Whether you are seeking for a bank loan, private investor or just intend to expand your business with your current resources, business plan is indeed a great tool to begin with. Business plan is actually an essential framework for a business success, enabling everyone in the business departments to clearly understand each strategy and direction of each business function.
As you begin to formulate your very own business plan, there are basically FIVE key elements that can help make your plan a formula for success.
Your business objectives backed by targeted numbers will help steer your ship. List out some solid and realistic goals to keep your business headed towards the right direction.
In marketing terms, a product is anything that can be offered to your target customers, satisfying their wants or needs. Thinking about your range of products not only to serve current situation but in the medium and long term that can help make your company more versatile, be better able to endure stiff competition.
Identifying the SWOT (Strengths, Weaknesses, Opportunities & Threats) of your competitive environment, and understanding the growth potential of the industry will give you a heads up.
Marketing is an extreme important component, because one aspect of a marketing plan affects all of the other business functions and activities, thus coordinating major route to achieving your ultimate organizational goals.
The financial components will definitely offer more insights for a business complexity as you could ever expect, a full set profit and loss statement may not really necessary for a start-up, however, a bare minimum will suffice include start-up costs projection, profit & loss for first year, payback period and a break-even analysis.