Writing a business plan is an important step for any entrepreneur to take. For the success of a business, business plan acts as a roadmap. It is an important tool for investors and lenders. Writing business plan is not easy; it needs enough time to write it. The essential elements of writing a business plan include: 1. Executive summary: One of the most important sections of writing business plan is executive summary. It includes: Information about your company Vision statement Mission statement If you are writing business plan for already establish company then it must contain history of your company Summary about your product/service Description of your competitors Revenue Cash requirement
2. Company overview: Company overview is the short description of your company. It contains information about: Background of a company Office location Your goals and objectives Products About your partners Promotions Customers service
3. Market analysis: Market analysis illustrates information about your customers and target market. It includes: Demand of your product Your present position in the market Description about your customers; there needs and desires Market size Market potential Growth of the market
4. Marketing and sales: It is important to make your marketing and sales strategy strong, to attract large number of customers. Marketing and sales includes: Promotional tactics Marketing strategy Advertisement of your product Market analysis 5. Management plan: It describes information about: Your employees Their job description Employees needs Benefits you are providing to your employees Information about your board of directors
6. Operational plan: Operational plan includes: Businesss day-to-day operations outline Information about the necessary equipments Worth of your assets How to overcome risks
7. Financial projection: For successful business, every business needs finance. Financial projection should includes: Sources and use of funds Profit and loss statement Balance sheet statement Cash flow projection Break-even analysis All operating expenses
With the help of above essential elements of business plan, one can write quality business plans.
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