Developing a Business Plan

In: Business and Management

Submitted By ambyclan
Words 2959
Pages 12
Developing A Business Plan

Overview

The importance of planning should never be overlooked. For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths and competition. They must also have the foresight to plan for future expansion. Whether yours is a new business or an existing business in the process of expanding, money is often an issue. Taking time to create an extensive business plan provides you with insight into your business. This document can serve as a powerful financing proposal.

This article will take you through the step-by-step process of developing a business plan. A business plan is very specific to each particular business. However, while each business needs a unique plan, the basic elements are the same in all business plans. To complete an effective business plan you must dedicate time to complete the plan. It requires you to be objective, critical and focused. The finished project is an operating tool to help manage your business and enable you to achieve greater success. The plan also serves as an effective communication tool for financing proposals.

At the completion of this exercise, you should be able to:

Describe the importance of a business plan
Identify the elements of an effective business plan
Write a business plan

Outline:

Why Write a Business Plan?
Who Should Write the Business Plan?
Business Plan Components
Executive Summary
The Product/Service
The Market
The Marketing Plan
The Competition
Operations
The Management Team
Personnel
Financial Data
Supporting Documentation
Summary
Resources

I. Why Write a Business Plan?

Why should a business go through the trouble of constructing a business plan? There are five major reasons:

The process of putting a business plan together forces the person preparing the…...

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