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The key elements of a business plan are much the same,whether for a large business or a small business. This doesn't mean your business plan must be as thick as that of a Fortune company, but it should include the same elements found in the business plans of business giants such as GM, Apple, and CBS.
Executive Summary An executive summary of your business plan provides the reader with a snapshot of your company profile and goals. It's often the most neglected element of the business plan, but it may be the most important, because it tells investors why your business will be successful in very few words.
It should include a mission statement, a brief history of your business, and the highlights of your company's growth, your product or service and a summary of future plans.
It also should explain why you are seeking financing and information about your banking and currency investors. Market Analysis Market analysis describes your industry, gives information about the target market for your product or service and describes how your product or service will meet the needs of the target market.
It discusses the size of the target market, the market share you hope to gain, the pricing of your product or service and your projected gross margin.
It discusses your competitors -- who they are what part of the market they hold and their weaknesses and strengths.
This section also discusses the barriers to your entry into the market and whether or not there are regulatory constraints that will impede your entry into the market. Company Information The section on your company should describe what you do and what needs your company can fulfill within the marketplace.
This section also explains how your company's product or services specifically satisfy these needs. This section also should include a list of your customers and explain why your business will be a product or service will be successful.
Company Organization The organization of your company is critical to investors who will want to know if they are lending to a corporation, a partnership or a sole proprietors. Regardless of your company's organization, lenders will want to know who is in charge what experience they have in this business, the extent of their ownership, and their record of accomplishment.
Each member of management should provide a resume, which may be included in an appendix to the business plan, that includes unique experience, past record of accomplishment, any industry recognition or community involvement, how long they have been involved with your company, and their salary.
The names of the members of the Board of Directors along with their position on the board, the extent of their involvement with your company, their general background, and any contribution to the company's success should be discussed.
Marketing and Sales The marketing and sales element of the business plan should discuss your business's marketing penetration strategy, a strategy for growing the business once market penetration has been achieved, the subsequent channels of distribution and a communications strategy suitable for reaching your customers.
This also should include an overall sales strategy that outlines your selling activities. Product Description The description of your product or service begins with the way your product or service affects your customers. This description includes details concerning the product life cycle, any intellectual property issues, and any research and development activities planned.
Financials You'll have to provide complete financial information as part of your business plan.The 3 Key Elements of a Business Plan Small business owners need to make sure these components of their business plan are airtight to raise money and avoid crises.
Here are the key elements of a winning business plan. Start Slideshow. Write a Winning Business Plan With These 8 Key Elements. Executive summary.
STRUCTURE AND KEY ELEMENTS OF A BUSINESS PLAN Despite their many differences, all business plans have certain elements in common that all potential investors expect to find (Exhibit 1). Additionally, an appendix is often included that contains detailed information, often presented in the form of tables or graphs.
Every business, whether a startup or a full-fledged, profitable organization, needs a business plan. To know where you are going, you have to know where you came from and what came before you.
Feb 21, · What I’ve learned as an entrepreneur and investor is that it’s important to outline your business plan carefully. Although the exact structure of business plans vary, my personal.
What Are the Basic Components of a Business Plan.