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How To Write A Business Plan (2023 Guide)

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Updated: Aug 20, 2022, 2:21am

How To Write A Business Plan (2023 Guide)

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business.

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly is an SMB Editor specializing in starting and marketing new ventures. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she manages a column at Inc. Magazine.

How to write a business plan in 7 steps

With this step-by-step guide, learn how to write a well-written professional business plan that can help you successfully start your business, apply for funding, and grow.

Writing a business plan doesn’t have to be complicated. You don’t need to have a business or accounting degree to put together a viable business plan. Business planning can be simple—even fun!

This guide will show you how to get your plan done without any complexity or frustration. By the time you’re done, you’ll be better prepared to start, run, and grow your business. Here are the 7 steps to write a business plan:

Be sure to download our free business plan template to start writing your own business plan as you work through this guide. For a more detailed guide to writing a business plan, download our free ebook : The Easy Way to Write Your Business Plan.

What is a business plan?

A business plan is a document that describes your business, the products and services you sell, and the customers that you sell to. It explains your business strategy. How you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. Setting sales goals, expense budgets, and predictions for cash flow.

Now, a business plan can be far more than just a static document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. A management tool to analyze results, make strategic decisions, and showcase how your business will operate and grow. In short, if you’re thinking of starting a business or plan to pitch to investors or venture capitalists, writing a business plan can improve your chances of success.

Why do you need a business plan?

You likely already have a good idea of your business strategy in your head. So you may be wondering, “Why should I spend my time making a business plan?” Here are the top reasons why you should invest in planning:

Businesses that plan grow 30% faster.

A surprising amount of research has been done on business planning and has shown that companies that take the time to write a plan and review it regularly grow 30% faster than those businesses that don’t plan. Not only do these companies grow faster, but they perform better and are less likely to fail in the long run.

Lenders and investors need business plans

If you’re growing your business and plan on getting a business loan or raising money from investors, you’ll need a business plan. Most lenders and investors will ask for a plan, but even if they don’t want to see the actual document, they will ask you questions that only a solid business plan will be able to answer.

Business plans reduce risk

Starting and running a business is always risky. Instead of flying by the seat of your pants, you can use a plan to forecast potential cash flow issues and get ahead of any potential roadblocks so you aren’t caught off guard. A business plan will help you reduce your risk and help you navigate the future.

Business planning helps you make smart spending decisions

Before you make a big spending decision for your business, you need to know the potential impacts on your finances. With a business plan in place, you can easily explore different scenarios and see what impacts a new hire or an expansion to a second location will have on your business.

Need more reasons for why you need a business plan? Read our full list of reasons why having a business plan is important for small businesses .

How to write a business plan step-by-step

Whether you’re building a business plan to raise money and grow your business or just need to figure out if your idea will work, every business plan needs to cover 6 essential sections. Here’s an overview of each section:

1. Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. Most people write it last, though.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. In fact, it’s very common for investors to ask for only the executive summary when they are evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation, and more in-depth financials.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Learn more about writing an effective executive summary .

2. Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you’re solving, your solution, and how your product or service fits into the existing competitive landscape.

Start the products & services chapter by describing the problem that you are solving for your customers and what your solution is. This is a description of your product or service.

Next, you should outline your competition . Who else is providing solutions that try to solve your customers’ pain points? What are your competitive advantages over other businesses?

If you happen to have any competitive advantages, such as specific intellectual property or patents that protect your product—this chapter is a great place to talk about those things.

Finally, review your milestones and metrics. This is an overview of the next steps that you need to accomplish to get your product or service ready to sell, with target dates. If you’ve already achieved some key milestones, such as landing a crucial customer or taking on pre-orders, discuss that here.

3. Market analysis

This section is where you will showcase all of the information about your potential customers. You’ll cover your target market as well as information about the growth of your market and your industry.

First, describe your target market . Your target market is the group of people that you plan on selling to. Try to be as specific as possible. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers.

Next, provide any market analysis and market research that you have. You’ll want to explain how your market is growing over time and also explain how your business is positioned to take advantage of expected changes in your industry.

4. Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments, how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

Some businesses that distribute their products and reach their customers through stores like Amazon.com, Walmart, Target, grocery store chains, and other retail outlets should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles that the business may have to overcome.

The marketing & sales chapter of your business plan can also be a good place to include a SWOT analysis . This is purely optional but can be a good way to explain how your products and services are positioned to deal with competitive threats and take advantage of opportunities.

5. Company organization and management team

Investors look for great teams in addition to great ideas. Use this chapter to describe your current team and who you need to hire. You will also provide a quick overview of your legal structure, location, and history if you’re already up and running.

Include brief bios that highlight the relevant experiences of each key team member. It’s important here to make the case for why the team is the right team to turn an idea into a reality. Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before?

Your company overview should also include a summary of your company’s current business structure. The most common business structures include:

Be sure to provide a review of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

6. Financial projections

Last, but certainly not least, is your financial plan chapter. This is often what entrepreneurs find most daunting, but it doesn’t have to be as intimidating as it seems. Business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. That said, if you need additional help, there are plenty of tools and resources out there to help you build a solid financial plan.

A typical financial plan will include:

Sales and revenue projections

A monthly sales and revenue forecast for the first 12 months, and then annual projections for the remaining three to five years. Three-year projections are typically adequate, but some investors will request a five-year forecast.

Profit and loss statement

An income statement , also known as the profit and loss (or P&L), is where your numbers all come together and show if you’re making a profit or taking a loss.

Cash flow statement

A cash flow statement . While the income statement calculates your profits and losses, the cash flow statement keeps track of how much cash (money in the bank) you have at any given point.

Balance sheet

A balance sheet lists the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business.

Optional sections to include when seeking funding

If you are raising money from investors, you should include a brief section of your business plan that details exactly how you plan on using your investors’ cash. This is typically just called, “Use of Funds.”

Investors will also want to see a short section on your exit strategy. An exit strategy is your plan for eventually selling your business, either to another company or to the public in an IPO. If you have investors, they will want to know your thoughts on this. If you’re running a business that you plan to maintain ownership of indefinitely, and you’re not seeking angel investment or VC funding, you can skip the exit strategy section.

For more information, read our guide on the different types of exit strategies .

Finally, discuss any assumptions and important risks for your business. Knowing what your assumptions are as you start a business can make the difference between business success and business failure. When you recognize your assumptions, you can set out to prove that your assumptions are correct. The more that you can minimize your assumptions, the more likely it is that your business will succeed.

7. Appendix

An appendix to your business plan isn’t a required chapter by any means. However, it is a useful place to stick any charts, tables, definitions, legal notes, or other critical information that either felt too long or too out-of-place to include elsewhere in your business plan. If you have a patent or a patent-pending, or illustrations of your product, this is where you’d want to include the details. For more details, read about what to include in your business plan appendix .

Get a quick fill-in-the-blank planning tool

Business plan writing tips

To help streamline the business plan writing process here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. For example, if you are writing a business plan for yourself or just for use inside your own business, you can probably skip the section about your team and organizational structure.

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the money you want and exactly how you’re going to use those funds. So, before you start writing your plan, think about why you are writing a business plan and what you’re trying to get out of the process.

Keep things concise

Probably the most important tip is to keep your business plan short and simple . There are no prizes for long business plans. In fact, the longer your plan, the less likely it is to be read.

So, focus on trimming things down to the essentials that your readers need to know. Skip the extended descriptions of your target market and instead focus on creating a plan that is easy to read.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. It’s helpful to zoom out from time to time and make sure that your plan is logical and makes sense. You also want to make sure that it’s easy to read and understand. Don’t wait until your plan is “done” to get a second look, though.

Start sharing your plan early and find out from your reader what questions the plan leaves unanswered. This early review cycle will help keep you on track. If you need a more detailed review, you may want to explore hiring a professional plan writer to give it a thorough examination.

Use a free business plan template to get started

Knowing what information you need to cover in a business plan sometimes isn’t quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. If you’re looking for a free downloadable business plan template to get you started, download the template that’s been used by more than 1 million businesses.

Or, if you just want to see what a completed business plan looks like, check out our library of over 500 free sample business plans .

How do I write a simple business plan?

