It is said that a good idea only when nicely planed turns out to be good venture and a good idea if not nicely planned may turn out into a disaster. In order to start a business, certain pre planning is definitely required.
What is meant by business plan?
A person who establishes the business or proposing to establish a business, if asked about his/her business plan, then it may happen that he will write it on a piece of paper about his business plan and yes is nothing but a business plan. But then the next question is has he/she covered all the aspects of business? Yes he may be and yes he may not have covered all the aspects of business.
A business plan should contain all such essentials in such a manner that after reading it, the reader get to know exactly what the business is all about and are engaged into.
It shall include following:
It is the short description of the business outlook, future plans, market dependency, present scenario, trend , possible change in trend and its impact on the business, induction of any new product or such other development.
In order to stay competitive, knowing your competitors is very important. Analysis of strength and weakness of competitors, and finding the loophole in it and looking for potential of development in it.
Competitive strategies usually fall into these five areas:
Clearly defined market strategies, next steps, the target market and at present position of the company in the market are of great importance. Business Plan main aim is to create a development budget that will enable the company to reach its goals.
What is the goal of company in coming years in terms of finance? It can be framed in short term and long term goals basis. As Financials of any company is the back for it and the most vital reason to run a business is nothing but to run the business profitably.
The promotion strategy shall include every marketing tool utilized in the communication effort. This may includes Advertising, Packaging, Public relation, Sales promotion, Personal sales etc.
Take into account all the expenses and profit sourced areas to run the business. The cash-flow statement is one of the most critical information tool in business, helping in reaching out to the fact that how much cash will be needed to run the business and survive in the market, when it is going to be required, and from where the company will be able to manage safely.
The product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.
How the business functions are going to run. It shall include the details of the logistics of the organization which shall include various responsibilities of the management team, the tasks assigned to every division within the company.
Business plan should be concise and touching on most of the important aspects of the business, at the same time it should be drafted in such a manner that the reader without getting bored , gets a fair idea about our the business engagements.
Source url – http://entersliceindia1.emyspot.com/blog/legal/business-plan-summary-of-future-plans-of-an-enterprise.html
