Outlining the Plan

In the first section of the plan you should describe your plan for the business itself.

• Describe the company, its products and services, its focus.

• Accomplishments of the company under the current ownership.

• Growth opportunities under your ownership after acquisition.

• Marketing aspects:

  • Who the company's customers or clients are.

  • Your plan to step in and take over those relationships—how you will keep them and strengthen them.

  • What steps you will take to get more clients.

  • How you will maintain the balance, not taking on more than you can handle.

• The competition:

  • What other companies are doing what this company does.

  • Strengths and weaknesses of the competition. What lessons can be learned from those competitive operations.

  • Your plan to make your company successful and unique in that competitive environment.

  • Analyze current trends, and their implications for your venture.

• Operating procedures:

  • Location: Where you will operate the business, and why.

  • Space: What kind of space the business needs.

  • Accessibility: For employees, for clients, for courier services, etc.

  • Hours of operation.

  • Building security.

• Personnel and staffing:

  • Job descriptions and job titles: Number of employees in each. Name the employees if possible.

  • Salaries, benefits.

  • Staffing schedule.

  • What is the "business personality?"

• Transition plan: When the acquisition occurs, will you be suddenly replacing the current president, or will there be a gradual transition?

• Goals and objectives.

• Future opportunities.

• Risks: You have to be brutally honest in considering what kinds of things could go wrong, the likelihood of them happening, and what some contingency plans might be in case they do happen.

The preceding is a very brief description of what goes into Part I of your business plan. It is recommended that you get a good book on business plans; see this article's References section for suggestions.