free business plan checklist

Business Plan Checklist

Whether it’s for a bank, investors, validation, and/or a roadmap, your company needs a written business plan to convert your ideas into an organized, professional document. 

The business plan format will change depending on why you’re writing it and who you’re writing it for. If you’re seeking validation, it’s best to start with a simple one-page pitch. On the other hand, if you’re pursuing funding, you’ll need a professional, formal business plan. 

Download our Ultimate Business Plan Template here >

  Regardless of the intentions behind your business plan, having a checklist of what needs to be included is helpful to make sure you’re effectively getting your ideas and strategies down on paper. 

As a baseline, your business plan should include these 10 sections:

Executive Summary

• Company Overview

Industry Analysis

• Customer Analysis

Competitive Analysis

Marketing plan, operations plan, management team, financial plan, the essential business plan checklist.

Here, I will explain the different elements you need to include in each section. Use this resource as a business plan questions checklist and mark them off as you go.

Your executive summary should explain the problem you are solving and how you intend to solve it. When reviewing your business plan, address the following:

• The function of your business
• Competitors
• Target customers
• Key financial highlights
• Key members of your team
• Business goals

Essentially, you want to ensure that your executive summary introduces your business in a detailed yet concise form, explaining the key parts of your business and the market.   

Company Overview 

Here, you will give a brief summary of your company as a whole and how it functions. Be certain to include:

• Company history
• Founding members
• Milestones you have achieved
• The legal structure of your business

    Finish Your Business Plan Today!

Your industry analysis will provide a summary of your market research. After doing your research, include answers to the following questions in your business plan:

• How big is the market?
• Where is the market currently: growing or declining? 
• Who are some of the key competitors? 
• What is influencing the industry? 

Customer Analysis 

In your customer analysis, you will explain the audience you are targeting and expect to serve. Be sure to focus on your target customers and the customer needs. It should explain the:

• Demographic profile of your target market
• Customer segments within that market

Your competitive analysis will address your competition in the market. It should have three subsections as follows:

• Direct Competitors: other businesses in your market (example: if you own an ice cream shop, other ice cream shops are direct competitors)
• Indirect Competitors: other businesses that may not specifically be in your business’s market, but provide similar results to that of your company (example: if you own an ice cream shop, grocery stores that sell ice cream are indirect competitors)

For each competitor, identify both their strengths and weaknesses. Be sure to address the following:

• What features do they offer?
• What is their pricing? 
• Who are their customers?
• What are they good at? 
• What are their weaknesses?

Describe your competitive advantages or what your business will do better. Here, provide answers to the following questions:

• Will you offer more or better features?
• Will you ensure better results for your users?
• Will you offer better pricing?
• Will your customer service be more efficient?

Be sure that your competitive analysis describes just how your business will succeed and stand out in its competitive market.   

Your plan should include the following marketing plan sections:

• Product : detail the specific features of your business’s product
• Price : identify your business pricing and if there will be different pricing levels (e.g., free, premium) and what exactly those levels will be
• Place : name where your business will be located
• Promotions : how you will attract customers to your business (social media advertising, pay-per-click advertising, magazine advertising, public relations, etc.)

Here, you will describe how your company will effectively meet the goals you identified in the earlier sections of your business plan. Your operations plan should have two sections:

• Every day short-term processes: all necessary daily operations completed simply for the function of your business (providing customer service, writing code, fixing bugs, etc.)
• Long-term goals: milestones you hope to achieve (reaching $X in sales, having Y amount of employees, etc.)

It is essential to have a strong management team for the function and success of your business. Be sure to include the following:

• Management team: highlight your key players’ backgrounds and describe their skills and talents
• Management team gaps: any experience that you think your business will need in order to succeed 
• Board members 

Your financial plan will document your 5-year financial projections , broken down in monthly or quarterly projections for the first year, and then annually thereafter. Your focus here is to show how much money you need, how much income you will earn, and when you will be profitable. 

Your financial plan should include:

• Profit & Loss statement 
• Cash flow statement
• Balance sheet
• Sales forecast
• Personnel plan
• Break-even analysis

To provide evidence to your numbers, include supporting documentation in your financial plan. 

Your appendix will provide any and all other documentation or information that you believe supports your business plan. If necessary, your appendix can include: 

• Resumes of key management, blurbs on other management members
• Job descriptions/titles
• Copies of forms
• Copies of licenses
• Personal and business tax returns (if applying for a loan)
• Marketing materials 

To ensure that your business plan effectively portrays the mission and potential success of your business, go through this checklist and make sure you have included each concept mentioned. A fill in the blank business plan also includes each of these key sections and can help you quickly and easily complete your business plan.  

Business Plan Checklist FAQs

How do i make a business plan checklist.

We’ve completed the hard work for you! You can download this Business Plan Checklist PDF for quick reference as you complete your business plan.

What are the 10 Components of a Business Plan?

Read our article detailing the 10 Key Components of the Business Plan .

Finish Your Business Plan in Just 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Click here to finish your business plan today.

• Business Plan Checklist

The Business Plan Checklist is a comprehensive guide to help entrepreneurs create an effective business plan. It covers a range of topics, from the basics of business plans to detailed information on each section. It includes a simple set of questions to help entrepreneurs assess if their business plan is complete. Additionally, it provides tips and suggestions for improving the plan and contains links to additional resources. It's an invaluable tool for anyone starting a business or revising their existing business plan. It's easy to follow, and can help entrepreneurs create a plan that meets their needs and get the most out of their business.

• Executive Summary: Provide a concise overview of your business plan..
• Business Description: Describe the nature of your business, including the products or services you offer, the target market, and the competitive advantages you possess..
• Market Analysis: Identify and analyze your target market and assess the potential for your business..
• Organization and Management: Describe the organization of your business, including its legal structure, ownership, management team and key personnel..
• Products and Services: Describe the products and services you offer, how they are priced, and how you will promote them..
• Marketing Plan: Describe your marketing strategy, including how you will attract and retain customers..
• Financial Plan: Provide an overview of your financial projections, including your income statement, balance sheet, cash flow statement, and break-even analysis..
• Funding Request: Outline your funding needs and how you plan to use the funds..
• Appendix: Include any additional information or supporting documents that you believe are necessary..

Checklist Category

• Startup Essentials

You may be also interested in

• Startup Funding Checklist
• Strategic Planning Checklist
• Business Model Canvas Checklist
• Financial Planning Checklist
• Market Research Checklist
• SWOT Analysis Checklist

Frequently Asked Questions

What is a business plan, a business plan is a written document that outlines a company's goals, plans and strategies for achieving them. it is typically created by the company's founders or management team and outlines the company's vision, mission, financial projections, and other important considerations., what information should be included in a business plan, a business plan should include a detailed description of the business, its product or service, its target market, its competitive advantage, its financial projections, and its management team. it should also include a detailed timeline for achieving the goals outlined in the plan., how do i create a business plan, the best way to create a business plan is to start by outlining the company's objectives and goals. from there, you can develop a detailed strategy for achieving those goals. finally, you can include financial projections and other details to help support the plan., when should i review my business plan, business plans should be regularly reviewed and updated to ensure that they remain effective and up-to-date. it is important to review the plan on a regular basis to ensure that it is still in line with the company's goals and objectives..

• Business Plan Checklist

Introduction to Business Plan Checklist:

Small Business Economics  found that  entrepreneurs that take the time to turn their idea into a structured plan are 152 percent more likely to start their business.

Are you bursting with ideas and eager to get the ball rolling on your business venture?

If so, you have come to the right place. 

This business plan checklist will help you transform all of those brilliant ideas into a coherent, organized, and professional business plan. 

Having a business plan will add legitimacy to your idea and will guide you in taking the appropriate steps to enable your business to blossom. 

Writing a business plan shouldn’t be complicated and we are here to help with the whole process.

