Every business needs new business plan, before starting up. It helps the owners of a business to predict the future of their company. Business plan is essential for all businesses, whether large or small. New business plan helps entrepreneurs to start their business in a proper manner and take important decisions proficiently.
Below are some important essentials for new business plan:
- EXECUTIVE SUMMARY:
Executive summary is the outline of business plan. It is written after the completion of business plan. Executive summary includes brief introduction about the company, vision, mission, products or services, management, funds required and financial plan. Executive summary is not more than one or two page.
- Company overview:
This section describes about the structure and location of your business. Company overview includes: description about your company, goals and objectives, challenges and strengths.
- Product/Services overview:
Introduction about your products or services, benefits and features of your product, competitive evaluation and why people need this service.
- Market analysis:
It contains: Market facts, market demand, market description, market potential, market growth, changes in the market, target market, market opportunities, market size and market trends. Market analysis also includes: Target audience, potential customers, customers needs and desires and how you can fulfill these needs and desires.
- Policies and implementations:
Policies and implementation includes detailed information about: Market strategy, sales strategy, goals and operations.
- Management team:
- It includes information about management team, key employees, their needs and desires; details about your board members and advisors are included in this section.
- Marketing mix:
Marketing mix includes information about: Product, price, promotional tactics and advertising tactics.
- Operations:
Operational plan includes thorough information about: Human resource plan, service execution model, legal environment, customer service and facilities given by the company to its consumers.
- Financial projections:
Description about your financial position, which includes income statement projection, balance sheet projection, break-even analysis, cash flow analysis, ratio analysis and important assumptions about financial position, comes under financial projections.
Business plan writer should be very careful in writing new business plan. Above are important essential for writing new business plan; by following them, you can write a good business plan.