Business plans are the first step for having a flourishing business. Every small or big business should have an effective business plan that assist them in the long run.An efficient marketer tries to use all the means of communication to win the customers confidence and attention to buy a product. Like wise, an ideal business plan should be one of the strategies for attaining the goals of a business. The companies past experiences should be investigated and according to that, a business plan should be presented. It should cover all the areas, from production, financing to sales, marketing. This is often used as a teaser to awaken the interest of potential investors or customers, or strategic partners.
Essentials of an effective business plan:
1. Cover page and table of contents
2. Executive summary- This is the first step for the business plan. It includes the date of inception of the business to till date activities, mission and vision statements, founders, location of business, any child companies, future plans, products manufactured or services rendered etc…
3. Market analysis- In this we have to cover the research work, market tests. It should also include industry descriptions, who are the potential customers and what is the lead time (amount of time between when a customer places an order and when the product or service is actually delivered), regulatory restrictions.
4. Competitive analysis- competition by product line or service as well as by market segment; assessing their strengths and weaknesses.
5. Company description- With out going into detail, we should include information about the nature of the business as well as the list of primary factors that will make the business a success.
6. Marketing and sales strategy - Marketing penetration strategy, channels of distribution, means of communication to the customer, sales force strategy, total sales force, should be mentioned here.
7. Management and organizational - This section should include company's organizational structure, details about the ownership of the company, profiles of the management team, and the qualifications of board of directors.
8. Financial plans- Should cover the past financial data, prospective financial data, different fund raising ways to start a business or to expand the existing business
9. Service or product line-What are the products or services that are rendered to the customers, emphasizing specific benefits to potential and current customers.
10. Appendix- Relevant magazine articles or book references, credit history (personal & business), resumes of key managers, product pictures etc…
Shriyans Management Consultants P Ltd has been preparing business plans for many existing and start up companies. Our Team of consultants will provide you all the assistance in making an effective business plan that would be the road map to make your goals reachable.
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