{"id":57397,"date":"2023-03-21T13:23:00","date_gmt":"2023-03-21T13:23:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/"},"modified":"2024-01-23T09:00:31","modified_gmt":"2024-01-23T14:00:31","slug":"how-to-build-the-best-business-plan-ever-step-by-step-guide","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/","title":{"rendered":"How to Build the Best Business Plan Ever: Step-by-Step Guide"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How to Build the Best Business Plan Ever: Step-by-Step Guide<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-668-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-668-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-668-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-668-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Build the Best Business Plan Ever: Step-by-Step Guide &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published March 21, 2023 \u2022 8 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Creating a business plan is a crucial task for any business, and one which requires you to be thoughtful about the direction of your business, consider the goals most important to you, and how you will go about achieving them.<\/p>\n\n\n\n<p>A solid business plan will give you the confidence that you will find success, and may even reveal some gaps and risks. In fact, studies show entrepreneurs who start with a written business plan are more successful than those who don&#8217;t.<\/p>\n\n\n\n<p>Whether you&#8217;re creating a roadmap to follow as a new business owner, need a pitch to attract investors or a document to engage stakeholders, a business plan is a living document you&#8217;ll want to update regularly as your business, goals and circumstances evolve.<\/p>\n\n\n\n<p>While some business owners consider writing a business plan an overwhelming step, it doesn&#8217;t have to be. Creating the best business plan ever is a matter of breaking it down into individual steps \u2014 and then taking them one at a time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7 steps to building a business plan.<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Introduction<\/h3>\n\n\n\n<p>The substance of your introductory section (beyond your cover page and table of contents) is the <i>Executive Summary<\/i>. The Executive Summary should identify what your business does, covering:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your industry and target market(s)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your company\u2019s goals<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>How you stand out from your competition<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Whether your business is a sole proprietorship, partnership or incorporated business<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The stage of your business \u2014 whether it is a start-up or already in operation<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your team\u2019s experience and credentials<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your projected financial performance<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>While your Executive Summary has to work hard, it should be clear and to the point, grabbing the reader&#8217;s attention and compelling them to read more \u2014 a good rule of thumb is to keep this section to one page. While the Executive Summary is structurally the first section of your plan, many owners will write it last, since it&#8217;s a summary of everything else you&#8217;ve written about.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Important things to consider as a new business owner<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><em>Because you\u2019re a new business owner, your bank and potential investors don\u2019t have historical data to review. Your plan therefore must clearly convey your strategy, competencies and the reasons your venture will be successful.<\/em><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><em>Detailed, well-thought-out financial projections are an important component of your business plan. You\u2019ll want to show how your business could service debt, how you\u2019ll drive revenue and detail both fixed and variable costs.<\/em><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><em>As you write your plan, focus on your competitive advantage \u2014 what separates you from other businesses, your key success factors, your team and areas of opportunity and focus over the next six to 18 months.<\/em><\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile has-cool-white-background-color has-background\"><figure class=\"wp-block-media-text__media\"><img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/08\/Starting-a-Business-Banner-Image-54.jpg?w=1024\" alt=\"Business Owners Discussing\" class=\"wp-image-24357 size-full\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<h4 class=\"wp-block-heading\" id=\"h-start-and-grow-your-business-with-rbc\">Start and Grow Your Business with RBC<\/h4>\n\n\n\n<p>Ready to turn your side hustle, passion or idea into a full-time business? Free tools and advice to get you started.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/business\/advice\/starting-a-business.html\" data-dig-id=\"LP-11261-9df05bcc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn more\" class=\"rbc-link-format\">Learn more<\/a><\/p>\n<\/div><\/div>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">2. The Business Environment<\/h4>\n\n\n\n<p>This Business Environment section sets out the history and summary of your business in detail, identifying what you&#8217;re selling and how you&#8217;re solving a problem or need in the market. If your business is already established, you&#8217;ll want to cover its path to this point \u2014 where you started and how you got here. If you&#8217;re starting a new business, be sure to include any pre-market research or testing you&#8217;ve conducted that speaks to the viability of your idea.<\/p>\n\n\n\n<p>You will also want to highlight the industry trends and growth prospects, as well as how your business fits into the current environment. Identifying your competition and how you stand apart from them will also help you determine your position within the industry.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Considerations for seasoned business owners<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><em>Your business plan should identify what differentiates your business from others, what\u2019s working (and what\u2019s not) and outline costs, efficiencies, competitors and objectives.<\/em><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><em>As an important vehicle to help you secure funding, your business plan should include cash flow projections and the objectives for the management team \u2013 including expansion opportunities, asset accumulation and projected financing needs.<\/em><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><em>As you\u2019re writing or revising your plan, identify the teams who support you, your talent pipeline, your succession plan and your plan to remain competitive in an increasingly competitive environment.<\/em><\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">3. The Marketing Plan \u2014 Where you want to go and how you will get there<\/h4>\n\n\n\n<p>Your Marketing Plan explains how you&#8217;re going to get your customers to buy your products or services. Part of this exercise involves defining your target market \u2014 the group of customers you want to sell to. Your Marketing Plan should also include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your products, service and unique selling proposition (USP).<\/strong>&nbsp;What are the features of your product or service and what makes it unique? How is it different from what your competitors offer?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your pricing strategy.<\/strong>&nbsp;Determining the price to charge can seem tricky \u2013 you want it to be competitive but still make a reasonable profit. Calculating your costs, estimating the benefits to customers and comparing your offering to others can help you come up with the price<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your sales and delivery strategy.