If you’re not ready to work on a detailed business plan and want to start with something shorter and simpler, we recommend starting with a simple one-page business plan . You’ll be able to put together an initial plan in less than 30 minutes. For many businesses, this is a great way to get started. And, if you’re not raising money from investors, this may be all the plan you need.

Next steps for writing your business plan

Whether you’re writing a plan to explore a new business idea, establishing steps to start a business, looking to raise money from investors, seeking a loan, or just trying to run your business better—a solid business plan will help get you there.

Business planning is a continuous process that can help you validate your idea, set goals, manage, and successfully pitch your business. One of the most helpful things you can do to build a successful business is to jump in and start planning. If you’re looking for a more comprehensive step-by-step walkthrough for writing a business plan, check out our Business Planning Guide .

If you need more than a template, we recommend exploring business planning software, such as LivePlan. It features step-by-step guidance that ensures you include only what you need in your plan and reduces the time you spend on formatting and presenting.

You’ll also get help building solid financial models that you can trust, without having to worry about getting everything right in a spreadsheet. Finally, it will transform your plan into a management tool that will help you easily compare your forecasts to your actual results. This makes it easy to track your progress and make adjustments as you go.

Business plan FAQ

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investor, and identify areas for growth. Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

The seven steps to writing a business plan include: 1. Write a brief executive summary. 2. Describe your products and services. 3. Conduct market research and compile data into a cohesive market analysis. 4. Describe your marketing and sales strategy. 5. Outline your organizational structure and management team. 6. Develop financial projections for sales, revenue, and cash flow. 7. Add any additional documents to your appendix.

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid: 1. Not taking the planning process seriously. 2. Having unrealistic financial projections or incomplete financial information. 3. Inconsistent information or simple mistakes. 4. Failing to establish a sound business model. 5. Not having a defined purpose for your business plan.

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan. However, these are the key questions you should ask and answer with your business plan: – How will your business make money? – Is there a need for your product or service? – Who are your customers? – How are you different from the competition? – How will you reach your customers? – How will you measure success?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place. If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan or a 3-10 page Lean Plan to get all of the necessary information in place.

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering. Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix. Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea. One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business. Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision. However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

The core elements of business planning are the same for nonprofit organizations and for-profit businesses. The main difference between the two is that nonprofits are primarily driven by a specific mission or purpose. While a for-profit organization is typically driven by growth and improved performance. Additionally, nonprofit organizations will need to intently focus on their promotional, partnership, and fundraising strategies. While some of this is present in for-profit businesses, the need to thoroughly outline how and who you will continue to receive funding is far more important as a nonprofit.

Noah Parsons

Noah is currently the COO at Palo Alto Software, makers of the online business plan app LivePlan. You can follow Noah on Twitter .

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500+ Free business plan examples

Need help writing your business plan? Explore over 500 free real-world business plan examples from a wide variety of industries to guide you through writing your own plan. If you're looking for an intuitive tool that walks you through the plan writing process, we recommend LivePlan . It includes many of these same SBA-approved business plan examples and is especially useful when applying for a bank loan or outside investment.

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Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and how your product or service fits into the existing competitive landscape.

Describe the problem you're solving, how your offering solves the problem, and who your potential competitors are. You'll want to outline your competitive advantages and the milestones you have in mind to successfully start and grow your business.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

Organization & management

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure, location, and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or our-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or any other situation where the full details of your business must be understood by another individual.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan, you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27-minutes . However, it's even easier to convert into a full plan thanks to how heavily it's tied to your financials. The overall goal of Lean Planning isn't to just produce documents that you use once and shelve. Instead, the Lean Planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2022.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

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How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition ), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, this guide on how to write a business plan is a good place to start. You can also download our free business plan template , or get started right away with LivePlan .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples. Or for a modern pitch solution that helps you create a business plan and pitch deck side-by-side, you may want to check out LivePlan . It will help you build everything needed for outside investment and to better manage your business.

Get LivePlan in your classroom

Are you an educator looking for real-world business plan examples for your students? With LivePlan, you give your students access to industry-best business plans and help them set goals and track metrics with spreadsheet-free financial forecasts. All of this within a single tool that includes additional instructional resources that work seamlessly alongside your current classroom setup.

With LivePlan, it's not just a classroom project. It's your students planning for their futures. Click here to learn more about business planning for students .

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How Do You Structure a 3-Year Business Plan?

Why Should You Write a Business Plan?

What to include in a 3-year business plan, describe your business, define your goals, analyze your potential market, explain your marketing plan, estimate costs and revenues, example of a 3-year business plan, the takeaway, frequently asked questions, about the author.

Lauren Ward

Business Plan Example and Template

Learn how to create a business plan

What is a Business Plan?

A business plan is a document that contains the operational and financial plan of a business, and details how its objectives will be achieved. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing .

A business plan should follow a standard format and contain all the important business plan elements. Typically, it should present whatever information an investor or financial institution expects to see before providing financing to a business.

Contents of a Business Plan

A business plan should be structured in a way that it contains all the important information that investors are looking for. Here are the main sections of a business plan:

1. Title Page

The title page captures the legal information of the business, which includes the registered business name, physical address, phone number, email address, date, and the company logo.

2. Executive Summary

The executive summary is the most important section because it is the first section that investors and bankers see when they open the business plan. It provides a summary of the entire business plan. It should be written last to ensure that you don’t leave any details out. It must be short and to the point, and it should capture the reader’s attention. The executive summary should not exceed two pages.

3. Industry Overview

The industry overview section provides information about the specific industry that the business operates in. Some of the information provided in this section includes major competitors, industry trends, and estimated revenues. It also shows the company’s position in the industry and how it will compete in the market against other major players.

4. Market Analysis and Competition

The market analysis section details the target market for the company’s product offerings. This section confirms that the company understands the market and that it has already analyzed the existing market to determine that there is adequate demand to support its proposed business model.

Market analysis includes information about the target market’s demographics , geographical location, consumer behavior, and market needs. The company can present numbers and sources to give an overview of the target market size.

A business can choose to consolidate the market analysis and competition analysis into one section or present them as two separate sections.

5. Sales and Marketing Plan

The sales and marketing plan details how the company plans to sell its products to the target market. It attempts to present the business’s unique selling proposition and the channels it will use to sell its goods and services. It details the company’s advertising and promotion activities, pricing strategy, sales and distribution methods, and after-sales support.

6. Management Plan

The management plan provides an outline of the company’s legal structure, its management team, and internal and external human resource requirements. It should list the number of employees that will be needed and the remuneration to be paid to each of the employees.

Any external professionals, such as lawyers, valuers, architects, and consultants, that the company will need should also be included. If the company intends to use the business plan to source funding from investors, it should list the members of the executive team, as well as the members of the advisory board.

7. Operating Plan

The operating plan provides an overview of the company’s physical requirements, such as office space, machinery, labor, supplies, and inventory . For a business that requires custom warehouses and specialized equipment, the operating plan will be more detailed, as compared to, say, a home-based consulting business. If the business plan is for a manufacturing company, it will include information on raw material requirements and the supply chain.

8. Financial Plan

The financial plan is an important section that will often determine whether the business will obtain required financing from financial institutions, investors, or venture capitalists. It should demonstrate that the proposed business is viable and will return enough revenues to be able to meet its financial obligations. Some of the information contained in the financial plan includes a projected income statement , balance sheet, and cash flow.

9. Appendices and Exhibits

The appendices and exhibits part is the last section of a business plan. It includes any additional information that banks and investors may be interested in or that adds credibility to the business. Some of the information that may be included in the appendices section includes office/building plans, detailed market research , products/services offering information, marketing brochures, and credit histories of the promoters.

Business Plan Template

Here is a basic template that any business can use when developing its business plan:

Section 1: Executive Summary

Section 2: Industry Overview

Section 3: Market Analysis and Competition

Section 4: Sales and Marketing Plan

Section 5: Management Plan

Section 6: Operating Plan

Section 7: Financial Plan

Describe the financial projections of the company, by including the projected income statement, projected cash flow statement, and the balance sheet projection.

Section 8: Appendices and Exhibits

How to Conduct a Business Plan Meeting or Strategy Meeting

strategy meeting - business plan meeting

Doing a business plan meeting will help you stay on track throughout the next 12 months. Follow this strategy meeting agenda to review your business plan goals, make tweaks to your business plan direction and update timelines and accountability so that you are farther along one year from now.

