Why is it important to have a business plan?
Having a well thought out designed business plan is of most importance, because it is what your whole business structure is designed upon. It determines how your business is going to operate, at what direction, and how you are going to get there.
There are many key features of a business plan, and all are equally as important.
A business plan can include – mission statement, executive summary, business description, market analysis, goals, a projected growth statement, financial analysis, and much more.
Write a Well Thought Out Executive Summary
If you are an established business, be sure to include the following information:
- Your Mission Statement
- Company Information –Include information about your services or products, key employees or partners, location, and your market.
- Growth Information About Your Products and Services
- Financial Information
- A summarization of your future plans
If you are in the early stages of your business, you will most likely have less information about your growth and finances.
Your Company Description Should Included
- Explain in detail about your business’s products and services and their irrelevance.
- Explain how your products and services meet these needs.
- Who you will be serving
- Competitive advantages
Perform a Competitive Analysis
- Market share
- Strengths and weaknesses
- How important is your target market to your competitors?
- Are there any barriers that may hinder you as you enter the market?
- What is your window of opportunity to enter the market?
- Are there any indirect or secondary competitors who may impact your success?
- What barriers to market are there (e.g., changing technology, high investment cost, lack of quality personnel)?
Regulatory Restrictions – list any regulatory information pertaining to your business.
This is a brief business plan and does not include many other important features and topics. A full detailed business plan should be created for your business specifically.
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