B Plan
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A business plan outlines a company's goals, reasons for attainability, and plan to achieve goals. It typically includes an executive summary, company overview, product/service details, market analysis, marketing plan, operations plan, management team, and financial projections. The business plan establishes the company's strategy and provides a roadmap and sales tool to attain funding or investors. It demonstrates that the founders have thoroughly considered how to successfully operate and repay loans.
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B Plan
- 2. A typical business plan comprises of the following things Formal statement of a set of business goals. Reasons why they are believed attainable. Plan for reaching those goals.
- 3. DEFINITION A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It also contain background information about the organization or team attempting to reach those goals.
- 4. The business goals being attempted may be for- profit or non-profit . For-profit business plans typically focus on financial goals. Non-profit and government agency business plans tend to focus on service goals, although non-profits may also focus on maximizing profit. Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. If you do decide to seek a business loan for your small business, the first thing you will need is a business plan. You will not get outside funding without a good business plan. It will give the people who loan you money the assurance that you have considered your venture thoroughly and will be able to pay back the loan. Your business plan should include a brief introduction, including a description of the service or product you intend to provide. Also tell what experience you have in the world of commerce and in this particular type of business.
- 5. A business Plan performs three functions Action Plan Road Map Sales Tool
- 6. Elements of a Successful Business Plan Executive Summary (1 page) Company Overview (~1 page) • Introduction • Mission Statement • History and Current Status • Objectives Product and Service (~1 page) • Features • Benefits • Proprietary Rights • Stage of Development
- 7. Market and Industry Analysis (~3pages) • Market Size and Growth • Trends • Target Market • Industry Structure • Competitive Environment • Competition • Opportunity Marketing Plan (~4 pages) • Target Market Strategy • Channel • Positioning • Product/Service Strategy • Pricing Strategy • E-commerce • Communication Strategy • Sales Strategy • Revenue Model
- 8. Operations Plan (~2 pages) • Operations Strategy • Scope of Operations • Ongoing Operations Development Plan (~1 page) • Development Strategy Management (~1 page) • Company Organization • Management Team Competitive Advantage (1 page) Financial Plan (~3 pages) • Financial Projections • Key Assumptions • Sources and Uses of Funds • Business Risks
- 9. Funding (1 page) • Funding Requirements • Funding Strategies • Sources and Uses of Funds Statement • Offering Appendices Required (15 pages max) • Key financial assumptions • 5 year Income Statement • 5 year Balance Sheet • 5 year Cash Flow • Monthly & Quarterly Cash Flow Statements • Financial Comps • Resumes of founders and principals
- 10. Optional • Customer surveys and results • Operations layout • Sample menus, web pages, adverts, etc. • Anything else that will help to illuminate and/or sell your plan These elements of a good business plan will take you a long way toward establishing a successful business. Whether or not you plan to seek outside financial assistance, having thought through and planned these aspects of your business will help you succeed in your new business venture. I hope this helps you in preparing your own unique business plan.
- 11. So, you know you need a business plan, but what about business plan software? For business planning, there are really three alternatives: crafting your own business plan from scratch hiring a business plan writer or business planning consultant; or using business plan software to write your own business plan. Each of these alternatives are their own advantages and disadvantages