LO1: Understand why and when to develop a business plan.

• Plans are done for external legitimacy and/or internal understanding.
• Plans are sometimes essential, and are often linked to improved firm survival.
• Different audiences seek different goals when reading business plans.

LO2: Know how to tell the business plan story.

• The business plan is a story you write about your firm.
• The story gets told in different ways and lengths, from vision statements, to elevator pitches, to executive summaries to full business plans.
• The one-page business plan can be used to help organize the classic business plan.

LO3: Learn the major sections of the classic business plan.

• The full business plan gives the complete story of the firm and its major elements: the company's product/service, market, competition, marketing strategy, organization, key personnel, service providers, location, and financials.
• It is a maximum of 25 pages long, with up to 15 pages of supporting material.
• Plans for simple businesses can be shorter than those for innovative types of firms.

LO4: Focus business plan sections to meet specific needs.

• A full business plan is often modified for special circumstances the firm faces, such as pioneering technology, new markets, or established operations.
• Parts of a full business plan are often combined to create shorter plans for particular audiences such as investors, partners, or others.

LO5: Identify the major risks to business plan success.

• All business plans face risks; part of the role of the business plan is to explain how the firm will handle these risks.
• The risks come from numbers or assertions that are not adequately explained or supported.

LO6: Master presenting your business plan to others.

• Most business plans are presented to others using a seven-slide show.
• Listeners check presentations for the presenter's passion, expertise, professionalism, and potential as a colleague.