Last Updated: February 16, References. To create this article, 31 people, some anonymous, worked to edit and improve it over time. This article has been viewed 51, times. Learn more
How to write a business plan: Free template, tips, and examples
An Introduction to Business Plans
Are you an entrepreneur looking to turn your idea into a business? Do you have a business plan? There is some debate about whether new businesses need a business plan when just starting out, especially if they're not asking for money. According to Carl Schramm, author of "Burn the Business Plan," many large corporations didn't have business plans when they first started:.
How to Write a Business Plan in Seven Steps
Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more. A compensation plan, also referred to as a "total compensation plan," encompasses all of the compensatory components of a company's strategy — employees' wages, salaries, benefits and total terms of payment. Employee compensation plans also include raise schedules, all fringe benefits , and any union perks or employer-provided vendor discounts.
Learning how to write a business plan not only leads to a great blueprint for running a company, it forces you to take a good look at how your business needs to be run. It can also be a "checklist" for ensuring your company gets on the right track - financially and structurally. From a financial point of view, a business plan is, by design, a document that's meant to attract money and financing to your fledgling business - it's your sales pitch to deep-pocketed investors to provide the financial juice you need to get your business up and running.