Compiling a Business Plan
Are you planning to start your dream business? Then you should prepare everything in order for it to be a successful.
One of the things that you should prepare is the business plan because this will serve as your guide as you perform the step by step operations of the business.
A business plan can be compared to a book because it should follow a logical sequence. Bear in mind that the orderliness of your business will be the one to help it attain success at your target time. The succeeding paragraphs will help you on how to successfully compile your business plan.
The Section Headings of the Business Plan
Your business plan should have a contents page. The following are the section headings making up this page: The Executive Summary, The Nature of the Business, The Product or Service, The Market and Competitors, The Marketing Plan, Operations, Financial Forecasts, Financial Analysis and Appendices.
The Executive Summary
This is a brief and concise statement designed to provide the reader with a general overview of your business. In this section, you should mention your business’ current position, the details about the people who will buy the product/ service and in a certain quantity and why, the business objectives and how they are going to be achieved, the facial forecasts summary and the details about the amount of money you need.
The Nature of the Business
This section should provide the reader with an understanding about you and the business. In providing the details, you should consider the following key points: the name of the business, its address and contact information, the legal status in which you plan to trade under, details about the staff and the mission statement.
The Product or Service
This section should deal with all the details concerning the product or service that you offer. Since you know everything about what you offer, you can easily draft this section.
The Market and Competitors
This section should briefly discuss the specific market that you are in. It should clearly highlight your clients, their expectations and the details about your competitors.
The Marketing Plan
This section should describe the ways on how you will effectively promote and sell your offered goods or services. It should also include details about the following: market research, target market, competition and marketing methods.
This is one of the most important sections of the business plan. This should clearly illustrate the procedures you will take to assure that your business will be able to operate effectively and profitably.
Businessmen consider this section as the most difficult task in the business plan compilation. Even if you are so ambitious, it is a requirement for you to be realistic in order to meet all your goals. To have an accurate forecast, you should conduct market research. In drafting this, the financial analysis needs to go hand in hand with it.
In this section, you should completely include information that will support and verify all the assumptions that you have made in the other aspects of the business plan.