Quick note: you can download a free sample business plan for several different industries from MoreBusiness.com. Then, edit the business plan to create a custom one for your company.

Table of Contents

Business Plan Meeting

While many companies hold their meetings in January, the time of year doesn’t matter. If you haven’t updated your business plan in over a year, set up a time on your calendar to do it as soon as possible.

You can have your strategy meeting offsite, like a strategic planning retreat, or in your office. Offsite strategy meetings often include team building activities as well as strategic business topics.

We hold our meetings at our office over 5 days, 2 hours per day in the mornings. After each business planning session, we take the team out for lunch (or have it catered in). This allows us to break up the day and keep the creative juices flowing. It also allows our team to keep up with their normal activities in the afternoon so client issues are addressed.

Our goal is to dive deep while having fun. Here’s how we do it. Read our strategy meeting agenda below or watch this 6-minute video:

Strategy Meeting Agenda

Every business plan meeting is broken up into specific topics that we cover. We prepare a strategy meeting agenda for everyone to follow and take notes on.

We also make it a point to connect regularly throughout the year. Doing so helps us make sure we are on track to meet each milestone and enables us adjust the plan as necessary.

1. Create a List of Accomplishments and Shortcomings

It’s important to evaluate where you have been before you can figure out where you are going. You must know what worked and what didn’t. Take an honest look at your business and create a list of what you did well (accomplishments) and what didn’t go so well (shortcomings).

We go through accomplishments first and write a large list on our white board. We take a picture so nobody has to transcribe the list while we are shouting out answers.

Inevitably, during our discussion of shortcomings, we remember other accomplishments so we have a blank space on the white board to write those down.

Encourage your staff to speak without feeling shy about the answers. How comfortable they are in sharing their thoughts is a reflection of your company culture .

2. Review Company Values

Everyone at our company has a framed list of company values in their office. The list is simple, about 4 lines. It provides a lens from which we can ensure that new goals are in line with what is important to us.

This part of the strategy meeting agenda is usually fairly quick, but it is an important reminder that sets the stage for the next series of topics.

3. Answer These Strategic Planning Questions

This is the longest portion of your strategy meeting. Talk about SWOT – strengths, weaknesses, opportunities, and threats. Look at your competitors to see what they are doing better than you and how you could change to compete.

Ask questions like these and take notes without judging any comments:

Your mission at this step in the strategic planning process is to come up with key goals that make sense – and that you can measure (more on that next).

Remember to look at each item with your company values in mind. If a new product idea doesn’t line up with your values, it will not be a good fit for your business.

Next, take the time to create a list of all of these ideas and tasks.

4. Rank Each Task by Difficulty, Value and Priority

Once you have a detailed list of ideas for the next 12 months, you need to prioritize them. Every company has limited resources. If you focus on irrelevant activities, you will limit your growth. Setting priorities is an essential part of your strategy meeting agenda.

Next to your newly created list of goals, add three columns: difficulty, value, and priority. You will assign a number from 1-10 for difficulty and value and 1-3 for priority.

Difficulty : start by ranking each goal or idea in terms of difficulty to accomplish, 10 being the hardest. The difficulty should be higher for tasks that require longer time commitments to complete.

Value : rank each task by the value it brings to the company as a whole, not to an individual employee. Use 10 as your marker for having the most value. For example, if adding a new product line would create a significant revenue stream, that task would have a high rank. Look at each task as “nice to have” vs. “must have” to sort out what will provide the most value.

Priority : once you have ranked each task’s difficulty and value, you can set a priority. Tasks that have low difficult and high value should get a high priority since they are the easiest to do and will provide you with quick benefits. Give those a priority of 1. Tasks with high difficulty and low value should be marked with a priority of “Not Yet” to indicate they are not the best bang for your buck at this time.

This process enables you to determine which tasks should bubble to the top of your action item list.

5. Set Milestones and Assign Accountability

Create a spreadsheet for each quarter that lists each task and who is responsible for working on it. Add deadlines and milestones so you can tell if you are on track.

Monthly Meeting

Don’t invest all the time to hold a strategy meeting and then let your action items sit on a shelf collecting dust.

Schedule a monthly meeting to review your strategic planning goals. This means you will have just 3 meetings per quarter. Use these high level meetings to make course corrections and adjustments to your plan.

You should also meet weekly to go over specific tasks that dive into the details of each high level goal. These weekly meetings supplement that strategic topics covered in each monthly meeting.

Download MoreBusiness.com’s agenda for a one-on-one meeting (it’s free) to plan and track meetings with each team member.

Over time, you may find that some of the goals from your strategy meeting are no longer appropriate. Be flexible enough to recognize that you may need to make changes before your next business plan meeting.

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How to Write a Business Plan, Step by Step

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1. Write an executive summary

2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. add additional information to an appendix, business plan tips and resources.

A business plan is a document that outlines your business’s financial goals and explains how you’ll achieve them. A strong, detailed plan will provide a road map for the business’s next three to five years, and you can share it with potential investors, lenders or other important partners.

Here’s a step-by-step guide to writing your business plan.

» Need help writing? Learn about the best business plan software .

This is the first page of your business plan. Think of it as your elevator pitch. It should include a mission statement, a brief description of the products or services offered, and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description, which should contain information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, it should cover the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out exactly what you’d like to accomplish, both in the near term and over the long term.

If you’re looking for a business loan or outside investment, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and how much you think sales will increase over the next three years as a result.

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

Your sales strategy.

Your distribution strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

You may also include metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

» NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

List any supporting information or additional materials that you couldn’t fit in elsewhere, such as resumes of key employees, licenses, equipment leases, permits, patents, receipts, bank statements, contracts and personal and business credit history. If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

Here are some tips to help your business plan stand out:

Avoid over-optimism: If you’re applying for a business loan at a local bank, the loan officer likely knows your market pretty well. Providing unreasonable sales estimates can hurt your chances of loan approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors, taking their mind off your business and putting it on the mistakes you made. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. You can search for a mentor or find a local SCORE chapter for more guidance.

The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

Business plan templates

Let these informative and polished templates guide you through creating your business plan. .

Simple Business Plan Templates

Smartsheet Contributor Joe Weller

April 2, 2020

In this article, we’ve compiled a variety of simple business plan templates, all of which are free to download in PDF, Word, and Excel formats.

On this page, you’ll find a one-page business plan template , a simple business plan for startups , a small-business plan template , a business plan outline , and more. We also include a business plan sample and the main components of a business plan to help get you started.

Simple Business Plan Template

Download Simple Business Plan Template

This simple business plan template lays out each element of a traditional business plan to assist you as you build your own, and it provides space to add financing information for startups seeking funding. You can use and customize this simple business plan template to fit the needs for organizations of any size.

One-Page Business Plan Template

Download One-Page Business Plan Template

Excel | Word | PDF | Smartsheet

Use this one-page business plan to document your key ideas in an organized manner. The template can help you create a high-level view of your business plan, and it provides easy scannability for stakeholders. You can use this one-page plan as a reference to build a more detailed blueprint for your business.

For additional single page plans, take a look at " One-Page Business Plan Templates with a Quick How-To Guide ."

Simple Fill-in-the-Blank Business Plan Template

Download Simple Fill-in-the-Blank Business Plan Template

Use this fill-in-the-blank business plan template to guide you as you build your business plan. Each section comes pre-filled with sample content, with space to add customized verbiage relevant to your product or service.

For additional free, downloadable resources, visit " Free Fill-In-the-Blank Business Plan Templates ."

Simple Business Plan for Startup

‌ Download Startup Business Plan Template — Word

This business plan template is designed with a startup business in mind and contains the essential elements needed to convey key product or service details to investors and stakeholders. Keep all your information organized with this template, which provides space to include an executive summary, a company overview, competitive analysis, a marketing strategy, financial data, and more. For additional resources, visit " Free Startup Business Plan Templates and Examples ."

Simple Small-Business Plan Template

Download Simple Small-Business Plan Template

This template walks you through each component of a small-business plan, including the company background, the introduction of the management team, market analysis, product or service offerings, a financial plan, and more. This template also comes with a built-in table of contents to keep your plan in order, and it can be customized to fit your requirements.

