Developing a Business Plan: A Roadmap for Growth and Funding

Congratulations on taking a proactive step toward your company’s growth by developing a business plan. A well-built plan doesn’t just help you organize your ideas—it can improve decision-making, strengthen operations, and support funding conversations.

One study found that companies with a business plan grow 30% faster than companies without one. Whether you’re launching a startup or expanding an established business, a business plan can help you move forward with clarity and confidence.

What Is a Business Plan and Why Do You Need One?

A business plan is a living, written document that outlines your company’s financial, operational, and marketing goals—typically for at least the next three years. Plans can range from a couple of pages to highly detailed documents, but most strong plans share the same core components.

Here’s why successful businesses create them:

Attract Talent

In a competitive hiring market, candidates often want reassurance that a business is stable and headed somewhere. A business plan helps communicate your mission, goals, and long-term viability.

Secure Funding

A business plan helps lenders and investors assess your business. It demonstrates strategy, organization, and a thoughtful approach to managing resources.

Prove the Value of Your Business

A strong plan helps show your company’s strengths, market opportunity, and potential—especially to potential financing partners.

Create a Strong Foundation

A plan helps you define your mission, objectives, and growth goals, creating a foundation that guides decision-making.

Make Informed Decisions

Financial statements and projections can help you set benchmarks, evaluate performance, and make smarter business choices over time.

How a Business Plan Helps You Secure Funding

Businesses with strong business plans are far more likely to receive funding than those without one. Here’s why:

What Lenders Look For

Lenders want confidence that your business will be able to repay a loan. A strong business plan supports this by showing:

• How your business operates
• How you’ve managed finances (if you have history)
• How you plan to generate revenue
• How cash flow will support repayment

What Investors Look For

Investors focus on growth potential. A business plan can demonstrate that you are:

• Organized and strategic
• Positioned to compete in the market
• Ready to scale operations responsibly

Your financial projections also help investors understand your current financial health and long-term outlook.

The Six Key Parts of a Business Plan

There’s no single “correct” structure, but most business plans include these six categories:

1. Executive Summary
2. Company Description
3. Organization and Management
4. Products or Services
5. Marketing and Sales
6. Financial Information

Let’s walk through each one.

Executive Summary

The executive summary is a snapshot of your entire business plan. It should give readers a clear overview of your business, what you offer, and how you plan to grow.

Tips for a strong executive summary:

• Engage your audience: Make it clear, polished, and easy to read.
• Keep it relevant: Pull the most important points from each section and summarize them concisely.
• Write it last: It’s often easiest to summarize once the rest of the plan is complete.

Company Description

This section follows the executive summary and gives a compelling overview of your company and its purpose. The goal is to show readers that your business has the vision, capability, and drive to succeed.

You may include:

• A short elevator pitch
• Company history and name
• The problem you solve
• Business location
• Products/services offered
• Objectives and vision statement

Don’t be afraid to use persuasive language—this is where you explain what makes your business worth paying attention to.

Organization and Management

This section provides operational details that reassure lenders, investors, and partners that your business is structured for success.

You may include:

• Your legal structure (how the business is registered)
• A description of teams and departments
• Bios of leaders and managers
• Plans for growth (including future hiring needs)

Products or Services

This section answers: What do you sell, and why does it matter?

Include:

• A detailed description
• Customer benefits and key advantages
• Pricing and product line information
• Patents, intellectual property, or legal considerations
• Research and development plans
• Delivery or distribution details

Tip: Keep your audience in mind. Show expertise without burying readers in jargon. The best plans balance clarity, confidence, and enthusiasm.

Marketing and Sales

Strategy is a major driver of business success. This section should show that you understand the market and have a realistic plan to attract customers and generate revenue.

Include insights such as:

• Market understanding: What does the market look like, and what facts support the opportunity?
• Customer strategy: Who are your customers, and what problems are you solving for them?
• Competitive landscape: Who are your competitors, and what are their strengths and challenges?
• Sales plan: How will you market, sell, and build your brand?

Your marketing and sales strategy also shapes your financial projections—so be specific about the actions you’ll take to generate revenue.

Financial Information

Your financial section helps prove that your business is financially stable—or has a realistic plan to become stable.

For New Businesses

Startups often don’t have historical financial data. In that case, projections may be built using market research and industry assumptions (for example, estimating you’ll reach a certain percentage of your target market).

For Established Businesses

Many established businesses include:

• 3–5 years of financial history
• Projections for the next 5 years
• Key statements such as income statements, cash flow statements, and balance sheets

This is often the section lenders and investors study most closely.

Choosing the Right Business Plan Format

Your format should reflect your audience, timeline, and goals.

The Pitch Deck

What it is: A short, presentation-style summary with graphics and minimal text.
When to use it: Great for meetings, presentations, and investor introductions (often paired with a longer plan or handouts).

The Lean Startup Plan

What it is: A concise, 1–2 page overview using visuals and high-level sections.
When to use it: Helpful for sharing internally or providing a quick summary to partners. It may need additional details for formal lending.

The Traditional Business Plan

What it is: A detailed plan that follows the full structure described above.
When to use it: Best for major decision-making, long-term planning, and formal lending or investment.

Tips for Writing a Strong Business Plan

1. Be honest
   Inflated numbers or unrealistic claims can damage credibility. Strong plans rely on realistic assumptions and transparent reasoning.
2. Be detailed—yet concise
   Give enough information to be clear, but avoid unnecessary length.
3. Don’t do it alone
   Involve stakeholders—team members, mentors, advisors, networking groups, and trusted financial institutions.
4. Proofread carefully
   Writing and formatting errors can reflect poorly on your business. If possible, have someone else review it.

Next Steps to Get Started

• Select a format that fits your needs (pitch deck, lean plan, or traditional plan)
• Identify stakeholders who can contribute expertise and feedback
• Create a schedule with milestones for drafting each section

A business plan is more than a document—it’s a roadmap. When built thoughtfully, it can guide better decisions, strengthen your operations, and open doors to funding opportunities.