Writing a business plan is an important step for any entrepreneur to take. For the success of a business, business plan acts as a roadmap. It is an important tool for investors and lenders. Writing business plan is not easy; it needs enough time to write it.
The essential elements of writing a business plan include:
1. Executive summary: One of the most important sections of writing business plan is executive summary. It includes:
• Information about your company
• Vision statement
• Mission statement
• If you are writing business plan for already establish company then it must contain history of your company
• Summary about your product/service
• Description of your competitors
• Revenue
• Cash requirement
2. Company overview: Company overview is the short description of your company. It contains information about:
• Background of a company
• Office location
• Your goals and objectives
• Products
• About your partners
• Promotions
• Customers service
3. Market analysis: Market analysis illustrates information about your customers and target market. It includes:
• Demand of your product
• Your present position in the market
• Description about your customers; there needs and desires
• Market size
• Market potential
• Growth of the market
4. Marketing and sales: It is important to make your marketing and sales strategy strong, to attract large number of customers. Marketing and sales includes:
• Promotional tactics
• Marketing strategy
• Advertisement of your product
• Market analysis
5. Management plan: It describes information about:
• Your employees
• Their job description
• Employee’s needs
• Benefits you are providing to your employees
• Information about your board of directors
6. Operational plan: Operational plan includes:
• Business’s day-to-day operations outline
• Information about the necessary equipments
• Worth of your assets
• How to overcome risks
7. Financial projection: For successful business, every business needs finance. Financial projection should includes:
• Sources and use of funds
• Profit and loss statement
• Balance sheet statement
• Cash flow projection
• Break-even analysis
• All operating expenses
• With the help of above essential elements of business plan, one can write quality business plans.
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