Question: What are the elements of a Business Plan
While plans may vary in length, all plans should touch on the following elements:
Company Background – Tell readers how you got where you are today. This section or your business plan should include your history, mission, vision, values, goals, and performance to date. There should also be an introduction of the business structure, products, services, and key team members.
Market Research – Sure your think you have a great idea, but will anyone want to buy? Describe your target customer, their primary pain point and how you will solve their problem.
Look outside your business to understand what makes key competitors successful and the market trends which indicate there is opportunity for success.
Business Strategy – Consider the promises you make to clients when they buy your product. You will need to define your pricing, marketing, distribution, and product strategies
Operations – You will need processes and resources to fulfill your strategy. Be sure to include a milestone chart indicating when things will occur and who will be responsible for critical tasks.
Financials – At a minimum, your plan should include a three year projected income statemen and balance sheet, capital requirements and monthly operating funds. If this is a new business, you will need to include a break-even analysis.
Executive Summary although it appears at the beginning of the plan, this is the last section to be created. Creating an overview of the information to come.
Appendix – This is a catch all section, awards, certificates and supporting documentation which proves you have what it takes to make the business a success.
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