Contributing Author: Alicia Levy

A business plan is a way to write down what type of business you want and how you want it to grow and succeed. A business plan can be great for many reasons:
1. To help you visualize your company and what you want from it;
2. To help determine what may or may not work and then change it;
3. Writing things down will help you to remember it and so the next time you hear a competitor’s name you are more likely to listen up;
4. Writing a business plan can help you chose what’s best for your company. Think of it as writing the pros and cons of different vendors and then choosing the best fit for your company;
5. Planning ahead and anticipating things can help you better prepare for an event and therefore be less stressed;
6. A business plan should also prove that your business will generate enough revenue to cover your expenses; and
7. Having something in writing, in a well thought out manner, will also help you explain your business and thus sell it!

Make sure that your business plan presents a well thought out idea, has a logical structure, contains clear and concise writing, and shows profitability. Think of your business plan as your first step in marketing and know that it reflects on you, so if you want investors and others to take you serious, put thought into your business plan and write it well.

When writing a business plan there are several things you may want to include, but one thing to keep in mind is to be detailed and inclusive enough to make your business attractive, but understand that it should be an ever-changing document as your business grows. When you are first starting out you may not have all of the information listed below so take time about once a month, think about the items below and supplement your plan, as needed.

Alicia Levy, owner of the The Levy Law Firm, focuses on business law, contract drafting and review, and employment law. Alicia is active in the Spokane community and recently won the Inland Business Catalyst Magazine’s top 20 under 40 award. You may contact Alicia at 509-432-6881 or alicia@levy-lawfirm.com.