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How to create a business plan

business-plan

Table of Contents

One should always have a business plan may it be for small or large scale business so that one always have a direction to look into , if things go south 

How to make a business plan 

  1. Cover page—Identifies your business
  2. Table of contents—Organise information for the reader
  3. Executive summary—Provides a “big picture” view of the plan, highlighting the factors that will lead to success
  4. Business background—If it is a brand-new business, include your background and skills
  5. Marketing plan—Relates the business’s marketing strategy
  6. Sales and Business development plan- Connect the business sales strategy
  7. Financial Plan-Outline Capital and operational expenditure along with Sales forecast and Return on Investments(ROI),[Quarterly, Yearly, and five years]
  8. HR or People Management and development plan-Device HR Policy, strategy, action plan etc.
  9. Action plan—Summarise how you will create and deliver your product or service
  10. Appendix—Includes statistical analyses, marketing materials, action plan and profiles
  11. Conclusion
  12. Recommendation

Why one must have a business plan

  • A business plan can act as guide for entrepreneurs/ startups while implementing  business strategy.
  • Having A business plan can be used as an exclusive indicator while deploying the strategy and resources in place.
  • Without a business plan one  can deviate the flow of initial and real plan.

Why is a business plan necessary?

  • – Primarily business plan is necessary for managers/business owners for referring and running smooth through business operations.
  • -As a secondary Necessity, Business plan is always compulsory for getting finance from venture capitalist, Bank or lending institution.

Main purpose of a business plan is…

  • To create a effective strategy for growth
  • To attract investors and lenders 
  • Also , determines future financial needs

Main Components of a Business Plan

  • Executive summary. This is your five-minute elevator pitch. … 
  • Business description and structure. This is where you explain why you’re in business and what you’re selling. … 
  • Market research and strategies. … 
  • Management and personnel. … 
  • Financial documents.

10 Common mistakes we make while creating  Business Plan

  • Unrealistic Financial Projections.
  • Not Defining the Target Audience
  • Bad Research
  • No Focus on your Competition
  • Hiding Your Weaknesses.
  • Not Knowing your Distribution Channels.
  • Including Too Much Information.

Always remember to create a successful plan one must always set realistic goals while determining a financial achievement or a deadline 

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