Lean Business Plan Template

Download Lean Business Plan Template

This lean business plan template is a stripped-down version of a traditional business plan that provides only the most essential aspects. Briefly outline your company and industry overview, along with the problem you are solving, as well as your unique value proposition, target market, and key performance metrics. There is also room to list out a timeline of key activities.

Simple Business Plan Outline Template

Download Simple Business Plan Outline Template

Word | PDF

Use this simple business plan outline as a basis to create your own business plan. This template contains 11 sections, including a title page and a table of contents, which details what each section should cover in a traditional business plan. Simplify or expand this outline to create the foundation for a business plan that fits your business needs.

Simple Business Planning Template with Timeline

Download Simple Business Planning Template with Timeline

Excel | Smartsheet

This template doubles as a project plan and timeline to track progress as you develop your business plan. This business planning template enables you to break down your work into phases and provides room to add key tasks and dates for each activity. Easily fill in the cells according to the start and end dates to create a visual timeline, as well as to ensure your plan stays on track.

Simple Business Plan Rubric Template

Download Simple Business Plan Rubric

Excel | Word | PDF | Smartsheet

Once you complete your business plan, use this business plan rubric template to assess and score each component of your plan. This rubric helps you identify elements of your plan that meet or exceed requirements and pinpoint areas where you need to improve or further elaborate. This template is an invaluable tool to ensure your business plan clearly defines your goals, objectives, and plan of action in order to gain buy-in from potential investors, stakeholders, and partners.

Basic Business Plan Sample

Download Basic Business Plan Sample

This business plan sample serves as an example of a basic business plan that contains all the traditional components. The sample provides a model of what a business plan might look like for a fictional food truck business. Reference this sample as you develop your own business plan.

For additional resources to help support your business planning efforts, check out “ Free Strategic Planning Templates .”

Main Components of a Business Plan

The elements you include in your business plan will depend on your product or service offerings, as well as the size and needs of your business.

Below are the components of a standard business plan and details you should include in each section:

Tips for Creating a Business Plan

It’s easy to feel overwhelmed at the thought of putting together a business plan. Below, you’ll find top tips to help simplify the process as you develop your own plan.

To identify which type of business plan you should write, and for more helpful tips, take a look at our guide to writing a simple business plan .

Benefits of Using a Business Plan Template

Creating a business plan can be very time-consuming, especially if you aren’t sure where to begin. Finding the right template for your business needs can be beneficial for a variety of reasons.

Using a business plan template — instead of creating your plan from scratch — can benefit you in the following ways:

Limitations of a Business Plan Template

A business plan template can be convenient, but it has its drawbacks — especially if you use a template that doesn’t fit the specific needs of your business.

Below are some limitations of using a business plan template:

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From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level.

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Startup Business Plan Template

We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.

Business Plan Template

This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.

Coffee Shop Business Plan Template

Looking for investors and permits for your new cafe? Use this free Coffee Shop Business Plan Template to get all your cups in a row.

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Always dreamed of starting a restaurant? This free restaurant business plan template is your first step in making your dream a legal, planned reality.

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Think you have the solution for local tourism? Kick off your hotels empire with this free hotel business plan template to assure investors and guests.

Executive Summary Template

Your potential investors are spending the most time reading one part of your business plan. Use this executive summary template to make your business idea shine.

Business Letter Template

You want to make your company shine in all ways and certainly folks judge a book by it’s cover. Use this Business Letter Template to put your best face forward.

What is a business plan?

A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.

Typically, a good business plan consists of the following:

Every section involved in a business plan is designed to help startup businesses reach their target market.

A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.

However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.

Should I use a business plan template?

Yes. If you’ve never written one, a business plan can be challenging to write.

Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.

However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.

Business plan templates for free

Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.

Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.

Grab a free template to get started!

Frequently asked questions

How many pages should my business plan be.

This depends on the kind of business plan you need to write and how you intend to use the plan that you create.

For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).

These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.

Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.

Who needs a business plan?

Every business should have a business plan. This is an essential guidance document for any founder or CEO.

Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.

Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.

What is the best business plan template?

Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.

If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.

PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.

Should I hire someone to write my business plan for me?

No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee. These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.

The reason for this is simple: You know the most about your business, and your business needs you to succeed.

A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.

Those ideas and guiding principles aren’t something you can outsource.

Should I use business planning software?

Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.

You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.

Get started with PandaDoc today

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Tesla stock down as investor day falls short on specifics

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Tesla shares down 7% after Investor Day despite positive analyst sentiment

Electric vehicle maker Tesla hosted a 2023 investor day presentation in Austin, Texas, on Wednesday. CEO Elon Musk took the stage to share his "Master Plan 3," and to discuss how Tesla plans to scale up in the face of increasing competition.

The presentation was long on vision, and included a review of prior achievements, but short on specifics about any new Tesla products or services.

Near the beginning of the presentation, Musk said: "There is a clear path to a sustainable-energy Earth. It doesn't require destroying natural habitats. It doesn't require us to be austere and stop using electricity and be in the cold or anything." He added, "In fact, you could support a civilization much bigger than Earth, much more than the 8 billion humans could actually be supported sustainably on Earth."

Musk was initially joined on stage by Drew Baglino, senior vice president of powertrain and energy engineering at Tesla. They discussed a future in which the company would play a role in "re-powering the grid with renewable fuels" as they ramp up battery production, both for Tesla's electric vehicles and for the company's utility-scale energy storage systems.

Tesla's goal is to produce 20 million electric vehicles per year by 2030, executives reiterated. The company reported full-year deliveries of around 1.31 million vehicles in 2022.

Tesla shares dip more than 5% after hours as Investor Day falls short on specifics

During a question-and-answer session following the three-hour presentation, executives fielded a question about how Tesla could grow its market share in China.

Elon Musk passed the question to Tom Zhu, who is heading up global production and has run the China and APAC businesses for Tesla for years. "As long as you offer a product with value at affordable price you don't have to worry about demand," Zhu said. "We try everything to cut costs," he added, "and pass down that value to our customers."

Musk then added, "Demand is a function of affordability not desire." He said, "Even small changes in the price have a big effect on demand."

Zhu also announced that as of Wednesday, Tesla had produced 4 million cars in total.

"It took us 12 years to build the first million, and about 18 months to the second million. The third million, 11 months. Then less than seven months to build the 4 millionth," Zhu said, touting the company's improving operational efficiency.

He said Tesla plans to construct new car and battery cell factories, and also to produce more cars per year at its existing factories.

Tesla charging leader Rebecca Tinucci said that in 2022 the company provided 9 terawatt hours across charging methods, including home charging including 40,000 Superchargers. (By way of comparison, the entire U.S. consumes about 4,000 terawatt hours of electricity per year.) Tinucci also noted that about half of the company's Superchargers in the EU are open to other vehicles, and that the company just opened 10 Superchargers in the U.S. to non-Teslas.

Realtor Business Plan 2023 Template

Use this Realtor business plan 2023 template to help real estate agents focus on activities to increase production throughout the entire year.

Do you have a Realtor business plan for 2023? If you don’t already, it’s not too late. Arguably, it’s never too late to get your business plan in order.

You may be intimidated to get your business plan on paper. There is pressure around building out an effective business plan — we get it. Plus, creating the traditional business plan is time-consuming and rarely effective. You’re more likely to find it under a pile of documents on your desk, or shoved into a folder and forgotten about.

This is NOT the kind of business plan we built.

Once you use our 1-3-5, single-page business plan template, you’ll understand why it is revolutionary. And, we hope you’ll learn to love it so much that you’ll use it every year.

VIDEO: Realtor Business Plan 2023 Template

Realtor business plan 2023: the 1-3-5 plan.

At ICC, we coach many of the highest producing agents, teams, and brokerages across the country . Because we are mostly known for coaching the “heavy hitters,” some don’t realize that we have a wide range of agents that we work with.

I say this so that you know, from the get-go, that ICC has a lot of credibility when it comes to getting business models of all sizes and shapes on track for growth with our revolutionary 1-3-5 business plan .

Today, we are going to teach you about the best Realtor business plan for 2023. We will walk you through the 1-3-5 business plan, and the example we will use is for solo agents.

