Calanthe Iris September 6, 2020 Business Plan
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.
Strategic business plans can help to increase the creativity associated with the business. Without creativity, your company is only one of the many competing for market share in your field, area, or industry. By using a creative approach you can design a business that sets itself apart in the marketplace with a distinctive look and brand. All too often, we see bland, boring marketing messages and products presented in uninspired ways. To succeed you must stand out in the crowd by getting creative and differentiating your business by identifying your competitive edge. A well-crafted business plan can help you do just that.
However, a good business plan defines one’s target market, the class of people he intends to sell his products to, how to reach them, promote his products, in addition, defines one’s market mix- people, place, product and price. People- this defines the people involved in the promotion one’s goods and services. Product- this defines what one’s goods and services are. Place- defines the location which also includes the means of delivering the goods and services. Price- defines how much one’s products and services are worth in the market which will enable him analyze and evaluate his return on investment (ROI). A marketing and strategy tool defines one’s business strength, his weakness, his opportunities and threats. It plots a graph that helps one reduce cost while maximizing profit.
Quite often, the thought on the mind of most business owners or investors is failure. The only way to overcome this failure is to address the common reasons why businesses fail up front. Presently, the world is facing though economic challenges, global economic meltdown, high cost of commodities, high rate of foreclosure and difficulties in obtaining credit from banks, stiff competition, complicated tax laws and high operational costs, etc.. All these challenges faced by businesses today, even make it more challenging for start-up businesses to survive. In today’s world, both small and large-scale businesses have come to realize the need to evaluate their business potentials and formulate strategies for the future.
It’s also important to show the business plan to the vendor or bank manager. If your business needs financing at the beginning, then you need to turn to one of these sources for financial assistance. With that in mind, you need to produce a detailed business plan that shows that your business is credible and also has potential for making money. Not only does the plan prove that you are serious about the business, it also shows that you have a sound business mind and a good grasp of what needs to be done in order to achieve good profits.
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.
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