Alisanne Ninon September 7, 2020 Business Plan
In this section you should also include the results of any market research studied that your company has completed. Also briefly discuss your competitors and their strengths and weaknesses. You may want to cover how your services will appeal to customers more than your competitors.
Many find that a bulleted format is ideal for this section. This section should be easy to read and scan so that potential investors can easily get an overview of your business. The biggest mistake that many make is including too much information. Make sure that your information only encompasses one or two pages.
Before we jump into drafting our business plan, we should think about why we are writing a business plan in the first place. Most business plans are used to secure financing for a business – whether it be a start-up or an existing company looking for additional capital. This financing could come from a bank, an equity or venture capital fund, friends, family or just about any other potential investor you could think of.
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.
Another reason to write a business plan is to organize yourself, make sure you have thought through all the components of your business and make sure that it makes sense. A great idea for a product or service may not amount to a great business unless you can turn a profit through effective marketing, management of expenses, management of accounting and information systems, etc.
Since your executive summary leads your business plan, it is important that you carefully construct this first section. In fact, the executive summary is so important that it is placed directly after the title page, even before the table of contents. Many find that writing this key section works best when completed last. The executive summary serves as a synopsis of all the sections of the business plan. If you wait until the end, you will be better able to write a cohesive and complete executive summary.
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