What Makes A Successful Business Plan

What Makes A Successful Business Plan-51
Financial Projections This section forecasts the future financial health of your business.

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Appendix This section includes supplemental materials such as resumes of your company’s leaders, product designs, complete market analysis, legal documents and reference letters.

The appendix should be provided on an as-needed basis — especially if it contains sensitive information.

Show how each will help your business achieve its goals.

Product or Service In this section, you should highlight the product(s) or service(s) your business provides and what makes it superior to the competition.

Because each business is different, each business plan is different.

But every business plan should contain the following elements: Executive Summary This section offers a snapshot of your business plan.Show how your product or service will satisfy a need in your target market and help your business maintain a competitive advantage.You should also include the scheduling, costs and personnel needed to deliver your product or service, along with any potential risks and how you will mitigate those risks.Whether you hire a market-research company or use the Internet, your market analysis should be based on real data and demonstrate how your business will be successful.Your market analysis describes your industry’s current size, historic growth and trends; pinpoints your target market, its distinguishing characteristics and needs; and identifies your competition, its strengths and its weaknesses.Organization and Management This section captures the organizational structure of your business and the background of its key people.It discusses your business’s divisions, their respective responsibilities and how they interact.Whether you are just starting out or ready to expand your enterprise, a business plan is your blueprint for success.Projecting three to five years into the future, a business plan articulates your business goals and clarifies your path to achieving those goals.If you are using your business plan to attract investment, the executive summary should also state how much capital you need and how you intend to use it.Because the executive summary encapsulates the entire business plan, it will be the last section you write — and the first section of your business plan.


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