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Planning is required for anything in our lives
We need to plan in less difficult stuff (such as drinking a glass of water)
Business plan is verifiable goals are planned to be achieved within a period of time its basic components composed of objectives, strategies, target market and financial condition
The best way to run a project or a business based on objectives assumptions that is going to be true through the agreed BP, so to be successful it should be real and achievable.
Business plan is verifiable goals are planned to be achieved within a period of time its basic components composed of objectives, strategies, target market and financial condition. Don't forget to predict unexpected problems and their solutions.
Everything in life needs a plan ..not just business
Business plan is like the basis for the construction work on solid ground so you can say it is the key for success that’s why you need a business plan
Each type of business needs a suitable plan.You should clarify what your business has to offer, identify the right target market for it and build a name or brand for yourself. Don't forget to Know your competitors so you can seize potential opportunities for your business
A business plan is a document outlining why are you doing this business and how are you going to operate for the duration of the plan which is usually one year. The business plan could be an interal operations plan document or a document destined for externa parties such as banks and prospective investors.
The composition of the business plan depends on whether it is going to be used internally or externally. the following is a list of the typical components of a business plan:
Executive Summary
Description of the company and its management team (this could be ignored if the plan is to be used for internal operations)
Organization chart
Initial assessment. This is usually done by using SWOT analysis.
Description of the company's products/services
Objectives aligned to the company's strategy
Key success factors
Break even analysis
Market analysis
Budget based on the forecasted sales
I see that creating a business plan is a team effort which involves most if not all of the company's departments as you may see from the plans components listed above.
I'l keep this short and simple!
What is a business plan?
Its a plan that gives an overview of your business goals with a plan on how to reach them.
Why do we need a business plan?
Think of it as a treasure map to success. It gives you an idea on where to go, while giving you directions on where to go so you dont get lost.
What makes up a business plan?
A business plan consists of identifying the business goals, giving reasons to their attainbility and a plan of action for reaching said goals.
How can we create a successfull one?
Here are some very basic things that are important in a business plan
Business Description: Detailing your business and state its in.
Strategies: Strategies you deem imortant for your business i.e the goals
Design and Execution Plan: An idea on how to design and execute the plan of action
Financial Summary: The costs involved for the said project.
Putting it in a simple way, a business plan is story telling about a the way you want to earn money offering a particular product or service. It is where you evaluate how much you want to make in what time period, then looking at what resources you have available on hand, what do you need and how are you going to achieve them. Business plan components consist of your cash flow projection (your funding status) for at least 5 years, what you need in terms of expertise (human resources), your financial statement and business overview which includes your marketing plan.
A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.
To makes up a business plan:
- one of the first steps to business planning is determining your target market and why they would want to buy from you.
- Be Clear About What You Have to Offer
- Identify Your Niche
Business plan involves research ,like finding out the market you are looking to promote the product ,if the demographics will support your product, the cost of production,the outgoings,the selling price will the market support it,who are your competitors, what will be your target units for the first6 months then a year ,two years ,five years, what profit or loss margins will be acceptable during this period. have you got the computer programs capable of supporting your business and do you have the type of people that will accomplish tasks allocated to them.
