A
business plan provides direction, keeping you on track and is usually a
requirement when you seek finance. Depending on your business type,
your plan could include the following sections:
Executive Summary
Within
the overall outline of the business plan, the executive summary will
follow the title page. The summary should tell the reader what you want.
This is very important. All too often, what the business owner desires
is buried on page eight. Clearly state what you're asking for in the
summary.
Business Description
The
business description usually begins with a short description of the
industry. When describing the industry, discuss the present outlook as
well as future possibilities. You should also provide information on all
the various markets within the industry, including any new products or
developments that will benefit or adversely affect your business.
Market Strategies
Market
strategies are the result of a meticulous market analysis. A market
analysis forces the entrepreneur to become familiar with all aspects of
the market so that the target market can be defined and the company can
be positioned in order to garner its share of sales.
Competitive Analysis
The
purpose of the competitive analysis is to determine the strengths and
weaknesses of the competitors within your market, strategies that will
provide you with a distinct advantage, the barriers that can be
developed in order to prevent competition from entering your market, and
any weaknesses that can be exploited within the product development
cycle.
Design & Development Plan
The
purpose of the design and development plan section is to provide
investors with a description of the product's design, chart its
development within the context of production, marketing and the company
itself, and create a development budget that will enable the company to
reach its goals.
Operations & Management Plan
The
operations and management plan is designed to describe just how the
business functions on a continuing basis. The operations plan will
highlight the logistics of the organization such as the various
responsibilities of the management team, the tasks assigned to each
division within the company, and capital and expense requirements
related to the operations of the business.
Financial Factors
Financial
data is always at the back of the business plan, but that doesn't mean
it's any less important than up-front material such as the business
concept and the management team. -(Excerpt: Entrepreneur)
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