\">\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/we-bc.ca\/product\/financial-understanding-for-small-business\/\">Shop now<\/a><\/div>\n<\/div>\n\n<\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>What should you always leave out of your business plan?<\/strong><\/h2>\n\n\n\n<p>At WeBC we\u2019ve seen our share of business plans and have some thoughts on what makes a good one. Here are some highlights of what <strong><em>not<\/em><\/strong><em> <\/em>to include in your plan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Too much high level market research<\/strong><\/h3>\n\n\n\n<p>I just finished saying that you should include market research in your business plan. Now I\u2019m going to turn that on its head and say that you shouldn\u2019t include <em>too much<\/em> market research! In particular, you do not need to include pages and pages of high level research about your industry. You do not need to spend money on expensive market research reports or pay someone to prepare analysis for you. For the most part, the market research we want to see is going to be specific to your business only\u2014so you\u2019re the best person to do the work.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Flimsy language<\/strong><\/h3>\n\n\n\n<p>Sometimes when people are writing their business plan there is a tendency to want to <em>tell<\/em> the reader how great the business is. For example, they may write, \u201cit\u2019s an incredible business opportunity,\u201d or \u201cour products will be the highest quality in town.\u201d Those are wonderful statements, but your reader probably won\u2019t be convinced by words alone. There\u2019s a saying I like, which is \u201cshow, don\u2019t tell.\u201d In other words, you will need to <strong><em>show<\/em><\/strong><em> <\/em>&nbsp;the reader why it\u2019s an incredible business opportunity, not just tell them.&nbsp;<\/p>\n\n\n\n<p>For example, you could write \u201cLast year, the only pizza restaurant in town closed down after a major fire. There is now an opportunity to purchase a former fish and chips restaurant and convert it into a pizza restaurant.\u201d This gives the reader more background and shows why it\u2019s a good opportunity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Unrealistic projections<\/strong><\/h3>\n\n\n\n<p>This is a common one\u2014a business owner starts putting together their revenue and expense projections and next thing you know they are earning enough in their first year to retire in the Bahamas.&nbsp;<\/p>\n\n\n\n<p>Don\u2019t get me wrong, I want you and your business to be successful and earn as much as you can, but if your projections aren\u2019t realistic, you\u2019re not setting yourself up for success.&nbsp;<\/p>\n\n\n\n<p>I usually suggest that people create two <a href=\"http:\/\/go.we-bc.ca\/cashflowtemplate\">cash flow scenarios<\/a> \u2014 an optimistic scenario and a pessimistic scenario. Ask yourself what it would look like if your business just covered its costs. What would you need to change in your business model to keep the business sustainable in that scenario?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Weak analysis of risk&nbsp;<\/strong><\/h3>\n\n\n\n<p>All business plans should include a section that considers the key risks the business could face and how those risks would impact the business. However, sometimes people will provide a laundry list of risks without a real plan for how to manage them.&nbsp;<\/p>\n\n\n\n<p>A common risk is that you won\u2019t have as many customers as you anticipated. So if that happened to you, what would you do about it?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Too much visual filler&nbsp;<\/strong><\/h3>\n\n\n\n<p>Everyone loves a nicely designed business plan. If design is your thing, then by all means, make that business plan as awesome looking as you can. But if your pages are more visuals than words (unless they are charts and graphs to present data) then the plan itself may be light on content. Remember, good design won\u2019t be enough to distract from a flimsy plan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Too many words<\/strong><\/h3>\n\n\n\n<p>Like any other written document, a business plan needs to strike a balance between providing too much information and not providing enough. If your plan is 40 pages long and the pages are walls of text, you may find that your readers have a hard time making it through. They may start to skim or scan your plan instead of actually reading it.&nbsp;<\/p>\n\n\n\n<p>There\u2019s no magic fix to this, but a good approach is to ask a trusted friend or colleague for their honest opinion. Is it too long? Is it hard to read? If it is, there are many resources online that can help you learn how to thoughtfully edit your work to make it more concise. It\u2019s worth the time and effort.&nbsp;<\/p>\n\n\n\n<p>There it is! My top tips on what to always include and what to never include in your business plan. Hope you find these tips helpful.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Looking for more support to create your Business Plan?<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"400\" height=\"400\" src=\"https:\/\/we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-400x400.jpg\" alt=\"Building Your Business Plan: Formalize Your ideas, September 14\" class=\"wp-image-66951\"\/ loading=\"lazy\" srcset=\"https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-400x400.jpg 400w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-230x230.jpg 230w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-150x150.jpg 150w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-768x768.jpg 768w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-300x300.jpg 300w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-600x600.jpg 600w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-100x100.jpg 100w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-24x24.jpg 24w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-48x48.jpg 48w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1-96x96.jpg 96w, https:\/\/news.we-bc.ca\/wp-content\/uploads\/2023\/06\/Product-image-Session-1.jpg 1080w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>Join us starting September 14, 2023, for a three-part webinar series, \u201c<a href=\"https:\/\/we-bc.ca\/product\/building-your-business-plan-formalize-your-ideas\/\"><strong>Building your Business Plan: Formalize Your Ideas<\/strong><\/a>.&#8221; Our Business Advisor, Archana Samtani Singhania, will help you through the first steps of transforming your entrepreneurial idea into a viable business venture. <a href=\"https:\/\/we-bc.ca\/product\/building-your-business-plan-formalize-your-ideas\/\"><strong>Learn more &gt;&gt;&gt;<\/strong><\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s no getting around it, writing a business plan is a bit of an undertaking! If you have never written a business plan, it can be hard to know what [&hellip;]<\/p>\n","protected":false},"author":271,"featured_media":69319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[421,635],"tags":[461,474],"location":[],"class_list":["post-67591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-operations","category-financing","tag-business-loans","tag-business-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Information You Should Always Include &amp; Information You Should Always Leave Out of a Business Plan - WeBC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/we-bc.ca\/information-you-should-always-include-information-you-should-always-leave-out-of-a-business-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Information You Should Always Include &amp; Information You Should Always Leave Out of a Business Plan - WeBC\" \/>\n<meta property=\"og:description\" content=\"There\u2019s no getting around it, writing a business plan is a bit of an undertaking! 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