Features of a Good Business Plan
1. EXECUTIVE SUMMARY
The Executive summary gives overall detailed information about the business venture. It is very emotional, appealing and easy-to-read. It is the last to be written but the first to appear on the business plan.
2. COMPANY OVERVIEW
The company overview provides a strategic insight into the company and as well describes how the company is organised, what products and services it offers or will offer, and then goes into detail on the company’s qualifications in serving her target markets. In the company overview you get the following:
a. Company Profile
b. Company Vision and Mission Statement
c. Past Accomplishment (if you are new, you don’t need that)
3. INDUSTRY ANALYSIS
This section includes;
a. Market Need
b. Market Fundamental
c. Industry Overview/Trend
d. Market Size
e. Unique Qualifications
4. CUSTOMER ANALYSIS
This section of analysis underscores the assessment of the segment(s) in which the company serves. In this section the company outlines the ‘must have’ needs and wants of their target customers and how their products and services focus on attending to those needs and wants. Typically, two things are worthy of note here and they are;
a. Customers Needs
b. Customers Profile
5. COMPETITIVE ANALYSIS
In this section is where you make a comprehensive study of your business competitors both direct and indirect, know their strength, their weakness and how your own competitive approach can become an advantage over them.
6. MARKETING PLAN
In your marketing plan is where you state your core strategies to penetrating the targeted markets describing in details what your brand style (that is, what comes to mind when people remember your company such as; colour, image, packaging, mode of service e.t.c) will be, promotional strategy (choosing advertisement style) and pricing.
7. OPERATIONS PLAN
There’s a big gap between the times of conception and the time of reality. The gap in-between is where all internal strategies necessary for the business success must be implemented. You must ask yourself of the milestones that must be reached before launching out officially. A typical example was when the vision to settle up Emchis Motivational Network came. We had to stay for a year online spreading the vision and consistently convincing people through personal selling before we launched the Network officially.
8. MANAGEMENT TEAM
This section outlines the human resources that the company has or must have to be successful and how those human resources will be drawn into the company. This might include the Board of Directors, the Professional Advisors and Investors or Shareholders Profile.
9. FINANCIAL PLAN
The financial plan involves the development of the company’s revenue styles and profitability model. With your financial plan you can count your eggs before they hatch and that will in great measure serve as a monetary motivation.
In your financial plan is where you state your projected income strategy, what you must likely spend your money on, your Balance Sheet and Cash Flow for a period of 3months, 6months or 1year.
When these Tricks and Strategies of writing a Business Plan are fully implemented, experts believe you are on a greater percentage of hitting your business success when you start.