This content is highly valuable not only for solo agents, but also for anyone who leads agents.

Learn how to use the 1-3-5 Realtor Business Plan 2023

Here is the basic breakdown of how the 1-3-5 Realtor business plan 2023 works.

Remember, the objectives you use to fill in your Realtor business plan 2023 should be growth activities that are in direct alignment with your 1 big goal. (More essential tips like this later.)

The objectives you use to fill in your Realtor business plan 2023 should be growth activities that are in direct alignment with your 1 big goal . Brian Icenhower

How to create your Realtor business plan 2023

Homework before you begin your Realtor business plan 2023

In order to create a solid Realtor business plan 2023, you should know (and understand) your current numbers.

The ICC Business Tracker is crucial in helping our clients establish a gross commission income (GCI) goal based on the unit count or sales volume needed. This tool helps determine how many leads you need, what the conversion rates are, and gets you really dialed in tight before planning your Realtor business plan 2023.

This is why many clients come to us at ICC . They need a coach to help them get all their numbers dialed in so they can move forward and grow their business the way they want to. And, along with their coach, they also get the systems to back it up, like the ICC Business Tracker.

Once these crucial numbers are determined, you can move forward with your Realtor business plan 2023, and filling out the 1-3-5.

This is why many clients come to us at ICC . They need a coach to help them get all their numbers dialed in so they can move forward and grow their business the way they want to. And, along with their coach, they also get the systems to back it up. Brian Icenhower

FREE DOWNLOAD: Solo Agent 1-3-5 Business Plan

Today, we are giving subscribers a free copy of our Solo Agent 1-3-5 Business Plan . This PDF is a fillable form, so you will be able to customize your Realtor business plan for 2023. Be sure to watch the video at the beginning of this blog to learn more about how to effectively create your single page business plan.

Want to learn more?

Stay up to date on what's happening in our industry and join our Facebook group, the Real Estate Agent Round Table for free, relevant content daily, including breaking news on the real estate market.

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Brian Icenhower

Brian Icenhower, Esq, BS, JD, CRB, CRS, GRI, ABR is a nationally recognized real estate trainer, speaker and coach. Mr. Icenhower is the CEO of Keller Williams Realty Kansas City North, an attorney, a real estate broker, real estate litigation expert witness, and a frequently published real estate author. Brian is also the creator of www.TheRealEstateTrainer.com, a website that provides real training material for real estate brokers managers and other industry leaders.

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What is a Business Plan? Definition, Tips, and Templates

Updated: September 02, 2021

Published: September 01, 2021

In an era where more than 50% of small enterprises fail in their first year, having a clear, defined, and well-thought-out business plan is a crucial first step for setting up a business for long-term success.

Marketer typing up a business plan on their laptop

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

Business plans are a required tool for all entrepreneurs, business owners, business acquirers, and even business school students. But … what exactly is a business plan?

In this post, we'll explain what a business plan is, the reasons why you'd need one, identify different types of business plans, and what you should include in yours.

Download Now: Free Business Plan Template

What is a business plan?

A business plan is a documented strategy for a business that highlights its goals and its plans for achieving them. It outlines a company's go-to-market plan, financial projections, market research, business purpose, and mission statement. Key staff who are responsible for achieving the goals may also be included in the business plan along with a timeline.

What is a business plan used for?

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

Business Plan Template [ Download Now ]

Working on your business plan? Try using our Business Plan Template . Pre-filled with the sections a great business plan needs, the template will give aspiring entrepreneurs a feel for what a business plan is, what should be in it, and how it can be used to establish and grow a business from the ground up.

Purposes of a Business Plan

Chances are, someone drafting a business plan will be doing so for one or more of the following reasons:

1. Securing financing from investors.

Since its contents revolve around how businesses succeed, break-even, and turn a profit, a business plan is used as a tool for sourcing capital. This document is an entrepreneur's way of showing potential investors or lenders how their capital will be put to work and how it will help the business thrive.

All banks, investors, and venture capital firms will want to see a business plan before handing over their money, and investors typically expect a 10% ROI or more from the capital they invest in a business.

Therefore, these investors need to know if – and when – they'll be making their money back (and then some). Additionally, they'll want to read about the process and strategy for how the business will reach those financial goals, which is where the context provided by sales, marketing, and operations plans come into play.

2. Documenting a company's strategy and goals.

A business plan should leave no stone unturned.

Business plans can span dozens or even hundreds of pages, affording their drafters the opportunity to explain what a business' goals are and how the business will achieve them.

To show potential investors that they've addressed every question and thought through every possible scenario, entrepreneurs should thoroughly explain their marketing, sales, and operations strategies – from acquiring a physical location for the business to explaining a tactical approach for marketing penetration.

These explanations should ultimately lead to a business' break-even point supported by a sales forecast and financial projections, with the business plan writer being able to speak to the why behind anything outlined in the plan.

3. Legitimizing a business idea.

Everyone's got a great idea for a company – until they put pen to paper and realize that it's not exactly feasible.

A business plan is an aspiring entrepreneur's way to prove that a business idea is actually worth pursuing.

As entrepreneurs document their go-to-market process, capital needs, and expected return on investment, entrepreneurs likely come across a few hiccups that will make them second guess their strategies and metrics – and that's exactly what the business plan is for.

It ensures an entrepreneur's ducks are in a row before bringing their business idea to the world and reassures the readers that whoever wrote the plan is serious about the idea, having put hours into thinking of the business idea, fleshing out growth tactics, and calculating financial projections.

4. Getting an A in your business class.

Speaking from personal experience, there's a chance you're here to get business plan ideas for your Business 101 class project.

If that's the case, might we suggest checking out this post on How to Write a Business Plan – providing a section-by-section guide on creating your plan?

What does a business plan need to include?

1. Business Plan Subtitle

Every great business plan starts with a captivating title and subtitle. You’ll want to make it clear that the document is, in fact, a business plan, but the subtitle can help tell the story of your business in just a short sentence.

2. Executive Summary

Although this is the last part of the business plan that you’ll write, it’s the first section (and maybe the only section) that stakeholders will read. The executive summary of a business plan sets the stage for the rest of the document. It includes your company’s mission or vision statement, value proposition, and long-term goals.

3. Company Description

This brief part of your business plan will detail your business name, years in operation, key offerings, and positioning statement. You might even add core values or a short history of the company. The company description’s role in a business plan is to introduce your business to the reader in a compelling and concise way.

4. The Business Opportunity

The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can. This section explains the specific problem your business solves within the marketplace and how it solves them. It will include your value proposition as well as some high level information about your target market.

5. Competitive Analysis

Just about every industry has more than one player in the market. Even if your business owns the majority of the market share in your industry or your business concept is the first of its kind, you still have competition. In the competitive analysis section, you’ll take an objective look at the industry landscape to determine where your business fits. A SWOT analysis is an organized way to format this section.

6. Target Market

Who are the core customers of your business and why? The target market portion of your business plan outlines this in detail. The target market should explain the demographics, psychographics, behavioristics, and geographics of the ideal customer.

7. Marketing Plan

Marketing is expansive, and it’ll be tempting to cover every type of marketing possible, but a brief overview of how you’ll market your unique value proposition to your target audience, followed by a tactical plan will suffice. Think broadly and narrow down from there: Will you focus on a slow-and-steady play where you make an upfront investment in organic customer acquisition? Or will you generate lots of quick customers using a pay-to-play advertising strategy? This kind of information should guide the marketing plan section of your business plan.

8. Financial Summary

Money doesn’t grow on trees and even the most digital, sustainable businesses have expenses. Outlining a financial summary of where your business is currently and where you’d like it to be in the future will substantiate this section. Consider including any monetary information that will give potential investors a glimpse into the financial health of your business. Assets, liabilities, expenses, debt, investments, revenue, and more are all fair game here.

So, you’ve outlined some great goals, the business opportunity is valid, and the industry is ready for what you have to offer. Who’s responsible for turning all this high-level talk into results? The “team” section of your business plan answers that question by providing an overview of the roles responsible for each goal. Don’t worry if you don’t have every team member on board yet, knowing what roles to hire for is helpful as you seek funding from investors.

