Meryl Talia September 6, 2020 Business Plan
A business plan provides a guideline to help you achieve your goals. Mapping out a plan helps you in determining which strategic path you will use to reach your desired destination. The research and brainstorming conducted during the writing of the plan will assist you in figuring out where the business should go while providing a complete set of instructions to help you get there. The primary goal of a business plan is to provide a roadmap that ensures your business is heading in the right direction and stays on course.
On the subject of finance, you need to produce realistic financial details. How much money will the business require? What are the expenses required? How much tax will you need to pay? What are the profit margins? Do you stand a good chance of achieving these sums, and how? Finance plans should include income statements, cash-flow statements, balance sheets and profit analysis. This should form a big part of your business plan, in order to convince the vendor or bank manager of your credibility.
Planning is a vital ingredient in the success of any business. Developing a business plan is not just a requirement, but a basic necessity for building one’s business nowadays. It is an honest truth that every business needs a plan, starting from large corporations to entrepreneurs. Developing a business plan will help one build a framework that would push his business to his actual destination. The business plan helps one develop work guidelines, map out strategies, understand one’s target market, measure performance, monitor progress, make future plans and raise additional capital either for expansion or to boost operations.
Similar to a business plan, the marketing plan spells out how you will market to new customers and retain current ones. The marketing plan should identify your target customers and develop a strategy to reach them effectively. Your marketing plan usually includes market research that gives you a profile of the ideal customer. As with your other plan, it is important to identify any strengths, weaknesses, opportunities and threats that may affect your company’s operations.
There is no hard and fast rule for where or how you should add these kind of details, but using them will improve your credibility as a company. You should also pay attention to your writing style. There is nothing to be gained by using fancy vocabulary or flowery language. In fact, such writing may cause your audience to lose sight of your business. Instead, you should write clearly and to the point so potential investors have a clear understanding of how you run your business.
Within the executive summary, you will include your company mission statement. This mission statement should not be long, probably about four sentences in length, but should be carefully instructed. Many say that the mission statement is the most important part of the overall business plan.
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