Before you get stuck in, here is a little bit about us:

Process Street is super-powered checklists. It’s the easiest way to manage your recurring tasks , procedures, and workflows.

Create a checklist template and run individual checklists for each member of your team. You can check tasks off as you work through them, set deadlines, add approvals , assign tasks , and track each team member's progress .

You can also connect to thousands of Apps through Zapier and automate your workflows even more.

Let's get started. 

Complete the following tasks in a step-by-step fashion and you will see how quick (and easy) it is to write a professional business plan. 

Enter your basic information

Update this plan on a Q uarterly Basis. If you are running this checklist as a result of a drastic change within your business then run the checklist as though you are creating a new business plan from scratch. 

Having an up-to-date business plan is CRITICAL for the smooth running of any business. 

We recommend running through this checklist every few months and updating it whenever a change of plan occurs. 

Even if you haven't made any changes it is important to consistently check-in with your mission, values, and goals.  

The following tasks help to keep a record of who is editing the plan and how often. 

One-Page-Pitch:

A One-Page-Pitch is the simplest business plan you can write. 

Think of it as a one-page executive summary of your business. 

It is a great way to sort through all of your thoughts and get them down on paper before you begin writing a standard plan (this comes later in this business plan checklist). 

If you already have a One-Page-Pitch then upload it in the following task.

If not then no worries, just follow the checklist below.

Prepare one-page-pitch

Select the appropriate option from the dropdown below. 

If you have not yet created a OPP then create a document on your computer or on Google Docs. Then follow the subtasks below when creating the OPP.

• 1 Describe your business in one sentence
• 2 Describe the problem your potential customers have
• 3 Describe your solution to the problem
• 4 Explain who your target market/ ideal customer is
• 5 Describe your competitive advantage
• 6 Describe how you will sell to your customers
• 7 Describe what marketing activities you will use to attract customers
• 8 Detail your business model, what are your revenue streams
• 9 List your startup costs
• 10 List your primary goals and milestones that you want to accomplish over the next few months
• 11 Outline whether you wish to run the business alone or with a team/ freelancers
• 12 List any partners and resources you need to help you launch.

Whether you have just created a OPP or you already had one, upload it to this checklist for safe keeping.

Link OR Upload One-Page-Pitch below:

Standard Business Plan:

Why create a Standard Business Plan alongside a One-Page-Pitch?

Whilst a One-Page-Pitch is GREAT for getting your ideas on paper it lacks the components that make a business plan actionable. 

The Standard Business Plan delves deeper into the ways you plan on making your business happen. Most importantly, this plan is what investors and banks will expect to see. 

Are you ready to legitimize and set the infrastructure for your business? 

Remember to follow the tasks in a linear  fashion. 

Let's build your business. 

Define the opportunity

Use the opportunity section of your business plan to demonstrate what sets your product or solution apart from the crowd .

Explain the problem that you’re solving, your solution, who you plan to sell to, and how your product or service fits into the existing competitive landscape.

This section will also give you the opportunity to identify future plans and the vision for your business. 

Determine your mission

Bear all of your previous answers in mind and write a brief mission statement.

Consider the problem you are solving; the customer's needs; your solution to the problem; and how you will benefit. 

Identify future plans

A  vision statement determines the current and future objectives and plans of your business.

A business's vision guides your business in making decisions that should align with its values and goals.  A good vision statement  is short, simple, specific to your business, and leaves nothing open to interpretation. 

Use this section to validate your ideas and identify your future plans.

Prepare your vision statement

Now, briefly summarize your idea, future plans, and what you wish to accomplish with a vision statement. 

Write the Market Analysis:

A target market is a set of individuals sharing similar needs or characteristics that you and your business intend to serve. 

Because markets are constantly changing we have created sub-tasks within this section that allow you to quickly update the marketing analysis of your business plan. 

If this is your first time completing this checklist select:  first run-through from the dropdown menu below. 

If you have already completed this checklist but your business has witnessed big changes then run the checklist from scratch: as though it were the first time. 

Alternatively, select  check-in from the dropdown menu for any recent changes. This selection will save time and will not require you to go through the entire list of tasks within this section. 

Identify customers

Pinpoint who your customers are.

The first step in ascertaining your place within your target market is forming a relationship with your future customers.

Like any relationship, the more you know about someone the more likely you are to know what they want and how they want it. 

Get personal , picture your future customer in detail:

How old are they? What sex do they identify themselves as? What are their tastes? What are their spending habits? 

There are lots more questions you can ask to REALLY get to know your target market.

Remember, the more questions you ask, the closer you get to identify your customer's wants and needs. 

Do some research, then tick each of the boxes once you have the data: 

• 1 Do you know how old your customers are?
• 2 Do you know what sex they identify as?
• 3 Do you know their tastes?
• 4 Do you know their spending habits?

Highlight competitors

Establish your place within the industry. 

Before you embark on your venture you need to know what industry your business falls into; who your competitors are; and where you and slot into the mix. 

Unsure of your industry or your place within it?

A thorough Google search should provide plenty of information for your market analysis. There are websites for business analysis, financial statistics, demographics, trade associations, and just about everything you'll need to complete this checklist and your business plan. 

This section of your business plan requires regular updating. All industries are fluent, ever-changing, and growing. Good business management involves consistent industry analysis. To stay on top of the game you need to know who the key players are. 

Consider what buying factors make a difference in the success or failure of your competitors:

Is it price? Product features? Service? Support? Website? Branding? Online presence? Delivery dates?

Establish keys to success

Consider all the data you have gathered in relation to your customers and your competitors. 

Given the data, what do you think are the vital components in ensuring your business's success? Ideally, you will have between four and six keys to success (KTS).  

Struggling to narrow down your ideas? Here are a couple of examples:

• Excellent product and service that will build and maintain customer loyalty.

• A commitment to continuous improvement and total quality services.

Calculate TAM SAM SOM

TAM – Your total addressable market refers to the overall demand for the products or services your company provides.

SAM – Your serviceable available market refers to the segment of your TAM which you can reach.

SOM – Your serviceable obtainable market is kind of like your actual goal. This is how much of the market in your location you can realistically reach.

For more information on this topic check out this Process Street blog post: What is TAM SAM SOM? How to Calculate and Use It in Your Business.

Use the form fields below to record TAM SAM SOM data.

Risk Assessment:

“A major lesson in risk management is that a 'receding sea' is not a lucky offer of an extra piece of free beach, but the warning sign of an upcoming tsunami.” ―  Jos Berkemeijer

Business risk can be understood as the factors and events that can impact a company's operational and financial performance.

From tsunamis to employees quitting; to pandemics and system failure. Risks can occur at any time and at varying degrees of disastrousness. 

In fact, a lack of risk management strategies causes over 50% of startups to fail within their first four years.

However, all is not lost. 

A thorough risk assessment of the environment surrounding your business is vital in mitigating risks. 

By considering possible risks you develop short and long-term plans that promote the steadfastness of your business. 

Consider any external risks

There are three main components of risk assessment:

• Identifying the specific risks that your business faces.
• Determining the potential impact of each type of risk identified. This is done by comparing the likelihood of occurrence vs. the extent of consequences faced.
• Evaluating how your current resources and expertise can deal with the most significant risks you face 

External factors

Economic Risk: Remember the financial crisis of 2007/8? That is the type of thing you consider when assessing economic risks, along with all changes in the market.

Natural Risk: Think of the tsunami example, this is a natural risk. Natural risk factors include natural disasters that affect normal business operations.

Political Risk: The 2010 crisis in Venezuela shows how political decisions take by governmental leaders can influence your business. Think taxes; currency valuation; trade tariffs or barriers; investment; wage levels; labor laws; environmental regulations and development priorities, can affect your business conditions and profitability.

For guidance on managing risk click here

Consider any internal risks

Internal risks.

Internal risks happen from within your organization.

Human-factor Risk:  All things relating to you or your staff and your ability to work.

