Jacquelyne Albane September 6, 2020 Business Plan
Remember that each section in your business plan will overlap. This means that you may cover information more than once as you move from section to section. This is okay. Your business plan may be considered as a whole or may be viewed as individual sections. This means that each section must include all key information. Don’t neglect including important information simply because you feel it has been covered in other sections.
As you write your business plan, keep in mind that your audience – whether you’re currently looking for financing or not – is likely to be a potential investor. You need to communicate to investors that your company understands its business and has thought through all the risks, challenges and opportunities involved in its industry.
Since your mission statement is only a few pages long, your executive summary will allow you to further expand upon key points mentioned in the mission statement. Consider including your business history, biographies of key players, an overview of the business including locations, employees and available products and services. You can also discuss goals and future plans. Use this section to really draw in the readers.
In many cases business plans are very important but so much of the time it’s a plan to try to convince someone else that you know what you are doing with your business like banks, investors, partners, etc. Now it’s true that a well written business plan can also be a major benefit to your success as well if done right. It can guide you and keep you on track and can be the vehicle to get you were you want to be especially with so many outside forces now days that bombard you. A plan can be extremely important to your success especially when you look at the statistics that says 51% of small businesses fail sometime during their first 5 years.
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.
In addition to a performance tool, perfect business plan should contain other necessary tools in its system, which really make it a perfect plan. It must have a human resource tool, a marketing and strategy tool, financial tool, communication tool, and most importantly, an investor’s guide. A well-defined business plan attracts others to be part of the vision. It has to have a well-defined goal and objective that will set the stage to bring others into the business. It should inspire teamwork and creativity among its people and ensures everyone understands the goals and objectives.
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