10. Funding Requirements

Remember that one of the goals of a business plan is to secure funding from investors, so you’ll need to include funding requirements you’d like them to fulfill. The amount your business needs, for what reasons, and for how long will meet the requirement for this section.

Types of Business Plans

There’s no one size fits all business plan as there are several types of businesses in the market today. From startups with just one founder to historic household names that need to stay competitive, every type of business needs a business plan that’s tailored to its needs. Below are a few of the most common types of business plans. For even more examples, check out these 11 sample business plans to help you write your own .

1. Startup Business Plan

As one of the most common types of business plans, a startup business plan is used for brand new business ideas. This plan is used to lay the foundation for the eventual success of a business.

The biggest challenge with the startup business plan is that it’s written completely from scratch. Startup business plans typically reference existing industry data and explain unique business strategies and go-to-market plans.

2. Business Acquisition Plan

Believe it or not, investors use business plans to acquire existing businesses, too — not just new businesses.

A business plan for an existing company will explain how an acquisition will change its operating model, what will stay the same under new ownership, and why things will change or stay the same. Additionally, the business plan should speak to what the current state of the business is and why it's up for sale.

For example, if someone is purchasing a failing business, the business plan should explain why the business is being purchased and what the new owner will do to turn the business around, referencing previous business metrics, sales projections after the acquisition, and a justification for those projections.

3. Business Repositioning Plan

When a business wants to avoid acquisition, reposition its brand, or try something new, CEOs or owners will develop a business repositioning plan.

This plan will:

Companies planning for a business reposition do so – proactively or retroactively – due to a shift in market trends and customer needs. For example, Pizza Hut announced a plan to drastically overhaul its brand, as it sees the need to shift from dine-in to delivery – a decision resulting from observing years of industry and company trends and acknowledging the need to reposition itself for the future of its sector.

4. Expansion Business Plan

Expanding a successful business venture into another location typically requires a business plan, as the project may focus on a new target market and demand more capital.

Fortunately, an expansion business plan isn’t like a startup business plan in that it starts from scratch. Instead, this type of plan references sales, revenue, and successes from existing locations. However, as great as a reference as these points can be, it's important to not be too reliant on them since it's still a new business that could succeed or fail for a myriad of reasons.

Getting Started With Your Business Plan

At the end of the day, a business plan is simply an explanation of a business idea and why it will be successful. The more detail and thought you put into it, the more successful your plan – and the business it outlines – will be.

When writing your business plan, you’ll benefit from extensive research, feedback from your team or board of directors, and a solid template to organize your thoughts. If you need one of these, download HubSpot's Free Business Plan Template below to get started.

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What do you want to see on your state's farmers.gov dashboard? Check out the Iowa pilot dashboard and let us know.

Your Farm's Business Plan

A good farm business plan is your roadmap to start-up, profitability, and growth, and provides the foundation for your conversation with USDA about how our programs can complement your operation. Your business plan will be a living document that you can change as your vision and circumstances shift.

Staff at your local service center, as well as your State Beginning Farmer Coordinator can connect you to local resources in your community to help you establish a successful business plan. If you are applying for a loan your loan officer will review your business plan and assist you in translating your plan and farm vision to your application.

This FSA business plan template is part of the application and shows you the type of information you should gather when preparing your plan and application materials.

The Score Mentorship Program partners with USDA to provide:

Learn more about the program through the Score FAQ .

Other Farm Business Resources

Special Considerations

Conservation and Risk Management

Another key tool is a conservation plan, which determines how you want to improve the health of your land. USDA’s Natural Resources Conservation Service can help you develop a conservation plan for your land, based on your goals, at your local USDA Service Center .

A conservation plan can help you layout your plan to address resource needs, costs and schedules. Learn more about conservation in agriculture .

Crop insurance, whole farm revenue protection and other resources can help you prepare for unforeseen challenges. Learn more about disaster recovery .

Prepare for Your Visit to a USDA Service Center

Once you've written out a business plan for your operation, prepare for your visit to a USDA service center. During your visit, we can help you with the necessary steps to register your business and get access to key USDA programs.

Learn more about how to work with your USDA Service Center

Setting Up and Financing Your Business

Tips to consider when setting up your business.

Use the New Farmers Checklist to understand the steps you might need to take before setting up your operation.

Learn more about how you can get funding for your operation on our Land and Capital page .

Learn more about opportunities for beginning farmers and ranchers .

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Write a business plan

Download free business plan templates and find help and advice on how to write your business plan.

Business plan templates

Download a free business plan template on The Prince’s Trust website.

You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.

Business plan examples

Read example business plans on the Bplans website.

How to write a business plan

Get detailed information about how to write a business plan on the Start Up Donut website.

Why you need a business plan

A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan helps you to:

You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.

It can also help to convince customers, suppliers and potential employees to support you.

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How to Write a Business Plan (Plus Examples & Templates)

2 years ago

Have you ever wondered how to write a business plan step by step? Mike Andes, told us:

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses. He knows a thing or two about writing business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including:

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills.

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

Three adjoining circles about business opportunity

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it.

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

An image showing product service and demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services.

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

I ran a quick test of how many people between 18-65 you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan.

Each of the following should be a section of your business plan:

SWOT Analysis

Pricing Strategy

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go.

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

A notepad with a written executive summary for business plan writing

An executive summary is where your business plan should catch the readers interest. It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches . This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

Example of an informal executive summary

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

Target market

Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements.

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values. These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity.

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

A man holding an iPad with a cup of coffee on his desk

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources.

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

Industry resources

Some helpful resources to help you establish more about your industry are:

Legal Structure

There are five basic types of legal structures that most people will utilize:

Partnerships

Corporations.

Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

Questions to answer about your products and services

Mike gave us a list of the most important questions to answer about your product and services:

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer. It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing.

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market . The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

An iPad with graph about pricing strategy

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies would need to cover aspects such as:

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers. The business plan should provide an overview of how the team will manage the following aspects:

Quality Control

Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

A wooden stamp with the words "quality control"

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data, you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

A table showing yearly revenue of a business

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

Mike emphasized two aspects that should be included in every plan,

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline.

Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

Brandon Boushy

Brandon Boushy started his company after years of working in customer service, engineering, and project management. After receiving his MBA, he turned his diverse skills into a business helping other small business owners find resources and strategies that further their business objectives. He focuses on assisting businesses with their marketing, communication, and research needs.

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StarTribune

Xcel's plans for big ev charging network in minnesota spark strong opposition.

Xcel Energy's proposal to roll out about 730 electric vehicle fast chargers would make Minnesota home to the largest utility-owned charging system in the country.

The Minneapolis-based utility, the state's largest, sees the plan as a catalyst to jump-start the tepid electric vehicle market in Minnesota.

But key questions are fueling opposition to the proposal: Should a utility own a network that big, and should ratepayers foot the $192 million cost?

The gas station and EV charging industries say no. The Minnesota Department of Commerce roundly opposes the plan as well. And consumers have chimed in, with over 50 writing to Minnesota utility regulators — almost all of them opposed.

"This is unacceptable, as I am not an owner of an EV and should not be obligated to pay for their infrastructure," Bob Vohnoutka of Eden Prairie wrote in comments to the Minnesota Public Utilities Commission (PUC). "If Xcel Energy wants to build EV charging stations, they can pay for them."

Opponents also say Xcel's market power as a monopoly utility would crowd out private investment, ultimately slowing EV growth.

"Other utilities around the country have proposed to [fund through ratepayers] a relatively modest number of chargers — 20 to 30 — but what Xcel is doing is beyond the pale," said David Fialkov, head of Americans for Affordable Clean Energy, which represents truck stops and gas stations including those in Minnesota owned by Circle K (Holiday stores), Casey's and Kwik Trip.

"Xcel is proposing to force its ratepayers to pay for more fast chargers than any other utility in the country, and it is going to have a serious impact on the willingness of private companies to invest in the state of Minnesota," he said.

But Xcel says its charger network would spur more EV adoption, which in turn would create demand for even more chargers. "It is going to generate investment in additional chargers in our state," said Nadia El Mallakh, Xcel's vice president for clean transportation and strategic partnerships.

And all ratepayers would benefit, El Mallakh said, because carbon dioxide emissions would decline.

"It is going to generate investment in additional chargers in our state," she said.