Human-factor risks include:

Union strikes

Dishonest employees

Ineffective management or leadership

Failure within the production and supply streams

Failure to pay by clients/customers

Technological risk:  unforeseen changes in the manufacturing, delivery, or distribution of a company's product or service.

Technological risks include:

Failure of systems

Lack of skilled IT staff

Software and server problems

Dated technology and systems

Physical risk: is simply the loss or damage of assets  belonging to a company. 

Market and risk check-in

Consider any changes or developments  within your target market or risk enviroment.

Be sure to consider the following questions. 

• 1 Who are my potential customers?
• 2 What are their buying and shopping habits?
• 3 How many of them are there?
• 4 How much will they pay?
• 5 Who is my competition?
• 6 What have their challenges and successes been?
• 7 What are the internal and external risks?

Accessing the Target Market:

Complete the marketing strategy.

A quick note on the difference between marketing strategy and marketing plan: The marketing strategy informs the marketing plan, which is a document that details the specific types of marketing activities your business conducts.

Get out there. 

You've established who your target market is and who your key competitors are. The next move is to establish how you plan to reach your customers.

What is a marketing strategy? Y our business's game plan  for reaching your target market. 

A marketing strategy contains:

Value proposition: how your product or service solves/improves problems, what benefits customers can expect, and why customers should buy from you over your competitors.

Key brand messaging:  refers to conveying the value proposition and the language used in your content. It’s what makes buyers relate to your brand. 

• Nike : Just do it.
• Subway : Eat fresh.
• Levis : Quality never goes out of style.

Once you have determined your marketing strategy , complete the form fields below.

Data on target customer demographics:  we touched on this when researching the target market. Demographics are subsets of a target market that share particular attributes.

Understand the marketing plan

A marketing plan is operational and outlines a detailed advertising strategy. It details how your business plans to reach customers.

The plan includes details on promotional campaigns you plan to run and how you plan to monitor the effectiveness of these initiatives.

Whilst the following tasks cover the most important steps for a marketing plan there is a lot more you can do to increase your outreach. If you wish to delve deeper into the realm of marketing and planning then click here .

Components of a marketing plan:

• Market research to support pricing decisions and new market entries.
• Platform selection for connecting with customers and promoting your product or service.
• Tailored messaging that targets the demographics within your market.
• Metrics that measure the results of marketing efforts and their reporting timelines.

Plan how to communicate with customers

"The aim of marketing is to know and understand the customer so well the product or service fits them and sells itself." - Peter Drucker, These 10 Peter Drucker Quotes May Change Your World.

Be creative in determining how to communicate with your customers. Think online, digital, radio, trade magazines, blogs, newsletters.

If you are looking for inspiration then have a read through this blog : 

Or this one .. . 

This is also interesting

Definitely check this out.  

*that'll do* 

Once you feel suitably inspired, fill out the tasks below.

• 1 Instagram
• 4 Telephone

Consider tailored messaging

Consider your value proposition and take the same tone that you did when deciding your brand messaging. 

Ever had something tailor-made? Remember the effort that went into customizing that item to be your perfect fit. 

This is what you want to do for each and everyone one of your customers, make them feel as though  you are the perfect fit for them. 

A tailored message is customized for each and every customer. They are great for creating a personal connection with customers and generating new business. 

Identify milestones

Milestones make your business plan specific, and concrete.

Milestones are dates, deadlines, tasks, and budgets.

Examples of milestones:

• When you launch the product/service.
• Open the new store.
• Hire a new person (or expand in general).
• Change locations online or offline.
• Start a new marketing campaign.

Milestones list and categorize what’s supposed to happen—and when it’s supposed to happen.

They include launch dates, review dates, prototype availabilities, advertising, social media, website development, and programs to generate leads and traffic.

The milestones set the plan tactics into practical, concrete terms with real budgets, deadlines, and management responsibilities. They are the building blocks of strategy and tactics. They are essential to  your ongoing plan-vs-actual management and analysis,  which is what turns your planning into management.

As you need tactics to execute strategy, so too you need milestones to execute tactics. Normally you’ll look for a close match between tactics and milestones.

You develop your milestones by thinking through strategy, tactics, and actions you need to take. 

Once you have determined your milestones, use the form fields below to record them. 

Identify metrics

Metrics are performance measurements that you track as part of your regular planning process. 

They are numbers that you gather to analyze and compare. 

The most obvious metrics are in financial reports: sales, cost of sales, expenses, and so on.

Understanding and managing financial reports and numbers closely helps to build accountability in your business.

Identify Product Details:

Input data concerning your product or service.

Hopefully, by this stage in your business plan, you know what your product or service is. In which case the following steps should be self-explanatory. 

Use this section to outline the details of your product.

Write sourcing strategy

When considering where you are going to source your products it is  really important  that you consider three things:

• Delivery time
• Quality control

Another thing to consider is  sustainability.

Climate conscious brands are becoming increasingly popular. Being a sustainable brand means that you can positively influence the environment whilst growing your business at the same time! 

Determine pricing strategy

Pricing strategy  refers to the method you use to  price  your products or services.

A good approach to take is to base the price of your product on production, labor, and advertising expenses and then add on a certain percentage so that you can make a profit.

Use the form field below to input your pricing strategy.

Indicate location and facilities

Consider where your business is based:

• Will your business have an online presence?
• Will you require the use of any extra facilities?
• How do you plan to distribute your product?

Establish Your Financials:

Assess your financial needs. 

What do you need to get your business off the ground? 

The following tasks feature checklists that guide you in getting your finances planned, documented, and organized. 

Remember to upload the final document to this checklist so that everything is stored securely in one place. 

Establish funding requirements

Use the form fields below to determine your business's financial needs.

Complete projected balance sheet

If you already have a projected balance sheet then upload it below and move on to the next task.

If not then follow this checklist to create your Balance Sheet Statement and upload the final document:

Determine your cash flow planning process

If you already have a cash flow then upload it below and move on to the next task.

If not then follow this checklist on The Financial Planning Process and upload/link the final document:

Legalize your business

The legal requirements for launching a business vary depending on your location, the size of the business, the number of employees you have, and so on. 

Research the specific requirements for your business and considering the following: 

• 1 Appropriate licenses and permits
• 2 Sales tax permit
• 3 Business License
• 4 Accounting and record-keeping system
• 5 Insurance

Write the Executive Summary:

Remember the One-Page-Pitch you wrote, this is a re-draft of that. 

Take everything that you have inputted thus far into account when writing your executive summary. 

Talk about the problem you are solving, what your solution is (your product or service usually), the market, the competition, and some key financial highlights. 

Prepare executive summary

Use this task to guide you in preparing your executive summary.

Utilize the subtasks below to ensure you include all of the required information. 

• 1 A summary of my business.
• 2 A summary of my products/services.
• 3 Your mission statement.
• 4 Your vision statement.
• 5 Summary of your organizational structure.
• 6 Summary of your target market and ideal customer.
• 7 Evaluation of the external and internal risks.
• 8 Summary of the future of my business and my industry.
• 9 Summary of my financial data and projections.
• 10 Summary of legalities.

Upload your executive summary in the appropriate form field below. 

Your Standard Business Plan:

Create a standard business lan.

Create a document either in Google Docs or on your computer.

Input the following headings into the document to organize your business plan:

Opportunity

Market analysis, risk assessment, marketing strategy and plan, product details, executive summary.

The following steps will gather all the data from this checklist. Copy and paste the data from each of the sections into your document.

Then upload or link the document. 

