A business plan can easily be described as a blueprint of a business. It is also a written document which describes in details how a new business or organization is going to achieve its goals.
A good business plan should outline the vision and mission of the business, the structure of the business, the product or service which the business will deliver, the objective of the business, the competition in the business industry, the customers or clients, the financial needs and the site at which the business will be located.
A business plan is very important in any kind of business you intend to start (either big or small) because this will enable you to make a deep research and gives you the executive summary of the business. A business plan also help to identify the challenges of the business you intend to start and the competition as well.
The Essential Details A Business Plan Should Contain
==> The Executive Summary Of The Business:
This is the first and important part of a business plan. This is where the writer or business manager summarizes everything concerning the business in details. The executive summary should be easy to read and understand.
==> Objectives And Goals:
This state the major business objectives for the coming period and translate them in to goals that are measurable and achievable.
==> The Description Of The Business:
This is a short description about the business or organization. When writing this, you should describe the present state as well as the future possibilities of the industry. In this section, you should also give a clear information on all the various markets in the industry including the products or services that will benefit or affect your business.
==> Your Marketing Strategies:
This is the kind of things or strategies you put in place in order to gain your market share which will place you above your competitors. You can use promotions, bonus or discount to gain more customers who will add value to your business.
==> Your Operations And Management Plan:
This describes how your business functions on a continuous basis. The operations and management plan will highlight the responsibilities of the management team, capital and expense requirements that will lead to the success of the business. In this place, you should also organize the tasks, duties and responsibilities into a single limit of work for the purpose of achievement of certain objectives. It also outlines the methods and relationships that are essential for the success of certain jobs.
==> Your competition:
When writing a business plan, you should try to identify the competition in the market you are going for. Carrying out a proper competitive analysis will help you determine how best to survive the industry.
This is where the total sum of money involved or needed will be mentioned. In this case, the cost of office space, facilities, energy, manpower, tax and other expenditures will be listed. Budgeting will enable you have idea on the capital needed for the business to stand or hold.
A business plan is nothing until it is put into action or work for. For this to occur, the set goals and tasks must be assigned to a person or people to accomplish with a specific period of time.
Importance of a business plan
- It motivate you to act fast.
- It broadens your knowledge on a particular business and prepare you for the challenges ahead.
- It enable you succeed among your competitors.
Qualities of a good business plan
- It must be detailed and understanding.
- It must be time base.
- The objectives of the business plan should be of economic activities and not fraud.
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