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1. The 9 Essential Parts of a Solid Business Plan
Business Plan
The 9 Essential Parts
of a Solid Business
2. The 9 Essential Parts of a Solid Business Plan
Business Plan
Strategically analyze your business. Find out what your strengths,
weaknesses, opportunities and threats are. Increase your strengths,
minimize your weaknesses, exploit your opportunities and avoid the
threats. Click here
In this article I will discuss 9 essential parts of a company's business
plan. Understanding and implementing each of these points and how
they affect the business plan will be crucial to the success of the
business. They are listed in a possible order they might appear in a
strong business plan. Following the outline below will allow for a
strong business plan that will ensure the company has a greater
chance of success and this preparation will have a business plan ready
to present to investors.
1) Company values and mission statement - This will clarify why you
are going into business and what you hope to accomplish. This can be
looked at as the foundation of the business.
2) Research for the business - Identifying your target market as well
as your competition is one of the most important factors as to
whether your business plan will be effective. The more clearly you can
define these items, the more successful your business will be.
3. The 9 Essential Parts of a Solid Business Plan
Business Plan
3) Financial Plan - What upfront costs will be involved with starting
the business? What ongoing costs will there be? How will the business
be funded?
4) Marketing Plan - Using the research from number two, it should be
defined how the target market will be best reached. A marketing
budget should be discussed as well as the plan for online advertising,
offline advertising, and image advertising. Define the company's brand
here.
5) Revenue and Profitability Targets - This is the most important
section for investors. You must have a logical conclusion as to why
you arrived at the numbers you propose. Be optimistic in your
outlook, yet be realistic in the potential of your business.
6) SWOT Analysis - This acronym stands for Strengths - Weaknesses -
Opportunities - Threats. By reviewing this you can emphasize where
your business may excel, where help may be needed, what
opportunities for entry or growth exist in the marketplace, and what
could potential be an obstacle for your business.
4. The 9 Essential Parts of a Solid Business Plan
Business Plan
7) Staffing/Outsourcing - Explain what hiring will need to be done to
meet the company's needs, where your core competencies lack to
define what you will outsource, and what potential growth in staffing
will be needed over time.
8) Plan for Growth - How will the company handle the growth as
business begins to increase?
9) Plan for Uncertainty - What will happen if things go wrong in the
business? Is there an exit strategy? How will you prevent investors
from losing their money?
The more you clearly define when starting your business, the more
likely you will be to achieve your goals faster and with fewer losses
and mistakes along the way.
Strategically analyze your business. Find out what your strengths,
weaknesses, opportunities and threats are. Increase your strengths,
minimize your weaknesses, exploit your opportunities and avoid the
threats. Click here
5. The 9 Essential Parts of a Solid Business Plan
Business Plan
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