Basic Information

{{form.Your_name}}

{{form.Role_within_the_business}}

{{form.Today's_date}}

{{form.Problem_to_be_solved}}

{{form.Unmet_customer_needs}}

{{form.Customer_benefits_of_solving_problem}}

{{form.Proposed_solution_to_the_problem}}

{{form.Business_benefits_of_solving_the_problem}}

{{form.Mission_statement}}

{{form.Validate_idea_2}}

{{form.Identify_future_plans_2}}

{{form.Four_things_to_accomplish}}

{{form.Vision_statement}}

{{form.Potential_customers_2}}

{{form.Customers_buying_habits}}

{{form.Amount_of_customers_in_your_target_market}}

{{form.Amount_customers_are_willing_to_pay}}

{{form.Your_industry}}

{{form.Current_size_of_your_industry_2}}

{{form.Competitors_within_your_industry_2}}

{{form.Identify_lead_competitors_2}}

{{form.Competitors_challenges/successes}}

{{form.Buying_factors_within_your_industry}}

{{form.Calculate_TAM}}

{{form.Calculate_SAM}}

{{form.Calculate_SOM}}

{{form.Identify_KTS}}

{{form.Internal_risks}}

{{form.Impact_of_internal_risks}}

{{form.How_internal_risks_will_be_managed}}

{{form.External_risks}}

{{form.Impact_of_external_risks}}

{{form.How_external_risks_will_be_managed}}

{{form.Recent_changes_or_developments_within_your_industry}}

{{form.Value_proposition}}

{{form.Ideas_for_branding_message}}

{{form.Customer_demographics}}

{{form.Summarize_data_to_include_in_plan}}

{{form.Select_which_social_media_platforms_you_will_use}}

{{form.Social_media_strategies_you_intend_to_use}}

{{form.Select_direct_communication_methods}}

{{form.Use_of_alternative_communication_methods}}

{{form.Plans_for_promotional_campaigns}}

{{form.Establish_product_offerings}}

{{form.Messaging_you_will_use}}

{{form.Product_or_service}}

{{form.Competitive_advantage_of_product}}

{{form.Sourcing_strategy}}

{{form.Pricing_structure}}

{{form.Location}}

{{form.Facilities}}

{{form.Plans_for_distribution}}

{{form.Will_your_business_require_extra_funding?}}

{{form.Source_of_funds}}

{{form.Use_of_funds}}

{{form.Financial_strategy_for_the_future}}

{{form.Legal_requirements_and_measures_to_be_taken}}

{{form.Copy_and_paste_executive_summary}}

Use the form field below to upload your first d

Send business plan for review

Utilize the email widget to send the document for review. Getting someone to review your business plan is a key step in creating a professional and error free document. 

Upload final sstandard business plan

Congratulations!

You have completed the checklist and created your business plan.

Once you have finished editing the document be sure to upload/link it here so that it is stored in a safe place. 

• Bplans Blog - How to Write a Business Plan: Use This Checklist to Keep Yourself on Task 
• Sba.gov - How to Write A Business Plan
• Bplans Blog - Industry Analysis: Know Your Industry Before You Start Your Business 

Lori Hubbard - Why Is Identifying the Target Market so Important to a Company?

• Bplans Blog - How to Write a Market Analysis 
• Effectuation.org - The Multiple Effects of Business Planning on New Venture Performance
• Larry Myler - 7 Ways To Make Your Business Stand Out In A Crowd Of Competitors 
• AppSuccess - Bussiness Plan PDF
• Minutehack - Why Your Startup Should Use A Risk Assessment 
• Investopedia - How Companies Can Reduce Internal and External Business Risk 
• Process Street - Marketing Process Toolkit: 10 Checklists to Crush Your Competition | Process Street | Checklist, Workflow , and SOP Software
• Neil Patel - 20 Uncommon Marketing Strategies That'll Kickstart Your Startup 

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Business startup checklist: How to launch a startup step by step

Here, we'll walk you through all the things you need to launch a startup. And you can download our business startup checklist to keep you on track as you take your first steps as a new business owner .

Checklist for starting a business

1. Write a business plan

A business plan will help you nail down your goals and expectations and give you a roadmap for getting your company off the ground. If you plan to pitch investors or apply for a business loan, you'll need a business plan—most won't even consider a pitch unless there's a business plan attached.

Parts of a business plan

Depending on the complexity of your business idea, a business plan can be as short as a page or as big as a thick, data-packed document. No matter how simple or complex, every business plan should have at least a few key parts:

An executive summary , or a top-level outline of everything in the business plan.

A business description , including your company's structure, industry, value proposition , background information, and both short- and long-term business objectives.

A market analysis that evaluates where your business stands in relation to competitors, target customers, and industry trends.

A description of your products or services.

Financial projections like pricing and sales strategy, profit goals, and investor details.

An operational overview laying out the logistical "how"s of your business, including logistics, distribution, and production plans.

Business planning software

If you have any basic business experience or know-how, you can probably get through writing a business plan on your own, but if you're feeling totally lost or if you just want something to help move you through the steps more efficiently, business plan writing software might be the way to go. 

BizPlan and Enloop are two examples of business plan platforms with reasonable monthly costs. IdeaBuddy is another platform that's meant to be used earlier in the process when you're still fleshing out ideas to help develop and refine your business concept, then guide you toward a formalized plan. 

2. Estimate your startup costs

Calculating your startup costs will help you appeal to investors and estimate when your new business will start to become profitable. 

Types of startup costs

To begin, you'll need to calculate your exact startup costs. These may include:

One-time startup costs: state business registration fees, lease deposits, etc.

Labor costs: your salary plus worker salaries

Overhead costs: monthly office rent, utilities, taxes, computer equipment, production costs 

Spreadsheets are your friend with planning business finances—and we have a set of business budget templates to help you estimate monthly and one-time expenses for your business.

Start saving

Just like homeowners need an emergency fund for when the roof starts leaking, you also need an emergency fund for your new business. How much you need depends on the size of your operation and whether you're keeping your current job or going all-in on your new endeavor. It takes most startups at least a few months (and usually more) to become profitable, so if your startup is going to be your main source of income, you'll need at least a few months of operating expenses plus your own living expenses stashed away.

Find funding

Skip the family loan and second mortgage. Better loan options include the Small Business Association , your local bank, or new types of online lenders .

You might even start a crowdfunding campaign to generate cash—which is also a good way to test out your business idea's viability. Remember, though, that your purpose isn't to raise money. Your purpose is to create a viable business with products or services that genuinely help your customers.

3. Register your business

Before we dive into the details of business registration, a disclaimer: what we're providing here is a basic overview of the general requirements for most businesses in the United States. If you operate internationally or work in some niche industry like long-haul tobacco and airplane fuel shipping , these guidelines are one hundred percent guaranteed not to cover everything you need to know about registering your business. 

Even if your company is fairly small, there may be specific requirements in your state or county that aren't covered here. No matter what, make sure you do your own research with local and state governments or consult with a lawyer to determine the legal requirements that apply to you.

Pick a business structure

Business structures boil down to four main types: sole proprietorships, partnerships, limited liability companies, and corporations. For legal and tax purposes, decide which type you'll operate under—though you can always switch to a different business type as your company grows.

Sole proprietorships: This is the simplest type of business to start and run. It means that you are the company, and all assets and debts of the company are yours too. This also means you'll be personally liable for all business obligations like lawsuits or unpaid debts, so this is the riskiest business structure. 

Partnerships: T hese are like sole proprietorships, except there's more than one owner. Co-owners typically structure their business relationship with partnership operating agreements. Partners split the company's legal and financial obligations and also share in the profits.

Limited Liability Companies and Partnerships (LLCs and LLPs): When you form an LLC or LLP, you work as a "member" of the company, along with any company partners. If the company goes into debt or gets sued, your personal assets are protected. Compared to corporations, there's less paperwork and smaller startup costs.

Corporations: When you incorporate, you create a separate legal entity that owns all of the assets and liabilities for the company. Corporations are usually more attractive to outside investors—you can "go public" with an initial public offering (IPO) and raise money through selling stock in the company. 

