What is a business plan?
A business plan shows the direction in detail of a company and how it can achieve its goals as a new business. A business plan consists of an operational plan, marketing plan, and financial plan explaining each section in detail. Also, a document setting out a business’s future objectives and strategies for achieving them:
Why do you need a business plan?
It is a document that describes your business; it covers almost all your business and the problems you might face; therefore, it helps to clarify your business idea and set the goals for your business. If you start a business without a written document business plan having all your thoughts in your head, you will forget that as time passes, then in the event you face a problem, you have no way to find a solution.
Another point if you start to look out for an investor or a bank loan, no one will consider your application without a business plan. That will make them think you are not serious about your business, so no one will be prepared to put their funds in your industry.
Business plan for a start-up
Some of us write very lengthy business plans. I want to say that it is not ideal as it takes a long time to read and people will lose interest in it. That said, a good business plan should include an executive summary, products, and services, and financial planning.
What is in a business plan?
It covers objectives, strategies, sales, marketing, and financial forecasts. A business plan helps you to:
- Clarify your business idea.
- Spot potential problems.
- Set out your goals.
- Measure your progress.
- Business aim
- Your Business
- Marketing plan
- Market research
- Target customers
- Competitors
- Operational plan
- Management and organization
Financial plan
- 12-month profit and loss
- Three years’ profit and loss
- Projected cash flow.
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