Laurel, MD -- (SBWIRE) -- 09/06/2016 -- Dr. Teresa R. Martin, Esq. has helped many small and medium-sized businesses get the right footing as they become ready for growth and development. Recently, she talked about an important matter which she believes allows businesses to stay focused by evaluating and defining the major aspects of their business plan.

Dr. Teresa considers a business plan to be of great help for any business trying to raise startup capital or is in the process of expanding, "The idea behind a business plan is pretty straight forward. It essentially is a written outline that evaluates and defines the major aspects of your business, including the proposed product or service, the targeted market, and the economic potential. Creating a business plan will be useful to you in a number of ways." – says Dr. Teresa.

Although many small business owners understand the importance of a business plan, many fear drafting their own plan because they do not know what kind of information goes into a productive business plan. Dr. Teresa's tips can help the business owner understand what they need to put in the plan and simplify the process.

Dr. Teresa further said: "A business plan will help you to stay focused on your business goals, better understand the market, and develop a roadmap for growth over the next few years. It is also a handy document to give to lenders, potential business partners, and outside investors."

According to the advice shared by Dr. Teresa, the first thing that should be a part of the business plan is the organization's mission or vision, as an executive summary of what the business is all about, next the product or service should be explained in detail, followed by the identification of the target market and who the prospective buyers are going to be. Next, the business plan should explain and define the monetary needs and projected revenues of the business. Finally, important information about the team's management and operations should be considered.

To read all of Dr. Teresa's tips and to learn more, visit this link: http://enjoyyourlegacy.com/what-to-include-in-your-business-plan/

About Dr. Teresa R. Martin, Esq.
Dr. Teresa R. Martin, Esq. is a sought-after lecturer, keynote speaker, consultant, facilitator, and educator. Her expertise is most adept for executive conferences, ministries, and educational events. Teresa was inspired to move up the corporate ladder to self-employment; creating her own successful law firm. In addition to being an attorney, Teresa wears the hat of a seasoned real estate investor.

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URL: http://enjoyyourlegacy.com/what-to-include-in-your-business-plan/