Choose a business name

Start by writing down every single name that pops into your head, including the ridiculous names ( bad idea brainstorms work!). This will get your creativity flowing. Plus, you can pull elements that you like from the throwaway names and incorporate them into your more serious ideas.

If you plan to register a trademark on your business's name, keep in mind what can't be trademarked:

Any person's name who hasn't given expressed permission

Swears or other offensive content

Government flags and insignia

Your name also needs to meet the U.S. Trademark Office's requirements for "distinctiveness," which just means your trademark needs to be unique enough to avoid confusion between yourself and other similarly named businesses.

Register your company

All businesses except sole proprietors with no employees must register with the IRS and obtain an Employer Identification Number (EIN). This is your company's federal tax identification, which you'll use when paying taxes, opening a bank account, applying for business licenses, and hiring employees. 

You may need to register your business with your state government. Use the Small Business Administration's state lookup tool to find information for your state. Similarly, contact your local government office to find out if additional registrations or permits are necessary.

4. Open accounts and obtain permits

With your business plan in hand, it's time to lay the operational and financial groundwork to get your company off the ground. 

Open a company bank account

Even if you run a sole proprietorship and your business is just you, life will be easier if you have a separate bank account to manage your business finances. If you want to accept credit card payments either online or in person, look into credit card payment processing services .

Get licenses and permits

In certain industries, you'll need licenses and permits in order to operate legally. This usually applies in industries where there's a risk of damage to the customer—think construction, hair salons, and financial consulting. Some municipalities also require home-based businesses to hold a "home occupation permit," so make sure you find out what licenses you need before you open your doors, no matter what industry you're in.

Find out if you need a Sales Tax Permit

If you sell physical products and you operate in a state that collects sales taxes, you likely need to register for a Sales Tax Permit. Most states administer these permits for free or for a nominal fee.

5. Set up a financial accounting system

Money can get complicated very quickly, so you want to have an automated system for financial accounting, budgeting, and documentation before you start making any sales. 

Basic bookkeeping 101

There are a number of bookkeeping records that small business owners need to update on a regular basis to keep their business finances in order. These tasks include:

Income statements

Balance sheets

Cash flow statements

Bills and invoices

Quarterly financial statements

Tax returns

Unless you're very confident in your skills with an Excel spreadsheet, you should invest in accounting software or consider hiring a part-time bookkeeper . Check out Zapier's list of the best accounting software for small businesses for some apps to try out.

Understand your tax liability

Business taxes are very different from employee taxes. The biggest difference is that small businesses are required to file taxes quarterly instead of annually. You need to have enough cash on hand to remit payment to the IRS every three months, which can take some getting used to.

If you have employees, you'll also need to keep in mind that employee taxes are paid to the government by the employer. If you've ever looked at your own pay stubs, you'll know that each includes a record of what taxes were taken out of your paycheck. Those taxes aren't taken by the government directly—they're taken out by the employer, who is then responsible for sending employees' taxes to the IRS.

6. Buy business insurance

As soon as you hire employees, open a physical location, or begin to scale your business, you'll need liability insurance of some sort. General liability insurance covers you in case someone is injured on your property or as a result of your company's activities.

Additional policies that are common for new businesses include:

Professional liability: Covers you in case an error or omission on your part costs your clients money.

Workers' compensation: Covers medical expenses and lost wages for employees who are injured while working. 

Business interruption insurance: Helps replace lost revenue if your business is forced to close temporarily due to a natural disaster or other event.

Property insurance: Covers your physical property, from company equipment to office or warehouse space.

7. Create a management system

For a single-person business, a management system can be as simple as a set of to-do lists for keeping track of budgets and schedules. Larger businesses will need to formalize processes for managing workflows, finances, schedules, team organization, and more.

Management setup

When getting your management system up and running, focus on the essentials. At a minimum, you'll need a structure for managing:

Calendars and scheduling

Customer communications

Budgets, invoices, and other financial documents

Industry-specific KPIs

Purchasing and order fulfillment

If you're starting with a team, you'll also want to put together an organizational chart . Determining each person's responsibilities will help eliminate confusion and oversights.

Invest in branding and marketing

The fun part, of course, comes at the very end of all the operational logistics. Take some time to think through your marketing strategy before launching your business. At a minimum, you'll need to start with a website, a logo, and social media accounts.

Establishing a brand identity

Start by thinking through how you want to come off to others as a brand. Usually, your brand voice will align closely with the industry you're in—financial and legal firms tend to be serious and authoritative, while creative agencies need to be witty and innovative.

Consistency is far more important than trying for fancy, versatile, or expensive branding. A company with a simple, casual tone and one or two brand colors and basic designs will do far better than a company that tries out a different tone with each social post.

List of things needed to start a business

Starting a business doesn't need to be an overwhelming undertaking. With a bit of organizational planning and this business startup checklist , you can get your company up and running quickly. Of course, the more tasks you automate on this list, the smoother everything will run, and the quicker you'll be able to start making sales. Learn more with this small business guide to automation .

Related reading:

Start a business: 22 low-cost business ideas  

9 books every small business owner should read

11 small business advertising ideas for your business

The best free small business software

20 free proposal templates to ace your pitch

This article was originally published in October 2016 by Melanie Pinola and has also had contributions from Amanda Pell. The most recent update was in May 2023.

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Amanda Pell

Amanda is a writer and content strategist who built her career writing on campaigns for brands like Nature Valley, Disney, and the NFL. When she's not knee-deep in research, you'll likely find her hiking with her dog or with her nose in a good book.

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Business Plan Checklist

• By Jake R Brady on Dec 22, 2011

• Gather your basic financial statements
• Provide documentation Financial statements are ;formal records of your business' financial activities. There are four basic statements:
• Income statement: Your bottom line subtracting costs from revenue to come up with net profit
• Balance sheet: A financial snapshot that shows what you own, what you owe, and what your company is worth
• Cash flow statement: A cash monitor that follows the flow of cash in and out of your company
• Budget: Your financial forecast that indicates where you plan to make and spend money
• Determine your audience
• Identify customers and the competition This is a critical part of a successful business plan. ;Incorporate research on both groups.
• Ask these questions of customers: Who is buying, what do they buy, and why ;do they buy?
• Ask these questions of competitors: How big are they, which customers are they after, and what is their strategy?
• Incorporate these elements
• Executive summary
• Company overview
• Business environment
• Company description
• Company strategy
• Financial review
• Action plan
• Consider these topics
• Plans: Company mission, vision, goals, and objectives that all work together
• Organization: A structure for your company that makes sense
• Procedures: Efficient and effective ways of doing things
• Leadership: An ability to influence and encourage others around you
• Skills: The talents and expertise your people need to succeed
• Culture: Beliefs and attitudes that lead to doing the right thing
• Consider the other factors on this list of business-planning essentials:
• Get everyone involved in setting goals and objectives
• Learn all you can about your customers
• Understand who your competitors are
• Identify your strengths and weaknesses relative to opportunities and threats
• Determine which capabilities you absolutely need to succeed
• List all the things you do that add customer value
• Make sure that you do your financial homework
• Imagine several different versions of your company's future
• Avoid business failure
• Do your research, and prepare If you're not prepared, your business will likely fail.
• Establish a long-term company vision Be sure to establish and follow clear goals and objectives to meet the vision.
• Prepare for change Stay flexible and you will succeed.
• Focus on the customers And whatever you do, don't underestimate the competition.
• Be a strong leader Communicate well, and often.
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A well-developed business plan is critical for any start-up business. To develop a thorough business plan, research your customers and competition; avoid mistakes that lead to business failure; and know how to implement a business plan and make it work. Your business plan should include a basic financial statement, all major pieces of a business plan, and information from your business-planning checklist.

• Keep your focus on these three things:
• Cut costs to the bone
• Offer something unique
• Focus on one customer group

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Plan for the future, no matter what your business plans are or the size of your business with these designs and templates. whether it's just one big project or an entire organization's worth of dreams, these templates will keep you and your company on track from ideation to completion..

