What is Included in a Business Plan
Are you planning to start a business? One of the most important things that business owners usually overlook is the business plan.
If you want to ensure the success of your chosen endeavor, you will need to begin with a solid plan. Otherwise, you’re bound to lose a hefty amount to startup capital.
The business plan consists of the following:
1. Business Background
2. Marketing Plan
3. Production Plan
4. Financial Plan
5. Human Resource Plan
6. Constraints
For the first part, you need to think if the name of the business and establish the mission statement. The location of the business should be revealed here as well as the size, business structure, and the goals or objectives. The Marketing Plan will cover the sales levels, market analysis, SWOT, competitor analysis, PEST, marketing mix, and other essential info that is relevant to the business.
There is a need to plan for the production. Determine the quantity that you need to produce, the equipment required, machinery, and plant. You have to maintain quality at all times to ensure satisfied customers. If the production involves different stages, this should be discussed as well. Proper timing of the production is also vital to meet the needs of your targeted market.
The financial plan will cover the financing sources, the budgets, forecasts, and other accounting works. Staffing is vital as well and you have to hire competent employees. Decide on the needed staffs and establish their qualifications, so that you can hire the right ones. You also have to draft your recruitment methods and the training, just in case you still need to train your new hires. If there are any constraints in the financial, legal, environmental, social, and technological aspects, this should also be indicated in the business plan.
After you’ve finished the business plan, you can now create the executive summary.
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