Being excited and committed to a good idea, researching that idea, sound breakeven analysis, and a clear business plan are the building blocks to a successful new business.
TCB business customers are encouraged to use our breakeven calculators and standard business plan to get on the path to success.
Standard Business Plan
Summary | Business & Industry | Products & Services | Market Analysis
Market Strategy & Plan | Design & Development | Operations Strategy & Plan
Schedule | Critical Risks & Problems | Financial Plan
company, service, market, financials, use of capital
Describe your company or profession. Describe your product or service. Identify a market for your product or service and how you will reach it. Discuss the financial state of your company, and how you will pay for, and profit from, the new product or service. Mention the resources and capital you need to make the product or deliver the service. Keep your summary short and too the point.
BUSINESS & INDUSTRY
company history, position, performance, industry, trends
Describe your company history. Expand on the milestones you have had and relate them to your new goals. Discuss your company’s position in the industry in terms of size and competitive advantage. Analyze your past performance, and your potential performance. Discuss the industry and what trends are relevant today.
PRODUCTS & SERVICES
Describe the product or service features. Elaborate on what makes this product or service comparable to other successful products and services, and what makes it different. Expand on what are the greatest advantages of using your particular product or service.
customers, market size, competition, market share
You should have an initial idea on who your customers might be. After some preliminary research, identify these customers. Know how many customers are out there – identify the market size. Analyze the competition and what they are doing. Identify the competition's market share, and declare your potential market share. Give support to your claims.
MARKET STRATEGY & PLAN
offerings, price, distribution, promotion, PR, sales projections
Decide and discuss how you will offer your product or service. Detail different sizes, colors, or variations of products. Detail different terms, conditions, or variations of services. Use projected costs, competition prices, and other relevant information to formulate a fair and profitable price. Define your channels of distribution and support your choices. Develop good ideas for advertising your product, introducing your product to the public through public relations, or other promotional opportunities. Propose sales projections based on this strategy and plan. Give support to these projections.
DESIGN & DEVELOPMENT
design, development, providers, difficulties, costs
Describe the fundamental design of the product or service and the design process. Describe development and bringing the product or service from design to finish. Identify which providers and vendors are essential in development. Consider potential difficulties and analyze the costs.
OPERATIONS STRATEGY & PLAN
organization, management, labor, providers, duties, procedures, costs, sales
Discuss how you are going to organize your resources and efforts to consistently provide your customers your product or service. Assign responsibilities to management. Identify what type of labor is needed and who will provide it. Define the duties of your work force and the procedures to best deliver your product or service. Detail the costs of organization, administration, labor, and supplies. Adjust the marketing sales forecasts based on new considerations in operations.
target dates for each phase, other major milestones
Set target dates for finished design, finished development or prototype, finished marketing plan, first operations, and first marketing effort. Identify other major milestones, and call to action what needs to be done and when in order to meet these milestones.
CRITICAL RISKS & PROBLEMS
issues in development, marketing, operations
Reevaluate the development, marketing, and operation phases, and then determine what the greatest obstacles to success are. You should also consider risks, such as things that could wrong and lead to financial and legal repercussions.
operating profit forecasts, cash balance forecasts, desired financing, use of funds
Finally, analyze more carefully the costs of developing, marketing, and supporting the product or service. Use conservative sales projections to forecast operating profits. Estimate how much cash you expect to see from these profits, and how much cash you will need to sustain operations. Establish how much money you need to borrow and what exactly you will do with this money. Reaffirm the your ability to pay back the money based on future success and current assets.
How to Use the Standard Business Plan
Once you have written a business plan, you can use it to develop your product or service, marketing, and operations. You can use it to map out steps in the early stages of new business. You can use it as a control for risks and problems. You would also need it to provide to your TCB Business Lending Consultant in the lending process. Finally, your business plan is always a good information resource in any stage of business.