Put your ideas to work with simple templates for every business plan

Every successful business took a lot of planning to get there, and these templates will be cornerstones of your future success. Whether you're looking to attract new business, pitch your services or reimagine your company, with these simple, customizable templates at your fingertips you can turn complexity into something tangible. These templates can become marketing assets or simply remain internal touchpoints for your team. And as your dreams change, you'll always have this template to refer to – it's easy to change what exists on paper. If you're a small business, focusing on your niche can help you dominate in your field, and you can forge a plan to figure out exactly what that niche might be and how to target your ideal customer . When it's time to share your vision with stakeholders, craft a presentation that outlines your plan succinctly and with style. Let these templates from Microsoft Designer be your partner in business strategy for years to come.

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Starting a business template

Follow our checklist to start your business on the right path and keep track of progress towards your launch.

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With so many steps to track and milestones to achieve, starting a new business can be daunting. That's why we've taken out the guesswork with our checklist for starting a business. It provides a comprehensive list of to-dos to help you get started and can be customized as you make progress to capture every priority. Follow along with our tips below for a strong start.

Tips for starting a business with our checklist template

Invite partners and collaborators. Share your plans and to-dos with trusted partners and collaborators to craft better plans, think through risks and solve them. It's as easy as inviting them to Asana and assigning them a task.

Keep priorities clear. Though everything can feel like a top priority when you're hustling to launch a business, you need to know where to focus your energy each day to maintain momentum. Asana makes it easy to see and track priorities as you go.

Asana helps hundreds of teams thrive from the start, and continues to grow with them over time.

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Get all the steps you need to draft goals, gather input, and put your objectives to the test.

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Learn how to create a project tracker template, because it’s easier to coordinate projects across teams when everyone in the company tracks them the same way.

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Coordinate your next event with Asana’s free event planning template. Plan your budget, collaborate, and track event tasks all in one place.

Stakeholder register template

Creating a reusable stakeholder register template can help you keep track of stakeholder information and streamline stakeholder communication. Learn how.

Construction project plan template

When you’re building something from the ground up, there’s a lot to consider. Create a template to keep construction projects organized and on track.

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Your business is too important to not have a backup plan. Using a business continuity plan template helps keep your business functioning in an emergency.

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Create a knowledge management template and ensure that every team member prioritizes and organizes information the same way.

Cross-functional project plan

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Return to office plan

Creating a return to work plan is all about communicating how your business will transition to in-person collaboration. Use this actionable to-do list to set conventions, coordinate with stakeholders, and align on key return to work policies.

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Process map

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Business Plan Checklist

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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.

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Read example business plans on the Bplans website.

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

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A business plan helps you to:

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• measure your progress

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.

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Free Business Startup Checklists

By Joe Weller | May 26, 2022

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We’ve collected the top free business startup checklist templates to ensure you account for every detail when launching your next venture. Use these checklists to track each phase of your startup so you don’t overlook any aspect. 

Included on this page, you’ll find a free business startup checklist template , a construction project startup checklist template , and a restaurant startup checklist template .

Business Startup Checklist Template

Download Business Startup Checklist Template Microsoft Excel | Adobe PDF | Smartsheet

When you have a clear checklist for your startup, you help ensure your venture is successful. This template comes pre-filled with sample sections for research, business relationships, finance, development, and other startup tasks, but you can customize the checklist to reflect the needs of your startup. Download this checklist template to help track all of the important steps in your pre-launch startup plan.

Visit our complete collection of free startup plan, budget, and cost checklists to account for all finance-related aspects of your startup.

Construction Project Startup Checklist Template

Download Construction Project Startup Checklist Template Microsoft Excel | Smartsheet

A construction startup checklist can help ensure that your project moves smoothly through every business phase. Use this customizable checklist to track progress and monitor every detail of your construction project startup. Enter required project elements and assign responsible parties for each task along the way. 

Download additional free startup business plan checklists , and find example plans to use as a reference.

Restaurant Startup Checklist Template

Download Restaurant Startup Checklist Template Microsoft Excel | Adobe PDF

Improve your restaurant startup launch with this comprehensive checklist, which prompts you to track design, finance, operations, administration, marketing, and personnel needs. Add categories to meet your specific needs, assign team members to tasks, add target completion dates, and track task status with this template. 

To learn more about budgeting for your startup, download free business startup budget templates .

Launch Your Startup with Smartsheet for Small Businesses

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With Smartsheet, you can align your team on strategic initiatives, improve collaboration efforts, and automate repetitive processes, giving you the ability to make better business decisions and boost effectiveness as you scale. 

When you wear a lot of hats, you need a tool that empowers you to get more done in less time. Smartsheet helps you achieve that. Try free for 30 days, today .

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• Manage the business

Download our free checklist today, and begin turning your business ideas into a new home-based business.

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• Consult with an accountant for bookkeeping and tax purposes.  
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• Join trade associations and chambers of commerce.  

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Manufacturing Business Plan PDF Example

• May 7, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful manufacturing business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your manufacturing business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a manufacturing business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the manufacturing industry, this guide, complete with a business plan example, lays the groundwork for turning your manufacturing business concept into reality. Let’s dive in!

Our manufacturing business plan covers all essential aspects necessary for a comprehensive strategy. It details operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

• Executive Summary : Provides an overview of the manufacturing company’s business concept, market analysis , management, and financial strategy.
• Facilities & Equipment: Describes the facility’s capabilities, machinery, and technological advancements.
• Operations & Supply: Outlines the production processes, supply chain logistics, and inventory management.
• Key Stats: Offers data on industry size , growth trends, and market positioning.
• Key Trends: Highlights significant trends impacting the industry, such as automation and localization.
• Key Competitors : Analyzes primary competitors and differentiates the company from these rivals.
• SWOT: Analyzes strengths, weaknesses, opportunities, and threats.
• Marketing Plan : Outlines tactics for attracting new contracts and maintaining client relationships.
• Timeline : Sets out key milestones from inception through the first year of operations.
• Management: Information on the management team and their roles within the company.
• Financial Plan: Projects the company’s financial performance over the next five years, detailing revenue, profits, and anticipated expenses.

Manufacturing Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your manufacturing business plan, offering a concise overview of your manufacturing facility and its products. It should detail your market positioning, the range of products manufactured, the production process, its location, size, and an outline of day-to-day operations.

This section should also explore how your manufacturing business will integrate into the local and broader markets, including the number of direct competitors within the area, identifying who they are, along with your business’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the business’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your business’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

Facilities & equipment.

Describe your manufacturing facility. Highlight its design, capacity, and technology. Mention the location, emphasizing accessibility to transport routes. Discuss advantages for efficiency and cost management. Detail essential equipment and its capabilities.

Operations & Supply Chain

Detail product range. Outline your operations strategy for efficiency and scalability. Discuss supply chain management. Highlight sourcing of materials, inventory control, and logistics. Emphasize strong partnerships with suppliers and distributors.

Make sure to cover here _ Facilities & Equipment _ Operations & Supplies

Market Overview

Industry size & growth.

Start by examining the size of the manufacturing industry relevant to your products and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing demand for sustainable manufacturing processes, automation, and advanced materials. For example, highlight the demand for products that utilize eco-friendly materials or energy-efficient production techniques, alongside the rising popularity of smart manufacturing.

Key Competitors

Then, consider the competitive landscape, which includes a range of manufacturers from large-scale enterprises to niche firms. For example, emphasize what makes your business distinctive, whether it’s through advanced technology, superior product quality, or specialization in certain manufacturing niches. This section will help articulate the demand for your products, the competitive environment, and how your business is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for your manufacturing business. Highlight Strengths such as advanced production technology and a skilled workforce. Address Weaknesses, including potential supply chain vulnerabilities or high production costs. Identify Opportunities like emerging markets for your products or potential for innovation in production processes. Consider Threats such as global competition or economic downturns that may impact demand for your products.

