• Preparing a business plan is a very detailed process.
• Your first step is to decide who this plan is being prepared for; is it for internal usage or raising capital?
• Make a clear statement regarding the mission and vision of the company.
• The Executive Summary is a short document, 1-3 pages, and it is to be written after the rest of the business plan is completed. The reason for this is simple, this section compiles all the information you are trying to get across throughout the business plan into a condensed time efficient reading.
• The description of the business or the business concept outlines what the business will do and the value it will provide to all relevant constituents. It is the foundation for all follow-on activities.
• Market Analysis is marketing research that yields information about the marketplace. Marketing starts with market research, in which needs and attitudes and competitors' products are assessed, and continues through into advertising, promotion, distribution, and, where applicable, customer servicing and repair, packaging, and sales and distribution.
• Detail your products and services. Products are goods or services produced in the production process. Services are the performance of any duties or work for another; helpful or professional activity.
• Implement a financial summary. Finance addresses the ways in which individuals, business entities and other organizations allocate and use monetary resources over time. Focus on realistic predictions, investors will dismiss any plan that seems to have inflated numbers. You must do accurate market research in order to offer realistic figures.
• Your concluding paragraph should restate your mission statement for the company with slightly different wording. This help create continuity throughout the plan, and it helps remind the reader what the company is all about.
If you would like to learn more about preparing a business plan, read our article “Writing a Business Plan” in our Latest Headlines section.
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