A business plan is a summary of
how a business
owner, manager, or entrepreneur intends to organize an
entrepreneurial endeavor and implement activities
necessary and sufficient for the venture to succeed. It
is a written explanation of the company's business model
for the venture in question. Business plans are
developed for ventures in both business and government.
plan is a written description of your business's future.
That's all there is to it--a document that describes
what you plan to do and how you plan to do it. If you
jot down a paragraph on the back of an envelope
describing your business strategy, you’ve written a
plan, or at least the germ of a plan.
Contents and Elements required in a Business Plan
Business plans tend to have a lot
of elements in common, like cash flow projections and
marketing plans. And many of them share certain
objectives as well, such as raising money or persuading
a partner to join the firm. But business plans are not
all the same any more than all businesses are.
The Following Necessary Factors Which Will Produce A
Successful Business: A sound business concept,
Understanding of your market, A healthy, growing and
stable industry, Capable management, Able financial
control, A consistent business focus.
business plan should include all the important matters
that will contribute to making your business idea a
success. These generally include the following: Your
basic business concept., Your products and services and
their competitive advantages., The markets you’ll
pursue, The background of your management and
key employees, Your strategy and the specific actions
you plan for implementing it., Your financial needs.
Business plans can help
perform a number of tasks for those who write and read them. They're
used by investment-seeking entrepreneurs to convey their vision to
potential investors. They may also be used by firms that are trying
to attract key employees, prospect for new business, deal with
suppliers or simply to understand how to manage their companies
- A business
plan is a mechanism to ensure that the resources or assets of a
business are applied profitably across all its activities for
developing and retaining a competitive edge in the market place. For
a new business it provides a blueprint for success, while for an
ongoing business it provides an overview of where a business is at
present, how the business is positioning itself, and how it seeks to
achieve its objectives to become and/or remain successful.
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