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, trade shows, digital marketing, and strategic partnerships. Emphasize the importance of showcasing product quality and technological advantages to differentiate your business in the market.

Finally, create a detailed timeline that outlines critical milestones for your manufacturing business’s launch, marketing initiatives, customer acquisition, and expansion goals. Ensure the business progresses with clear direction and purpose, setting specific dates for achieving key operational and sales targets.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the manufacturing business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the manufacturing business toward its financial and operational goals.

For your manufacturing business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your manufacturing business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your manufacturing business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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A Deming Cycle Approach to Business Continuity Strategy

Building your business continuity strategy on a Design-Test-Reflect-Iterate cycle lays a solid, adaptable foundation to manage dynamic risks.

How to Build Your Business Continuity Strategy

It’s not a question of if but when a business will encounter disruption. Challenges are inevitable, whether natural disasters, cybersecurity breaches, or other unforeseen emergencies. How your company responds will determine its trajectory.

Forty-three percent of small businesses affected by a natural disaster never reopen. But a business continuity strategy can prevent your business from living the statistics. We’ve talked to financial, aerospace, and telecom industry leaders to understand their business continuity strategies. Read on to learn about crafting an adaptable, systemic approach to navigating expected and unforeseen challenges.

Download Our Business Continuity Checklist

A cyclical approach to business continuity.

Business is not static, and neither are the threats to operations. Organizations need dynamic frameworks to navigate uncertainty in an environment characterized by constant change and evolving risks. That’s why many companies turn to the Deming Cycle, also known as PDCA (Plan-Do-Check-Act).

• Plan: Develop a robust continuity strategy
• Do: Execute the preparedness measures
• Check: Assess effectiveness through testing
• Act: Adjust based on feedback for continual improvement

A business continuity strategy ensures your organization can maintain operational resilience during and after a crisis. With a systematic approach, you can manage various disruptions effectively. But first, you need to understand the potential threats to your business and how those threats would disrupt operational continuity.

This assessment process is critical for your initial planning and as an ongoing pulse check to ensure your business continuity strategy is effective—considering how your organization’s vulnerabilities and risks are changing.

• Design: Develop the initial framework
• Test: Implement controls to assess functionality and performance
• Reflect: Evaluate outcomes and identify critical optimizations
• Iterate: Adapt the strategy for improved business continuity management

Better business continuity planning with SAC Wireless

On The Employee Safety Podcast , we spoke with Larry Pomykalski, Director of National Programs & Business Continuity at SAC Wireless. Larry underscores the need to cast a wide net when planning for interruptions. The plan should be broad enough to encompass a broad range of scenarios while maintaining business processes. By continuously evaluating and adjusting plans based on feedback and changing circumstances, it’s possible to minimize business disruption and speed recovery.

Larry notes that while it’s impossible to foresee every disruption, having a variety of plans enables organizations to modify strategies quickly to suit the current situation. By identifying critical business functions and establishing recovery time objectives, businesses can prioritize risks as they develop effective mitigation strategies tailored to their specific needs.

“Remain open-minded; be imaginative about what you can and can’t see impacting your organization.[…] That’s the first step in tracking potential threats,” Larry advises.

1. Design a working business continuity management strategy

Identify stakeholders and plan leaders.

A business continuity management (BCM) team is responsible for implementing your plan, so choosing the right people is vital to success. It’s typically an interdisciplinary team made up of individuals from various departments and roles within the organization, including:

• Business Continuity Manager: This individual leads the continuity program’s development, implementation, and maintenance.
• Risk Management Specialist: They identify, assess, and prioritize risks to the organization’s operations.
• IT Director/Manager: This leader ensures critical IT systems and infrastructure resilience.
• Operations Manager: Their role involves coordinating continuity efforts across departments and ensuring operational readiness.
• Human Resources Manager: They are responsible for developing employee safety, communication, and workforce continuity plans.
• Facilities Manager: This leader addresses physical security and facility-related risks.
• Supply Chain Manager: They are responsible for assessing supply chain risks and developing strategies for continuity.
• Legal and Compliance Officer: Their responsibilities include continuity plan compliance with regulatory requirements and contractual obligations.
• Communications Coordinator: Their main task is to develop communication protocols and channels for internal and external stakeholders during emergencies.
• Team Leaders: These individuals act as boots on the ground, providing direction and guidance to workers on the floor, in the field, or wherever they’re located.

By assembling a diverse and capable team with representation from these key areas, organizations can effectively address all aspects of business continuity planning and enhance their resilience to disruptions.

Assess potential risks and impacts

Only by knowing your risk profile inside and out can you manage and mitigate the risks to business continuity. The more you know, the more proactive you can be.

Assessments come in different forms. A threat or risk assessment considers the potential causes of disruptions, such as natural disasters, cyberattacks, power outages, supply chain interruptions, public demonstrations, public health risks, and many more. On the other hand, a business impact analysis focuses on the impacts that arise from these emergencies and disruptions, such as downtime, travel delays, compromised data, increased costs, facilities damage, delayed or lost income, regulatory fines, reputational damage, and more.

Begin with both types of assessment to understand the vulnerabilities and risks that could threaten business continuity.

Navigate resiliency challenges with regular assessments

Regular vulnerability assessments are crucial to maintaining business continuity, especially in the face of evolving challenges, such as a geographically dispersed workforce and climate-related disruptions. Jeff Dow, Manager of Protection and Resiliency at a major financial organization, highlighted the importance of staying vigilant during a recent interview on The Employee Safety Podcast .

Jeff’s team recognized that transitioning to a hybrid work model, with employees across 49 states, introduced new risks and vulnerabilities. They conducted thorough risk assessments to identify potential threats related to remote work, like extreme weather events.

They concentrated on three assessment methods to adapt their plans supporting business continuity:

Set your recovery time objective (RTO)

When setting a recovery time objective (RTO), you must consider your organization’s specific needs and priorities. Start by evaluating the criticality of each business process or system, considering factors such as customer expectations, regulatory requirements, and financial implications. Determine the maximum tolerable downtime for each function, keeping in mind that mission-critical systems may require a shorter RTO than less essential processes.

Once you’ve defined the RTOs for your key business functions, develop comprehensive strategies to achieve them. This may involve implementing redundant systems, establishing backup procedures, and investing in technologies that minimize downtime. Review and update your RTOs to ensure they remain relevant and aligned with your evolving business needs.

Remember to conduct tests and simulations regularly to validate the achievability of your RTOs and identify areas for improvement in your recovery strategies. Setting realistic and achievable recovery time objectives can enhance your organization’s preparedness for disruptions and minimize their impact on your operations and stakeholders.

Develop plans to prevent, mitigate, respond to, and recover from business disruptions

You might as well consider every version of your business continuity plan (BCP) a rough draft. Until it has been tested, you can’t be sure it’s comprehensive or effective enough to safeguard your business operations. Here are some necessary elements to consider for your dynamic strategy:

• The tools and the team to monitor threats and determine their potential impacts on your organization
• An emergency communication plan and a software system to keep everyone connected during expected and unexpected crises
• Backup plans, equipment, locations, power, and any other redundancies that will keep operations running

Read more about the business continuity planning process on our blog.

2. Test your plan during actual and simulated emergencies

Train employees.

