A business plan is a document that effectively communicates the business and its potential to those that matter. It could be an investor, a bank, a joint venture partner or even a high-profile techie you want to work for your company. It will contain the background of the founding team, the business model, a brief analysis of the market and estimates of financial performance.
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2. Introduction:
• A business plan is a written document that describes in detail how a business
is going to achieve its goals.
• Business plans are important to allow a company to lay out its goals and
attract investment. They are also a way for companies to keep themselves on
track going forward.
• Ideally, a company would revisit the plan periodically to see if goals have
been met or have changed and evolved.
• Sometimes, a new business plan is prepared for an established business that
is moving in a new direction.
3. Steps in business plan :
• mission statement
• business description
• business environment analysis
• SWOT analysis
• industry background
• competitor analysis
• market analysis
• marketing plan
• operations plan
• management summary
• financial plan
• attachments and milestones
4. Mission statement
• Mission statement help clarify what business you are in, your goals and your
objectives.
• It captures the essence of your business's goals and the philosophies
underlying them.
Business description:
Business description is a detailed description of your business. It covers
areas such as the type of your business, your business location, the products
and services you are selling your customers, how you will make your customers
want to buy from you, who your competition is, etc.
5. Business environment analysis
• Environmental analysis is a strategic tool. It is a process to identify all the
external and internal elements, which can affect the organization's
performance.
Swot analysis:
• The point of a SWOT analysis is to help you develop a strong business
strategy by making sure you've considered all of your
business's strengths and weaknesses, as well as
the opportunities and threats it faces in the marketplace.
6. Industry analysis:
• An industry analysis is specific to the particular industry in which
a business is currently operating or into which it plans to venture. It provides
information from which a business owner can create a long-term strategy to
minimize risks and take advantage of growth opportunities.
Competitor analysis:
• Identifying your competitors and evaluating their strategies to determine
their strengths and weaknesses relative to those of your own product or
service. A competitive analysis is a critical part of your company marketing
plan.
7. Market analysis:
• Marketing analysis is basically a business plan that presents information
regarding the market in which you are operating in.
Marketing plan
• A marketing plan is a report that outlines your marketing strategy for the
coming year, quarter or month.
Operation plan:
• operations plan section describes the physical necessities of your business's
operation, such as your business's physical location, facilities, and
equipment.
• It may also include information about inventory requirements, suppliers, and
a description of the manufacturing process.
8. Management summary:
• It basically describes the business structure, pointing out the individuals that
are involved.
• It gives vital information regarding the people that are responsible for
the management of the company.
Attachment for a business:
• Cash flow statement.
• Income statement.
• Balance sheet.
• Detailed financial projections.
• Capital equipment list.
• Resumes of key officers.
• Letters of support, reference, or credibility.
9. Financial plan:
• Financial planning is the task of determining how a business will afford to
achieve its strategic goals and objectives.
Milestones:
• The milestones should represent a clear sequence of events that
incrementally build up until your project is complete
• It sets the plan into practical, concrete terms, with real budgets, deadlines,
and management responsibilities.
10. Conclusion:
• Thus, a Business plan serves as a road map that provides direction to the
business.
"... a good business plan can help to make a good business credible,
understandable, and attractive to someone who is unfamiliar with the business.
Writing a good business plan can’t guarantee success, but it can go a long way
toward reducing the odds of failure."
_ Eric S. Siegel, 'The Ernst & Young Business Plan Guide'