Bankers and SBA reviewers read hundreds of business plans a year. Every one of them follows roughly the same order, and reviewers like it that way. The second one looks different; you’ve made a stranger work harder for no reason, and reviewers who work harder don’t usually fund harder.
The business plan table of contents is the first thing they see, so it’s the first place to get this right. A good one lets a lender find your financials in ten seconds and quietly tells you which section you forgot to write.
In this blog, I’ve put together everything you need to write a TOC that actually does its job: a copy-ready sample, the formatting rules I recommend, and straight answers to the questions founders ask out loud.
Why include a business plan table of contents?
A business plan table of contents is a single page that lists every major section and sub-section of your plan, with page numbers next to each one.
The people who actually use it are investors and lenders. They skim the TOC first to check whether your plan covers what they care about: financials, market analysis, and the management team. That means your TOC is doing a lot of the work of getting your plan taken seriously.
Before you send your plan to anyone, read the TOC the way a reviewer would and run through these five questions:
- Can a reviewer find the financial plan in under ten seconds?
- Are the sections in a logical order: cover page, TOC, executive summary, body, appendix?
- Is anything missing that an investor or lender would expect to see, like a funding request, cash flow statement, or management team?
- Is anything repeated, or buried under the wrong parent section?
- Does the TOC fit on one page?
If you can answer yes to all five, your TOC is doing its job.
Where the table of contents goes in your business plan
A short answer to that question is that the table of contents appears after the cover page and before the executive summary.
Most business plans follow this order:
- Cover page
- Table of contents
- Executive summary
- Main sections of the business plan
- Appendix
Don’t put the executive summary before the TOC. The executive summary gets listed inside the TOC (usually as Section 1), but the TOC itself sits on the page first.
Do short plans need a table of contents?
If your plan is under 10 pages or for internal use, the TOC is optional. But include one the moment it goes to an investor, lender, or SBA reviewer.
Sample business plan table of contents
This is the standard structure that SBA loan officers and most investors expect to see when they open a business plan. Use it as-is if you’re submitting your plan for a loan or pitching for investment.
Copy the full TOC below into your plan. The page numbers are placeholders, so swap them for your own once you’ve laid out the document. Trim any sections that don’t apply to your business.
Executive summary
The executive summary is a high-level overview of your entire business. It pulls together your mission, what you sell, who you sell to, your financial highlights, and what you’re asking for in funding. Most investors and lenders read this section first and decide in a couple of minutes whether the rest of your plan is worth their time. At a minimum, your executive summary should cover:
- Business Summary
- Mission Statement
- Products and Services
- Market Opportunity
- Financial Highlights
- Funding Request
Company overview
The company overview provides a short overview of your company. You’ll cover the year of the company’s founding, the company’s legal form, where the company operates, who owns the company, and the long-term direction that you are going. The sub-sections under company overview usually include:
- Company History
- Business Structure
- Business Location
- Vision and Goals
- Ownership Details
Market analysis
The market analysis is where you’ve determined the size of the opportunity. It covers the industry you are in, your customers, the size of the market, your competitors, and the factors driving market demand. The investor eyes this place to determine whether or not it’s worth his attention. When you make your market analysis, ensure that you include:
- Industry Overview
- Target Market
- Customer Segmentation
- Competitive Analysis
- Market Trends
Products and services
This products and services section talks about what products you sell, how you charge for your services, what sets you apart from the competitors, and what you are working on next. It should clearly articulate to a reader why it’s a better option than what they can find anywhere else. Complete this section by adding:
- Product or Service Description
- Pricing Strategy
- Unique Selling Points
- Product Lifecycle
- Future Products or Services
Sales and marketing plan
The sales and marketing plan considers the way in which you will acquire customers and retain them. It discusses your marketing strategy, sales process, advertising methods, retention plan, and anything else you are doing to expand.
Investors and lenders want to know you are realistic: that you have a plan, and not just a hope that customers will find you. A sound sales/marketing strategy includes:
- Marketing Strategy
- Sales Strategy
- Advertising Channels
- Customer Retention Plan
- Partnerships and Promotions
Operations plan
The operations plan is used for day to day of running your business. It includes the location of your business, the equipment and/or technology you require, your inventory or supplier management, your staffing model, and your daily operations. That’s the part demonstrating to readers that you’ve considered how the business operates, not merely how it sells. Divide the operations plan into:
- Business Location
- Equipment and Technology
- Inventory or Supply Chain
- Staffing Plan
- Daily Operations
Management team
The management team section introduces the people running the business. Include information about the founders, the leadership team, advisors, and consultants, and their respective roles. Your management team section should list:
- Founders and Owners
- Leadership Team
- Advisors or Consultants
- Roles and Responsibilities
Financial plan
The financial plan is where your numbers live. You’ll cover your startup costs, revenue forecast, profit and loss statement, cash flow statement, balance sheet, break-even analysis, and funding requirements. This is the section lenders and SBA reviewers spend the most time on, so the numbers need to add up. A complete financial plan includes:
- Startup Costs
- Revenue Forecast
- Profit and Loss Statement
- Cash Flow Statement
- Balance Sheet
- Break-even Analysis
- Funding Requirements
Appendix
A collection of documents that support all of your statements made above in the plan is attached to the appendix. Typically, these are licenses and permits, resumes, product images, legal documents, financial records, and any market research that you quoted in your business plan. It is not required reading, but it is available if a reviewer needs evidence.
The appendix typically includes:
- Licenses and Permits
- Resumes
- Product Images
- Legal Documents
- Financial Documents
- Market Research Data
How to format your table of contents
Make a table of contents on one page. If it overflows onto another page, then you are likely having too many sub-sections. My rule is that you only display 2 levels, the main level, and the most important sub-sections listed below.
To ensure a clean format, follow these guidelines:
- Fill in the numbers on the main sections of the document (1.Executive Summary, 2. Company Overview, 3. Market Analysis, and so on)
- Highlight the main sections and use regular text for sub-sections.
- Include dot leaders for ease of eye flow from the section title to the page number
- Right-align all page numbers
- Match the font, spacing, and margins used throughout the plan
Will all sub-sections be retained? Not really. If a reader may be interested in going straight to certain sections, such as financial forecasts, funding proposals, or market research, include them. Don’t include micro-headings that simply add to the clutter on the page.
Hyperlink each line in a digital business plan so a reader can click to follow a line directly to the section of interest.
Build your business plan
You now have a clear structure for your business plan table of contents, where to place it, and how to format it. The next step is getting it into a real plan.
Want a TOC already wired into a full plan? Start with our free business plan template, or use Upmetrics’ AI business plan generator to build the whole plan from scratch.
The Quickest Way to turn a Business Idea into a Business Plan
Fill-in-the-blanks and automatic financials make it easy.
