Carina Anaé September 7, 2020 Business Plan
So what should you include in your business plan? Well, at the start, it should list the concept of the business. What is the business all about? What are its aims? What sort of returns do you aim to get?
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.
A good business plan is used to attract funding from investors. Most investors will look at a business plan as a decision-making tool. There are certain things investors look out for in a business. These include one’s management team, every investor will want to know a business owner’s managerial skills, passion, and his dedication to his business. A comprehensive description of how one’s products or services should be discharged, his customer base, his market and financial analysis. A business plan should have a realistic financial forecast. Every investor will always like to see his business associate’s return of investment, cash-flow and break-even analysis. Hence, a well prepared business plan is the key to attracting investors.
In the second section of your business plan, you will cover the analysis of your specific market. During this section you will showcase your business’ ability to succeed. Success is dependent upon accurate and complete market analysis. This section will show that you have done your research. Use this section to sell your business to potential investors. Show them how your business can succeed.
How are you going to get the word out about your business? In this section, you will detail your plan. You can also discuss how your marketing strategy will lead to growth. Be complete and detailed in your plan. This section may sound like a simple list of your available products or services. While this is one aspect, there is other information that needs to be included in this section. For each service detail the specific benefits of the products and services you offer. Discuss the advantages you have over your competitors with a specific focus on products and services. Also discuss how you can expand your product and services offering as time goes on.
Business plans are very important for internal motivation and the motivation of stakeholders. While writing your plan the first step you should take is to identify the correct business plan template needed. Secondly, you must determine your vision, or where you want to see your business in the next 1-3-5-10 years. Creating this vision becomes a motivational tool because it allows you to see the possibilities you can create for your business if you follow the plan.
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