Creating a business plan is tedious process. But no matter how long you’ve been in business, a business plan is still an essential part of business management. It serves as the foundation of your business strategies. It also serves as the guide to where you are heading.
Here are some of the vital elements of business planning content you should keep in mind.
1. Business description
The business description should contain various aspects of the business. It is the basis of your service offerings. It also contains the history of your experiences and your personal objectives. This element serves as the backbone of the plan. It must also summarize the vision of the business you are building.
2. Executive summary
The executive summary is the pitch or highest points of the business. It includes the major information about the business plan. According to QuickBooks.com, it is best to write it last. Doing so gives you the opportunity of having the bird's eye view of your business and what direction you want to take.
3. Products and services offered
This part discusses the products and services that you offer as a business. Here you need to point out the solutions you offer. You should also include how you set yourself apart from the other solutions in the market. This also contains how to execute these solutions. It also includes your strategies, like after sales support and other perks.
4. Competitive analysis
The competitive analysis revolves around identifying your competitors’ strategies. It's a summary of their strengths and weaknesses, and how you fare against them. This part is critical to your success. With an in-depth report, you can come up with strategies that gives you an edge against your competition.
5. Sales and marketing strategies
The sales and marketing strategies of the business must also be in the plan. This should include market insights, general costs as well as the ideal target market. This also discusses how you plan to reach out to your target market so they will get to know what you offer.
6. Financial status and security
No matter how you look at it, money and funding is one of the most essential elements of business. After all, it's all about the benjamins, isn't it?
Keeping track of your cash flow will help you get in touch with reality. It will help you see the position you are in, and predict how it will go in the future. This will also help you know when you need to help or when you need to get other investments for your future.
A business plan that is well thought of will help determine the future of the business. Make sure to include these elements to help establish yours.
Herlene Somook is a creative entrepreneur and freelance writer based in Manila, Philippines. A graduate of AB Psychology, she was a Kumon Reading teacher for five years before jumping ship to the Business Process Outsourcing Industry, where she gained experience in Inbound Sales, Technical Support, Outbound Services, Lead Generation and Marketing. Today, she spends her time as Copywriter and Content Manager for NextStep Workshops, and is learning more about Content Marketing, Search Engine Optimization and Blogging. She loves reading bedtime stories to her toddler son.
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