If you dont plan you would fail. Every business idea must be cemented with a business plan, building you plan entails that you fully understand your business and already you are determined to move forward with it. As time goes on a lot of things change, ensure that your plan is flexible and easily adjustable in case you want to improve on something in the plan. Also, ensure that you completely capture every area of your business.
Some of your readers dont have time to go through everything you have written, the executive summary would help you summarize what is in the whole plan . Be very precise and specific about the most important part of your business . Within the overall outline of the plan, the executive summary will follow the title page. The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you’re asking for in the summary.
The business description should provide a snapshot of the industry you are doing business in, present outlook and future possibilities. You should be able to understand the economic, political, legal and environmental factors affecting your business. You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.
Market Analysis & Research
Market strategy are a result of meticulous and inept market research and analysis. An entrepreneur must be familiar with the market he is doing business in and must be detailed about his understanding of that market. The target market and segment needs to be defined to enable its company be properly positioned in order to garner its share of sales.
After doing the personal SWOT analysis of your own business you must be able to do the same for your competitors. Understanding your competitors would help every entrepreneurs know the best way to capture its market after an analysis has been done. This would also help develop strategies that would provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market while determining any weakness that can be exploited within the product life cycle.
Design & Development
Investors need to have an understanding of your product design, You must be able to describe your business to the lowest features as available to the users. Chart your development to be detailed in explaining the budget, the cost to market, marketing strategy and other resources that would help the organization reach its goals.
Operations & Management
The operation and management plan would help detail how the organization would function on a continuous basis. The operation plan would highlight the logistics of the organization such as the various responsibilities of the management team and the task assigned to everyone within the organization. This should also highlight the primary and secondary focus of the organization in relation to its vision, mission and statement of objectives.
This would be the last part of your business plan, You need to have a comprehensive breakdown of your income statement, balance sheet, cash flow, understand your ratios (Quick ratio, Cash Conversion cycle, Current ratio e.t.c)