<\/strong>&nbsp;How will your product or service get to your customers? And how much will it cost? How will you manage your inventory and transaction processing?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your advertising and promotion strategy.<\/strong>&nbsp;Here you\u2019ll want to describe how you\u2019re going to deliver your unique selling proposition to your prospective customers. Start by thinking about the message you want to deliver and the advertising and promotional tactics you\u2019ll use (e.g., company website, social media, emails, radio, etc.) to reach your audience most effectively and efficiently. Be sure to prioritize your activities and budget for them accordingly.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">4. Operations<\/h4>\n\n\n\n<p>The Operations section of your business plan describes what&#8217;s physically necessary for your business.<\/p>\n\n\n\n<p>This section contains two main categories:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<ol class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your stage of development: This should highlight what you\u2019ve done to date to get your business operational, then an explanation of what still needs to be done.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The production process: This lays out the details of your business\u2019s day-to-day operations, including your hours of operation, and manufacturing details such as facility, equipment and material requirements, inventory, costs and more.<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">5. Financing and Cash Flow Planning<\/h4>\n\n\n\n<p>The Financing and Cash Flow Planning section is your opportunity to determine how strong the financials are for your business. Be realistic about your expenses and projected income so you can properly assess your business&#8217; financial health as early as possible.<\/p>\n\n\n\n<p>If you&#8217;re running an existing business, your goal for the Financing and Cash Flow Planning section is to address three main financial areas:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<ol class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your cash flow statement: how much money your business has at a particular point in time<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your income statement: your profit and loss for a period of time<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your balance sheet: a financial snapshot of your business<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n\n\n\n<p>In order to do that you&#8217;ll need to calculate your income and your expenses \u2014 both your one-time and ongoing operating costs.<\/p>\n\n\n\n<p>If you haven&#8217;t started your business yet, you will only be able to populate your expenses, which are important to calculate ahead of time as they will reveal how much start-up financing you may need to get your business up and running.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">6. The Team<\/h4>\n\n\n\n<p>Great ideas need great teams behind them, so this section should describe your current team as well as anyone you might need to hire for your company. Be sure to address your own background, skills and strengths. Include detailed management team profiles, credentials of your Board of Advisors (if you have one), and the professional partners you have relationships with, such as lawyers, accountants, bankers and any consultants.<\/p>\n\n\n\n<p>An overview of your Human Resources processes, which will address labour, compensation, training and other operational aspects of managing your people, can round out this section.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">7. Risks and Conclusions<\/h4>\n\n\n\n<p>Every business comes with some risk \u2014 so it&#8217;s better to be prepared for risks now rather than be surprised by them later. In this section, include all the possible risks your business could face. This may include the economy, your competition, potential supply chain disruptions, losing key team members or security issues. You&#8217;ll then want to detail how you plan to address these risks if they occur.<\/p>\n\n\n\n<p>In the Conclusions section, restate your goals and objectives. If the purpose of your business plan is to get financing, you will want to clearly state the amount required and what it will be used for. As with your Executive Summary, your conclusion should be succinct, clear and leave a positive impression on the reader.<\/p>\n\n\n\n<p>Keep in mind, your business plan is a living, breathing document that should be regularly revisited \u2014 regardless of whether you are a new owner or run an established business.<\/p>\n\n\n\n<p>You&#8217;ll want to review your plan to understand how your goals, priorities, competitive environment and operating model are coming together to deliver on your ambitions. And, as the more business planning and sales forecasting become part of your routine, the more prepared you will be to make strategic decisions to drive the business outcomes you&#8217;re striving for. The result is greater confidence and agility to take on new challenges and opportunities as they appear.<\/p>\n\n\n\n<p><em>Diane Amato is a Toronto-based freelance writer who loves to talk about finances, travel and technology.<\/em><a href=\"https:\/\/discover.rbcroyalbank.com\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/#rds-legal-collapsible\"><\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-a846d02b-d61b-4b3b-b4f6-1773ce52df03\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Build the Best Business Plan Ever: Step-by-Step Guide &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-1022e507-4393-449f-a0f4-a43c2a602c95\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/grants\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Grants<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/ideas-and-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Ideas and Insights<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"680\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Man and woman sitting in cafeteria discussing finance for the month. Stressed couple looking at bills sitting in restaurant wearing uniform apron.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg 2125w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=300,199 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=768,510 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=1024,680 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=1536,1020 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/Tax-Season-Image.jpg?resize=2048,1360 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 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30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-1022e507-4393-449f-a0f4-a43c2a602c95 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-1022e507-4393-449f-a0f4-a43c2a602c95 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>A business plan will map out the vision for your business, help you execute on your goals and set you up for success \u2013 today and tomorrow.<\/p>\n","protected":false},"author":10,"featured_media":51732,"parent":57331,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[157,112,76],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[35],"rbc_difficulty_level":[33],"rbc_mmm_category":[305,384,323,382,324],"class_list":["post-57397","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-entrepreneur","tag-grants","tag-ideas-and-insights","rbc_content_type-article","rbc_audience-business-owners","rbc_lob_group-business","rbc_difficulty_level-beginner","rbc_mmm_category-business","rbc_mmm_category-business-planning","rbc_mmm_category-business-stages","rbc_mmm_category-grow-your-business","rbc_mmm_category-managing-your-business"],"acf":{"contently_publication_id":"295261","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Your business plan maps out the vision for your business, helps you execute on your goals and sets you up for success \u2014 today and tomorrow.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Your 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