In the previous step, you determined which stakeholders need to be involved in the planning and preparedness efforts, risk mitigation, response procedures, disaster recovery, and any other elements of your business continuity strategy. This next phase involves preparing these people for their responsibilities. Here are suggested trainings tailored to each stakeholder’s role within the business continuity framework:

• Business Continuity Manager: Training should cover developing and maintaining the continuity program, including risk assessment methodologies, plan development, testing protocols, and coordination with departmental stakeholders.
• Risk Management Specialist: Offer detailed training on risk assessment techniques such as scenario analysis, impact assessment, and probability assessment.
• IT Director/Manager: Conduct technical training on data backup and recovery procedures, system redundancy configurations, cybersecurity best practices, and incident response protocols.
• Operations Manager: Provide training on crisis management principles, including incident response procedures, business impact analysis, and resource allocation strategies.
• Human Resources Manager: Offer comprehensive training on crisis communication strategies, employee safety protocols, and workforce continuity planning. Include modules on remote work arrangements, employee assistance programs, and psychological support during crises.
• Facilities Manager: Review building security systems, access control protocols, emergency response drills, and facility maintenance procedures.
• Supply Chain Manager: Provide training on supply chain risk management techniques, including supplier assessment methodologies, inventory management strategies, and alternative sourcing options.
• Legal and Compliance Officer: Cover topics such as data protection laws, industry standards, contractual obligations for continuity services, and legal implications of business disruptions.
• Communications Coordinator: Provide comprehensive training on crisis communication strategies, including message development, media relations, stakeholder engagement techniques, and communication channel management.

By providing detailed and targeted training to each stakeholder, you ensure they have the necessary knowledge and skills to contribute to the organization’s business continuity efforts effectively. Of course, a significant part of that training is testing the skills they’ve learned.

Conduct drills and other exercises

Emergency drills , full-scale simulations, and tabletop exercises can test your preparedness, response, and recovery plans. These exercises allow you to identify weaknesses and gaps in your plans in a controlled environment, enabling you to address them proactively before a real crisis occurs. By simulating various scenarios, you can evaluate the effectiveness of your communication protocols, decision-making processes, and resource allocation strategies.

Involving key stakeholders in these exercises fosters collaboration, enhances coordination, and increases familiarity with their roles and responsibilities during emergencies. Regularly conducting drills and exercises ensures your team remains well-prepared and agile in responding to unexpected events, strengthening your organization’s resilience and ability to navigate challenges effectively.

After-action reviews following exercises, not just actual emergencies, are essential for continuous improvement and learning. These reviews provide an opportunity to evaluate the effectiveness of your response and recovery plans in a structured manner before putting them to the test with your business on the line. By examining what went well and what could be improved, you can identify lessons learned and best practices to incorporate into future planning efforts.

On top of that, conducting after-action reviews fosters a culture of accountability and transparency within your organization, encouraging open communication and constructive feedback among team members. This process allows you to iterate on your strategies and capabilities, ensuring you are better prepared to handle real emergencies when they arise.

Activate the plan as any actual threats or disruptions arise

Hopefully, you’ve been able to prioritize training and exercises before a significant crisis hits. Doing so ensures that your team is well-prepared to execute the plan with confidence and efficiency when it matters most.

However, even if you haven’t had the opportunity to conduct extensive training beforehand, your preparation through drills and simulations will still significantly enhance your response capabilities. Remember to remain agile and adaptable during emergencies, leveraging the knowledge and experience gained from training to make informed decisions and effectively manage the situation.

3. Reflect on the plan’s effectiveness and its need to evolve

Perform after-action reviews.

After-action reviews (AARs) enhance business resilience by providing a structured post-crisis evaluation and improvement framework. These reviews thoroughly examine the response to a crisis or disruption, aiming to identify strengths, weaknesses, and opportunities for enhancement. They allow you to test your business continuity plan and management systems in real-time to address any gaps. Typically conducted shortly after the event, AARs gather input from key stakeholders involved in the response effort, including frontline responders, managers, and support staff.

Conducting an AAR begins with a comprehensive review of the incident, including the timeline of events, actions taken, and outcomes achieved. This retrospective analysis allows participants to understand what transpired during the crisis and how the organization responded. Facilitators guide discussions by prompting participants to reflect on their experiences, share observations, and identify successes and improvement areas.

Central to the AAR process is emphasizing open and honest communication, creating a safe space for participants to voice their perspectives and insights without fear of retribution. This collaborative approach fosters a culture of continuous learning and improvement within the organization. By soliciting feedback from all levels of the organization, AARs capture diverse perspectives, enriching the insights gained from the review process.

Determine gaps and necessary contingency plans

The ultimate goal of conducting AARs is to distill lessons learned from the crisis response and translate them into actionable improvements to the organization’s business continuity plan and risk management strategy. This may involve updating procedures, refining communication protocols, or investing additional resources to address identified gaps. By leveraging the insights gleaned from AARs, organizations can strengthen their preparedness for future crises, enhancing their resilience and ability to navigate adversity effectively.

Boeing’s all-hazards approach to business continuity

An effective business continuity plan relies heavily on the team’s ability to collaborate seamlessly, even across physical and geographic boundaries. On The Employee Safety Podcast , we spoke with Keith Berthiume, Enterprise Emergency Preparedness Program Manager at Boeing, to understand why Boeing is an excellent example of an agile, collaborative approach.

Keith underscores the significance of assembling diverse teams to evaluate impacts, recognize critical needs and functions, and coordinate responses promptly. This real-time collaboration has proven instrumental for Boeing, enabling the company to swiftly adapt and respond to evolving situations, such as the challenges posed by the COVID-19 pandemic.

Boeing’s success highlights the importance of effective communication and coordination within the organization and with external stakeholders, including service providers and off-site teams. Businesses can enhance their resilience and readiness to navigate complex, unforeseen disruptions by fostering collaboration across boundaries.

“Having senior leaders all together on a team is a significant force multiplier because the executives at the highest level of the company are able to ensure implementation of integrated and coordinated response, seamless coordination, and a unified direction from the leadership team,” Keith told us.

4. Iterate on your strategy in light of dynamic risks

Adapt to company changes.

The after-action reviews are what keep the cycle turning. While the advance threat and impact assessments help you align with and prioritize what you know, post-event reviews are about opening up to what you don’t know—or what you didn’t know with the most recent iteration of your plan.

You may only know about certain vulnerabilities once you are in an actual or simulated emergency. So, looking back and acting on those learnings is foundational to business continuity.

Adapt to changing risk

Twenty years ago, businesses rarely considered the effect that a prolonged pandemic could have on their ability to operate. Continuity plans were based more on immediate threats like natural disasters or economic downturns.

However, the landscape has shifted dramatically, emphasizing the need for organizations to adapt and expand their risk management strategies to encompass emerging threats such as pandemics. The global impact of COVID-19 has underscored the importance of proactive planning and preparedness for unforeseen events that can disrupt operations on a massive scale. As businesses navigate the complexities of this evolving risk landscape, it becomes increasingly crucial to prioritize resilience and agility in their continuity planning efforts.

In response to the lessons learned from COVID-19 and other emerging risks, business leaders can take proactive steps to stay ahead of future challenges. To adapt to changing risks, you should:

• Conduct regular risk assessments to identify vulnerabilities.
• Diversify supply chains to mitigate disruptions.
• Prioritize employee well-being and flexible work arrangements.
• Implement cross-training programs to ensure redundancy in critical roles.
• Maintain adequate financial reserves to weather economic uncertainties.
• Strengthen cybersecurity measures for remote work environments by implementing multi-factor authentication, encryption, and regular security training.

Organizations can also make use of various technologies for proactive threat monitoring. Threat intelligence platforms can help them discover cyber risks, while real-time alert tools can keep them ahead of natural disasters or other widespread disruptions.

Strategic Planning to Keep the Wheel Turning

Business continuity planning is not a nice-to-have but a necessity in today’s unpredictable world. Whether it’s a natural disaster, cybersecurity breach, or other unforeseen emergency, the ability to respond effectively can make or break a business. As industry leaders and best practices highlight, adopting a structured approach like the PDCA cycle is essential for building resilience and adaptability.

Learning from business continuity strategy examples, companies can prioritize collaboration, real-time communication, and flexibility in their response efforts. Download our business continuity checklist for a template to help guide you on solid business continuity planning.

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Business Continuity Checklist

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