The Importance of a Business Plan

The Importance of a Business Plan

MICHAEL ZETSER

The Importance of a Business Plan When putting together a business plan for a new venture, is it important to keep all information concise and to the point.

Ideally, a business plan should be a working document that is referred to regularly. Making it excessively long and incorporating too much detail will only be detrimental.

What Should Be Included in a Business Plan?

A business plan should detail the background and history of the business, its products and/or services, and the prices it anticipates charging. Descriptions should be kept as free of jargon as possible.

Make sure to include details about the market the business will be entering, the competition it will face, the customers it is aimed at, and the marketing strategy.

It should also include information about the business structure and share any financial forecasts.

Tips to Improve Your Business Plan Carefully check through your business plan once it us written to ensure there are no spelling or grammatical errors and that it includes all of the information a reader is likely to be looking for.

Add a contents page and include an appendix if relevant. Also, consider beginning your plan with an executive summary, which summarizes its purpose and highlights its key components.

MICHAEL ZETSER

Carefully check through your business plan once it us written to ensure there are no spelling or grammatical errors and that it includes all of the information a reader is likely to be looking for.

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