Writing Your Business PlanA business plan is basic to your entrepreneurial success. Therefore, the importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding,
credit from suppliers, management of your operation and finances,
promotion and marketing of your business, and achievement of your goals
and objectives. It helps you allocate resources
properly, handle unforeseen complications, and make good business
decisions. Because it provides specific and organized information about
your company and how you will repay borrowed money, a good business plan
is a crucial part of any loan application. Additionally, it informs sales
personnel, suppliers, and others about your operations and goals. Ninety percent of new businesses fail. Most do so because they lack specific direction. In one survey, out of 29,000 businesses started, 26,000 of them failed. Of the failures: 67 percent had never written a business plan; 57 percent had no outside guidance; and 71 percent hadn’t taken any business courses. Use your business development plan
as a tool for refining your business concept and presenting it to the
people who can back you. Begin your business plan by answering these four core questionsWhat service or product does your business provide, and what needs does it fill?Who are the potential customers for your product or service, and why will they purchase it from you? How will you reach your potential customers? Where will you get the financial
resources to start your business? A formal Business Development Plan includesExecutive SummaryMarket Definition Vision and Mission Customer Profile Present Situation Competition Goals Risk Objectives Marketing Plan Company Overview Sales Strategy Legal Business Description Distribution Channels Management Team Advertising and Promotion Board of Directors Public Relations Strategic Alliances Financial Plan Product Strategy Assumptions Current Product Financial Statements Research and Development Capital Requirements Production and Delivery Exit/Payback Strategy Market Analysis Conclusion Supporting Documents
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Business and Legal Forms Financial
Record Keeping Kits
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