An Xcel vehicle charges up at one of the utility’s charging stations in Colorado. The utility plans a public network of 730 chargers in Minnesota.

Chargers needed to support EVs

Chargers pose a great chicken-and-egg conundrum. While more than 80% of charging is done at home, drivers still face "range anxiety" — the fear of being stalled on the road due to a dearth of public chargers.

But during the early adoption phase of EVs, building out chargers is economically tricky: Costs are high and profits low. More EVs would solve the problem — but there need to be more chargers to foster more EV sales.

In August, Xcel proposed a network of public fast chargers as the cornerstone of a larger $333 million ratepayer-funded plan aimed at boosting EV adoption. It also includes $63 million for chargers at multi-family homes and $22 million to support electric school bus adoption.

The PUC will decide this year how much of Xcel's proposal becomes reality. Separately, the commission will be hashing out Xcel's proposal for a general rate increase of 15.4%, or $498 million, over three years.

State goals far from met

State policy goals aimed at reducing carbon dioxide emissions call for EVs to make up 20% of Minnesota's passenger vehicle fleet by 2030.

Today, they comprise only one-half percent, and the current rate of EV adoption falls short of hitting the 2030 goal, according to a 2021 an analysis by the Minnesota Department of Transportation (MnDOT).

The state has about 300 EV fast-charging ports — chargers usually have two ports — and electric vehicle maker Tesla owns about two-thirds of them. Tesla, which opposes Xcel's public charger plan, also has about a 70% share of Minnesota's EV market, the company said in a PUC filing.

Tesla's chargers are currently for Tesla drivers only, though the company reportedly plans on opening some to the public.

MnDOT does not have an estimate as to how many fast-charging ports are needed to meet the 2030 goal; Xcel estimates 5,100 for its service territory and 8,300 for the state. Xcel proposes to own and operate 1,470 new fast-charging ports.

They would be located in urban and rural areas, including at retailers — grocery stores and convenience stores, for instance. Xcel would not pay retailers a hosting fee, but the chargers would boost customer traffic, El Mallakh said.

Xcel expects that its 730 chargers would be rolled out through 2026, meeting about 45% of Minnesota's charging needs. But even 45% is too much, charging companies say.

"A competitive market with a 45% market share occupied by a regulated utility is not a competitive market at all," Jigar Shah, head of energy services at Electrify America, said in a PUC filing. Electrify America, owned by Volkswagen, has 16 fast chargers in Minnesota.

The Minnesota Commerce Department, which represents ratepayers before the PUC, concluded that Xcel's proposal may hurt the EV charging market.

"Xcel's current proposal may create significant barriers for potential market participants, creating a perpetual need for Xcel to keep building more public chargers in the future," Adway De, a Commerce Department rates analyst, said in a PUC filing.

De also concluded that Xcel may have "significantly overestimated" public charging needs and failed to show that its plan is the least costly or "most reasonable" path to meeting the state's 2030 EV goals.

Xcel says its proposal fair to consumers

Xcel says its EV charging network would cost $166 million to build and would require an additional $27 million from ratepayers for operations and maintenance through 2026. The chargers would be added to Xcel's rate base, providing a guaranteed return on investment.

The company argues in PUC filings that it would not have undue market power because as a regulated utility, its charger prices must be approved by the PUC.

"Unlike a private firm that can choose to raise its prices in response to market conditions, [Xcel] would not have the flexibility to do so," Erich Muehlegger, a California economics professor commissioned by Xcel, said in a PUC filing.

Xcel is proposing a two-tiered rate plan with lower charging prices for its own customers.

For Xcel customers, prices during peak power demand would be 70% to 81% lower than for non-customers; off-peak prices, 161% lower. The lower rate is equivalent to the rate Xcel's customers pay for home charging.

Xcel also says the lower rate will help its customers who want an electric vehicle but who can't install a charger at home — renters or low-income drivers, for instance. The result: equitable access to low-cost charging, Xcel says.

EV charging companies say the lower rate for Xcel's own customers would only enhance the utility's competitive advantage.

"The company proposes to sell energy for EV charging to [its customers] for less than competitive [fast-charger] station operators can buy it from the company," James Bride, a consultant for Electrify America, said in a PUC filing.

"Contrary to assertions by [Xcel], the ability to charge prices below cost for a sustained period of time is a form of market power," he added.

Xcel also wants to apply two-tiered prices to 21 company-owned fast chargers in rural Minnesota that were approved by the PUC a year ago and are scheduled to come online this year. Those chargers are expected to cost $5 million.

At the same time, the PUC rejected an Xcel plan for ratepayer-funded rebates to buyers of EVs and electric school bus. It would have cost tens of millions of dollars.

The PUC has scheduled two online meetings — for Monday and Wednesday — to hear public comments on Xcel's new $333 million EV proposal, including its fast-charger plans.

Mike Hughlett covers energy and other topics for the Star Tribune, where he has worked since 2010. Before that he was a reporter at newspapers in Chicago, St. Paul, New Orleans and Duluth.

Polls close in Estonia election: Ukraine, economy top agenda

Cargo ship runs aground in suez canal, traffic not impacted, a box office k.o.: 'creed iii' debuts to $58.7 million, chinese company rejects rights accusation after us sanctions, china sets this year's economic growth target at 'around 5%'.

Stretch Blackard, owner of Tok Transportation, poses with an electric school bus on Feb. 2, 2023, in Tok, Alaska. “It is a problem to have batteries

Galveston, TX (77553)

Abundant sunshine. High 71F. Winds ESE at 10 to 15 mph..

Clear skies this evening will become overcast overnight. Areas of patchy fog developing. Low 66F. Winds SE at 10 to 15 mph.

Updated: March 5, 2023 @ 12:23 pm

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March 5, 2023

DermTech Reports Fourth-Quarter and Full-Year 2022 Financial Results; Company Announces CEO Transition Plan

LA JOLLA, Calif.--(BUSINESS WIRE)--Mar 2, 2023--

DermTech, Inc. (NASDAQ: DMTK) (“DermTech” or the “Company”), a leader in precision dermatology enabled by a non-invasive skin genomics platform, today reported its fourth-quarter and full-year 2022 financial results. The Company also announced that Dr. John Dobak expects to step away from his role as president, chief executive officer and director under a planned transition.

“We’re off to a great start in 2023, as we’ve grown covered lives from 91 million to 124 million during the last few months,” said John Dobak, M.D., CEO, DermTech. “A nice mix of regional commercial and governmental payers have recognized the clinical and economic value of the DermTech Melanoma Test (DMT). We continue to have positive discussions with payers and believe a recent improvement to the DMT’s NCCN recommendation and support from patient advocacy groups will strengthen our case for coverage.”

Dr. Dobak continued, “We expect to grow DMT volume this year despite the ongoing friction attributable to non-contracted commercial payers and will continue to anchor our effort around monetizing our already significant demand. This focus on steadily improving average selling price (ASP) and generating covered tests is beginning to show positive signs. Our normalized fourth-quarter ASP of $239 was sequentially higher, but we still expect variability going forward. In addition, we believe that payer friction has started to slowly ease, and based on the trends we’ve observed to begin the year, we expect mid-single digit sequential growth in test volumes for the first quarter.”

Dr. Dobak concluded, “We’re guided by strong operating discipline and continue to evaluate ways to adjust expenses as we look ahead to potential catalysts. Considering our revised operating plan and ability to access capital, we now expect our cash runway to take us through the third quarter of 2024.”

Fourth-Quarter 2022 Financial Results

Full-Year 2022 Financial Results

CEO Transition Plan

Dr. John Dobak will continue to serve as president, chief executive officer and director until the earlier of the date the Board appoints a successor and September 30, 2023. The Board has initiated a comprehensive search to identify Dr. Dobak’s replacement.

“I’m extremely proud of what we’ve accomplished during my 11-year tenure as CEO having built a strong foundation for DermTech,” said John Dobak, M.D., CEO, DermTech. “We’ve achieved widespread product adoption, secured broad payer coverage and scaled the organization for the future. I’m looking forward to finding a successor that will carry my vision forward and bring the genomic revolution to dermatologic care. I’d like to thank my team and the board for their dedication and perseverance. I’m excited about DermTech’s bright future.”

