A business plan is a written document that describes the procedure by which a business is going to achieve its goals. it lays out a written plan from a marketing, financial and operational view point. it is a road map of the success of the business. this road map provides directions so that a business can plan its future and helps it avoids obstacles in the road. it is often shared with funding agencies, potential investors and venture capitalist to obtain the funding requirement for the startup of the business. it should be developed by all enterprenuers.
a good business plan should be considered by following items:-
1. frank and honest appraisal of resources
2. SWOT analysis
3. budget
4. competitive environment
ESSENTIAL PARTS OF BUSINESS PLAN:- there are mainly seven essentials of a business plan. these are:-
1. Executive summary :- it refers the concise overview of your business plan. it should be short and it shoukd be well written so that readers are able to learn more about your company. it include
a. your business name and location
b. product or services which are offered by you
c. mission and vision statement of your business
d. the specific purpose of the plan
2. Company description:- business plan should explain the complete information about you and your business such as who you are, how you operate and what your goals are. it includes:-
a. an overview of your product, customer and suppliers
b. the nature of your business, a brief history and the needs and demands that you want to supply.
c. the legal structure of your bussiness
d. a summary of your short and long term bussiness goals
e. a summary of company growth that includes financial and marketing highlites.
3. product and services:- it should be clearly describe which product or service you are going to sell by adding pictures or diagrams with the focus on benefits of customer. it includes:-
a. information about the product or service life cycle
b. detailed description of the benefits which you are going to provide to customer by your product/service
relevant trademark, copyright, patent data
c. explanation of market role of your product or service and advantages which your product has over competitors
4. market analysis:- in the business plan you should show your industry knowledge and present conclusion which you gathered after the research of market. it includes:-
a. an industry description and outlook including statstics
b. historical, current and projected market data of your product and service.
c. a detailed evaluation of your competitors which you gathered by their swot analysis
d. a sketch of your targetted customer segments.
5. strategy and implementation:- in the business plan you should summarize your sales and marketing strategy and overview on how will you implement these strategies with the operating plan. it includes:-
a. data on operating hours and facilities
b. details about promotions, pricing, distribution, logistics and cost
c. a detailed description of the strategy which you are going to follow to enter the market
d. detailed description of the strategy of promotion of your product/service
e. information on number of employess and sources of labor
6. organization and management team:- in the business plan you should outline the organizational structure of your company. you should identify the board of directors, management teams and owners. it includes:-
a. profile of your management team and in the profile there is the information about their names, position, past experience and their responsibilities.
b .an organizational chart with description of key employess and each and every department
c. information about owners that includes their names, percentage of ownership,biography listing thier background and skilla and the extent of thier involvement in the company.
d. list of advisors.
7. financial plans and projections:- the last section of your company business plan should be developed with the help of professional accountant. and set goals of your company. it includes:-
a. brief analysis of your financial data featuring a trend and ratio analysis for all financial statements of your company.
b. historical financial data which should be included balance sheet and cash flow statements, income statements for the past three to four years.
c. realistic prospective financial information which is comprising ofbalance sheets, cash flow statements and capital expenditure budget for the next five years.
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