Before drafting a business plan, it is important to understand why this document is so important to the success of your business. The very process of developing your plan helps you understand the type of business you’d like to build and the action plan which you will need to follow.
Here are 7 things you need to include:
- Executive Summary
The executive summary is the first and most important part of the business plan. A crucial part of the business plan, the summary will tell readers the history of the company, where it is today and what direction it is headed. The executive summary highlights the strengths of your plan and explains how your company will provide a unique to its clients. Include the following in the executive summary:
- The mission statements
- Growth projections
- Products/services
- Financial info
- Company Description
The description gives a brief outline of what the business is designed to do and of how the product or service will meet a need and any potential clients identified as having that need.
- Market Analysis
The Market Analysis describes the way things work in the given industry. It describes the size of the market, also the information on the target market, the evaluation of the competition and market test results.
- Organization and Management
This section describes the structure of the company. Details about ownership of the company, management, and board of directors (if applicable). Often in this section, graphs are used to visually represent these assignments.
- Goods and Services
Here, describe the product and service the company is offering. Also, the information regarding service or product costs, suppliers and any new services which may be added should be included in this part.
- Marketing
The marketing strategy section describes the marketing strategy and how the business plans to stimulate sales. It also includes market penetration strategy, sales strategy, growth strategy, distribution strategy, and communication strategy.
- Financial Projections
A description of funding requirements, detailed financial statements, and financial statement analysis. Both past financial data, as well as prospective financial data, will be required by potential lenders. In this part, the company will present the three main financial documents of any business, the balance sheet, the income statement, and the cash flow statement. The same statements should be prepared with forecasted data for the next five years.
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