List the key components of a business plan

Marketing plan The marketing plan describes, in general terms: A full marketing plan and strategy need not be included in the business plan but a number of alternatives need to be considered and evaluated in the planning process before the marketing plan is finalised. There are various exercises that can be helpful in the planning process: SWOT analysis — strengths, weaknesses, opportunities and threats; PEST analysis — political, economic, social and technological; Balanced scorecard — analysis of the impact of achieving objectives from a financial perspective, a customer perspective and an internal perspective, and of innovation and learning, together with identification of critical success factors and performance measures; and Brainstorming — for alternative scenarios, opportunities and strategies.

List the key components of a business plan

A good business plan has ten key components. Providing a comprehensive assessment of each of these components is critical in attracting investors. This article discusses the first five components. A subsequent article will detail the remaining elements. 1. Executive Summary. The Executive Summary. A business plan can take many forms, depending on the venture. A four-person management consulting firm may produce a leaner plan focused on service expertise and industry experience compared to a employee widget maker, which would also have to describe products, manufacturing techniques, competitive forces and marketing needs, among other details. Writing a business plan is a big task, and no two business plans are alike. But most effective plans include the following major elements. As you write your business plan, come back to this list of key components to make sure your plan is complete and thorough.

You need to structure your document in a way that persuades potential lending institutions and investors to finance your business. There are six key elements in a standard business plan. However, there are no strict guidelines on form, descriptions or details contained in each component of the plan.

Business and industry goals, knowledge of market needs and operational strength are factors considered in a business plan tailored for success. Transmittal Letter The transmittal letter for a business plan is similar to a cover letter accompanying a resume.

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Potential investors read a well-constructed transmittal letter as the introduction to the business plan. It contains all the components necessary to seek funding and is a succinct introduction that encourages reading the entrepreneur's position.

Superiority of Products And Services

Business Philosophy and Vision The statement of the business philosophy and vision might also address organizational goals, industry knowledge and what sets the business apart from other similar enterprises.

Executive Summary Another key element is the executive summary, which gives a snapshot of the entire business plan. A carefully written executive summary can explain nearly everything about the business plan in three pages or less.

list the key components of a business plan

As the title suggests, it summarizes the business plan, thus, it's usually constructed after the final draft of a business plan. Business Details Operational details such as workforce planning, production schedules, marketing and feasibility studies and business policies and procedures comprise this extensive section.

Conducting a SWOT analysis involves looking at the strengths, weaknesses, opportunities and threats in an objective manner.

7 Elements Of A Business Plan - QuickBooks

Financial Details Lending institutions and potential investors are especially interested in how their funds will be used. Consequently, one entire section of a business plan is devoted to an explanation of budget, allocations, projections, return on investment, revenue base and income.

list the key components of a business plan

Documentation and Attachments Supporting materials are the final important element in a business plan. Careful attention paid to attaching all required documentation substantiates information contained in the business plan.

What Are the Components of a Business Plan? | Bizfluent

To demonstrate solvency and business proficiency, potential business owners submit evidence of personal financial stability and resumes describing professional backgrounds that qualify them to operate the organization.Feb 21,  · Need some help creating the right business plan for your company?

Take a look at the Small Business Administration, which has great resources for creating a plan for any business. A good business plan has ten key components. Providing a comprehensive assessment of each of these components is critical in attracting investors.

This article discusses the first five components. A subsequent article will detail the remaining elements. 1. Executive Summary. The Executive Summary. A business plan can take many forms, depending on the venture. A four-person management consulting firm may produce a leaner plan focused on service expertise and industry experience compared to a employee widget maker, which would also have to describe products, manufacturing techniques, competitive forces and marketing needs, among other details.

Writing a business plan is a big task, and no two business plans are alike. But most effective plans include the following major elements. As you write your business plan, come back to this list of key components to make sure your plan is complete and thorough.

What Are the Components of a Business Plan? by Lisa Russell - Updated September 26, Include a tree-chart of responsibilities, and include the resume or history of key players. Financial Statements. In your business plan, include your personal financial statement. Investors and loan officers will want to see that you find the project.

Write a Winning Business Plan With These 8 Key Elements Operations This purpose of this section is to help you outline the more administrative side of your business, including how you operate, where your office is located, your staff or assistant if applicable, equipment, overhead and other expenses, legal relationships, your network of .

Elements of a Good Business Plan