Important things to know about Developing a Business Plan

May 3, 2023Financial Literacy

Whether you are considering starting your own business or have an existing business you are trying to grow, developing a business plan can be an important step to take.  

A business plan is a living document that outlines the financial, operational, and marketing goals for your company for at least the next three years.  Business plans vary greatly in both length and complexity but should contain some core fundamentals.  

Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding credit cards or preventing overdraft fees, our curated playlists will provide you with important information.

Developing a Business Plan:

While business plans will vary, the key thing to remember is this plan should cover any information about your company that an investor or lender would need when assessing its potential.  Most plans should include the following six sections:

-Executive Summary

-Company Description

-Organization and Management

-Products or Services

-Marketing and Sales

-Financial Information

The Developing a Business Plan module, located in the Small Business Essentials playlist goes into details on the six portions of your Business Plan, as well as helpful hints on how to best format your business plan.  You also want to make sure you are providing enough detail without being overly wordy, be honest with your information, and don’t forget to proofread! Starting or expanding a business can be exciting and scary, but a thorough business plan can be a great first step.    

The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.

Explore the program today:

*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.

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