7 INGREDIENTS OF A BUSINESS PLAN
Does your business plan tell the story of your business? If not, here is the answer! To express the idea of your business you need a business plan that fits your exact business needs. You start today with certain resources, you want to get to a tomorrow, a point in the future at which time your business will be having a different set of resources. So it should show how you will get from today to tomorrow. Here are the essential points to be added:
This summary is the doorway to your business plan. This is the most important section of your plan. So jot it down in a manner so that it can grab your reader’s attention and let them know why they should read the rest of your plan. This includes all the key points of your complete plan and hence should be the last point in your list.
It includes the short description of the industry. It must summarize the vision and what you wish to deliver to your market.
Market strategies are the result of market analysis. This section should describe your target audience including demographics, market trends and market growth.
Know your competitors and determine the strengths and weaknesses of their business, and write the strategies that can provide you with the distinctive advantages over them.
PRODUCTS AND SERVICES:
Under this section describe your products and services. Describe your product design, development budget.
OPERATIONS AND MANAGEMENT PLAN:
This section should describe the members of your team. Explain how you and your team will execute the vision for this business and how it will prove to be the right team for the taking your business to the path of victory.
Describe your financial strategy and how it supports your projected growth. Include projected cash flow, profit and loss and balance sheets.
So what are you waiting for? It’s time to roll up your sleeves and get everything down on paper!!