HOW TO WRITE A BUSINESS PLAN
What is a Business Plan? • A business plan is a document describing a new business idea in an objective, critical, and unemotional way.
• A business plan is a guide for how a company will achieve its goals. For anyone starting a business crafting a business plan is a vital first step.
Structure for a Business Plan • • • • • • •
Executive summary Business description Market analysis Marketing strategy Operational strategy Financial analysis Future prospects
Executive Summary • It’s a summary of your business. • Its highlight critical points about your product and services.
Business Description • Describe product/service, target audience, and the remarkable features of the brand.
• State company’s vision, mission and goals
Market Analysis • Identify industry trends • Define your target market • Analyze your competitor
Marketing Strategy • Create a promotional plan and explain the rationale behind it. • Planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services.
Operational Strategy • Determine business location, required inventory and transportation (if applicable), necessary personnel, and management strategy.
Financial Analysis • Project expenses and income growth. • Financial analysis is the evaluation of a business to determine its profitability, liabilities, strengths, and future earnings potential.
Future Prospects • Discuss the company’s long-term goals and the challenges it faces. • Discuss the possible solution and a correct road map.
Do’s • • • • • •
Inform. Present facts, figures, and projections. Be realistic. Be prepared to explain the “why” behind every point of the plan. Be concise but thorough. Use subheadings and bullets. Add graphs and charts where applicable. Base financial projections on facts and research. Be prepared to justify the figures presented.
• Write the Executive summary section when the Business plan itself is ready.
Don’ts • Business plans do not aim at demonstrating the authors argumentation skills.
• Make unsubstantiated assumptions. • Include only general statements (We will provide world-class service and the lowest possible price.)
• Base financial projections on rough estimations. • Fail to consider all possible pitfalls of the plan.
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