Things to be Considered While Writing Business Plan

Posted by Enterslice India on September 25th, 2018

Business Plan is a very essential to carry business activities in a planned manner. Entities must spend some time to gather information for creating business plan.

While making business plan, there are certain things which must be considered such as “things must be included”, “things not required to be considered”, “financial matters”, and “requirement of additional sources”.

Title page of the business plan will give the executive summary which will describe the complete picture of the business plan.

Description of the Business

Business Plan will first give the business description. In business description, short description of the industry will be given. In business description, present as well as future possibilities will be described. Information will be provided related to various markets such as new products in industry. Such information will either give the advantage to the company or will adversely affect the business.             

Things to be considered

• Time duration of business plan
• At what time it should be prepared and executed
• Consideration of goals & objectives
• Determination of financial requirement
• Marketing plan

For effective business plan, sample business plans can be considered.

Components of the business plan

Market Analysis

Through market analysis, we get to know about the market strategies. Entrepreneur becomes familiar with the market aspects through market analysis. With this, target market will be defined and accordingly company can position itself.

Competitive Analysis

For the determination of strengths and weaknesses of competitors in the market, competitive analysis is done. It will provide various advantages. This type of analysis will help in minimizing the barriers which will arise in order to prevent competition in market.

Marketing Plan

Marketing plan include the description of the product design and development to its investors. A proper marketing and development budget will be set for the company to achieve the goals and objectives of the company. Under this head definitive description shall also be given regarding customers, market size, characteristics and growth prospects, sales potential and trends.

Operational & Management Plan

This type of plan is created in order to describe the functions of the business. Business functions are described on a continuous basis. Logistics of the organization will be highlighted under this plan. Various other important information such as responsibilities of management of the company, assignment of tasks to each division in the company, required capital and expenses for carrying out the operations in the company will be included under this plan.

Financial Matters

Inclusion of financial matters is always considered as back of the business plan.

Business plan is used for the development of new business alliances. Under the business plan consultant proper targets are set for new alliances, and also for the purpose of communication with those set business alliances.

A good business plan will help in outlining sustainable competitive advantage to the upcoming investors. In business plan, pricing strategies are included which can directly influence the growth potential of each product/service of the company. In business plan it will be little crucial to include the features of future growth, market share and trend influences.

So now it’s time to roll your sleeves up and go for a good business plan.

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