4 STEPS TO BUILDING THE PERFECT BUSINESS PLAN
A business plan is an initial map that a company uses to determine its growth trajectory and includes details that will allow such entities as funding organizations, banks and potential partners to see the founder’s vision. Here's the step-bystep, comprehensive guide to creating a great business plan for your company.
1. Pick a Business Plan Format ● There are two common types of business plan format, traditional and lean startup. Traditional business plans use a standard structure and include details of each section. ● However, lean startup business plans focus on summarizing only the most vital points. A lean startup plan contains only essential elements, such as what you plan to do, how you plan to do it, and how you will succeed.
2. Start with Executive An executive summary is a brief Summary outline of your company's objectives and goals that includes:
● Your mission and vision statement ● Description of your products and services ● Information about key company leaders, their experiences, educational backgrounds, and skills ● Your financial information ● Your growth plans
3. Include Company Your company description can Description include: ● The problems your business solves ● Your industry and business type ● Your company’s strengths ● The legal structure of your organization ● An organizational chart to lay out who's responsible for which aspects of the business.
4. Elaborate Your Market and its Opportunities You can detail market opportunities for your business by answering the following questions:
● What is your target market? Is it growing, stable, or in decline? ● Is the overall industry growing, stable, or in decline? ● Is demand for your products and services rising or falling? ● Who are your customers, and what are their spending habits? ● What do your customers need, and why will they purchase your products and services? ● How will you provide service and
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