“On behalf of the board, I want to thank John for his valuable contributions to DermTech over the past eleven years,” said Matt Posard, DermTech’s chairman. “We are grateful to have John’s continuing leadership and support during the CEO transition.”

Conference Call Information

As previously announced, the Company will host a conference call to discuss its results at 5:00 p.m. ET on Thursday, March 2, 2023. For participants interested in asking questions during the teleconference, please register . After registering for the event, a confirmation e-mail will be sent with a meeting invitation and access information. Registration is open during the live teleconference, but advance registration is advised. For participants interested in listening only, please register for the webcast . For those unable to participate in the live call and webcast, a webcast replay will be available on the Company’s website shortly after the conclusion of the call.

About DermTech

DermTech is a leading genomics company in dermatology and is creating a new category of medicine, precision dermatology, enabled by its non-invasive skin genomics platform. DermTech’s mission is to improve the lives of millions by providing non-invasive precision dermatology solutions that enable individualized care. DermTech provides genomic analysis of skin samples collected non-invasively using our Smart Stickers TM. DermTech markets and develops products that facilitate the early detection of skin cancers and is developing products that assess inflammatory diseases and customize drug treatments. For additional information, please visit DermTech .

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of DermTech may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” "outlook," “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations and evaluations with respect to: the performance, patient benefits, cost- effectiveness, commercialization and adoption of DermTech’s products and the market opportunity for these products, DermTech’s positioning and potential growth, financial outlook and future financial performance, ability to maintain or improve its operating efficiency and reduce operating expenses, the sufficiency of DermTech’s cash and ability to access capital to fund its operating plan, implications and interpretations of any study results, expectations regarding agreements with or reimbursement or cash collection patterns from Medicare, government payers or commercial payers and related billing practices or number of covered lives, DermTech’s ability to expand its product offerings and develop pipeline products, and expectations regarding the search for, transition to and future contributions of a successor CEO. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of DermTech and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against DermTech; (2) DermTech’s ability to obtain additional funding to develop and market its products; (3) the existence of favorable or unfavorable clinical guidelines for DermTech’s tests; (4) the reimbursement of DermTech’s tests by Medicare, government payers and commercial payers; (5) the ability of patients or healthcare providers to obtain coverage of or sufficient reimbursement for DermTech’s products; (6) DermTech’s ability to grow, manage growth and retain its key employees and maintain or improve its operating efficiency and reduce operating expenses; (7) changes in applicable laws or regulations; (8) the market adoption and demand for DermTech’s products and services together with the possibility that DermTech may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties included in the “Risk Factors” section of the most recent Annual Report on Form 10-K filed by DermTech with the Securities and Exchange Commission (the “SEC”), and other documents filed or to be filed by DermTech with the SEC, including subsequently filed reports. DermTech cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward- looking statements, which speak only as of the date made. DermTech does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

View source version on businesswire.com : https://www.businesswire.com/news/home/20230302005816/en/

CONTACT: Steve Kunszabo

(858) 291-1647

[email protected]

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SCIENCE OTHER SCIENCE BIOTECHNOLOGY ONCOLOGY HEALTH HEALTH TECHNOLOGY GENETICS OTHER HEALTH

SOURCE: DermTech, Inc.

PUB: 03/02/2023 04:01 PM/DISC: 03/02/2023 04:03 PM

http://www.businesswire.com/news/home/20230302005816/en

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Editors' Picks

DBM hopeful Congress will approve rightsizing plan within the year

THE BUDGET department is con fi dent that Congress will approve the government’s rightsizing program within the year.

“Hopefully this year (it will be passed). I think next week it will be passed in the House of Representatives, then we’ll try to push it in the Senate,” Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman told reporters on Thursday.

The National Government Rightsizing Act, which is one of the Marcos administration’s priority measures, is currently pending at the committee level in the House of Representatives.

It seeks to “minimize, if not eliminate, redundancies, overlaps, and duplications in its operations and simplify its rules and regulations, and systems and processes, while protecting the welfare of civil servants and other government workers.”

Analysts said that the government should ensure that its rightsizing program focuses on ramping up productivity and e ffi ciency and not just scrapping workers.

“The conventional wisdom that the government bureaucracy is somehow too big and should be rightsized or reduced is actually inaccurate. If anything, our public sector is actually among the smallest in the world and correspondingly doesn’t provide as much of the government services that it could and should,” Sonny A. Africa, executive director of think tank Ibon Foundation said in a Viber message.

The DBM earlier said that slashing the government workforce by 5% would result in P14.8 billion in savings.

“It’s always useful to eliminate redundancy, overlaps and duplication and to promote efficiency and economy — but doing this does not necessarily make the government more effective. Trimming fat is necessary but, with the considerable development challenges facing the country, it’s actually more important to build muscle,” Mr. Africa said.

Based on latest data from the DBM, the total number of permanent positions for fiscal year 2023 is at around 1.94 million, not including ex-o ffi cio positions. Of this, about 1.77 million positions are fi lled and the remaining 170,668 are un fi lled.

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said the government should not rightsize “just for the sake of saving costs or reducing the redundancies.”

“Ultimately, the redundancies and overlaps while keeping the welfare of government workers depend on what the government is intent on doing. For instance, are we keeping the highly centralized type of management or are we going to devolve more functions to the local government? The answer to this basic question will then determine whether we have properly rightsized the government or not,” he said in an e-mail.

Meanwhile, De La Salle University law and business professor Antonio A. Ligon said that the government should perform a “comprehensive and thorough study” of what jobs will be eliminated.

“Evaluation and review of whatever consolidation or merging shall be done periodically if it will redound to faster service to our people. If not implemented properly, then it might just create confusion in government personnel and hence negatively a ff ect the desired services to our people,” he said in a Viber message.

Mr. Africa said there may even be a need to add government jobs to boost public services and social protection.

“The rightsizing thrust is misguided in assuming that trimming the government workforce and reducing personnel services expenses will make the government more effective. On the contrary, the demands on the state to manage social and economic development are not just growing but also growing more complex,” he said.

However, he noted the government should also ensure its workforce will be better, more e ffi cient, competent, transparent and less corrupt. — Luisa Maria C. Jocson

Feb. inflation likely hit 8.9% — poll

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BSP’s rediscount window untapped

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These 19 stores and restaurants have opened or plan to open in N.J. this year

From Old Navy to Hobby Lobby to Nike, here’s a look at several businesses that have announced New Jersey opening plans in 2023. (Dan Gleiter | [email protected])

Christopher Burch | NJ Advance Media for NJ.com

It’s no secret that brick-and-mortar retail business has been declining over the past few years.

But even with the slew of retail closings in recent years, some businesses are thriving, while others have been able to stay afloat and expand.

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Main content

Tesla stock could spike nearly 30% over the next year with aid from its coming Cybertruck, equity strategy chief says

Investors pushed Tesla shares lower following the EV maker's investors' day, but the stock could rise 30% in as early as six months, according to Zacks Investment Research.

The firm's price target is $260 over the next six to 12 months. That price would represent a 28% increase from Wednesday's close of $202.77.

"I think that's doable," John Blank, chief equity strategist at Zacks, told CNBC's "Squawk Box Europe" on Thursday. "When I queried it … it sounded fair. I think $260 is where we're headed."

Tesla shares last traded above $260 in September.

Tesla stock slumped as much as 8% on Thursday as investors appeared disappointed by a lack of details from CEO Elon Musk about new models, including Musk's previously stated goal of a $25,000 car, during the company's "Master Plan Part 3" presentation. The company saw about $50 billion wiped off its market cap amid the lukewarm response from investors to Musk's announcements.

"They did say the Cybertruck is going to come out this year," Blank said in discussing what caught his ear from the company's presentation. Musk first unveiled the futuristic-looking electric truck in 2019.

"The thing I think we should hear about the Cybertruck is it's going to put a new factory template in place that we have not seen yet, and that's what's taking so long," Blank said.

"They want to get this new low footprint factory - 40% less footprint factory - right. And I think that's the real message we should hear about this whole Cybertruck," the strategist said.

The stock so far in 2023 had jumped by more than 50%, shifting into recovery mode after plunging more than 60% in 2022, landing among the S&P 500's top 10 largest percentage losers last year.

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