How To Write A Business Plan Step By Step 2019/2020 Pdf
How To Write A Business Plan Step By Step 2019/2020 Pdf
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I tried going online, to know about how to write a Business plan, I was stunned to know that the materials I pulled up were not detailed for average individuals to really grasp.
Most of them were so confusing that I had to slide the back button. Writing a business plan is easy and doesn’t require the service of an expert as long as you know what your business is all about. A business plan is like a roadmap for business success. In this article, I’m going to make writing a business plan as easy and simple as possible.
Before going into writing that wonderful business plan, let’s take a look at the Seven (7) important components you must include when writing your business plan.
- Executive Summary
- Business Description
- Market Analysis
- Organization Management
- Service or Product Line
- Marketing & Sales
- Financial Projection
Having known these components, let’s go into details on how to integrate them into your business plan.
1. Executive Summary
This is considered the most important section of every business plan. This is so because it’s usually the first thing the reader or investor will see when reading your business plan, and its content can either make or mar you. This component briefly disclose to your reader where your company is situated, where you want to take it and why your business idea will be successful.
This section exposes your overall strength and if you’re seeking for financial support, the executive summary is the place to grab a potential investors interest.
For an established business, be sure to include the following information;
- The mission statement
- Company information
- Growth highlight
- Your product/service
- Financial information
- Summarize future plans
For a start up or new business , you won’t have much information as an established enterprise. All you need to do is focus on your experiences and the decision that lead to the establishment of that business venture.
2. Company Description
This is easy to handle provided you know the goals and objectives of your business and its unique proposition. When writing in this section, be wise to make the investor understand what the company is all about, and its goals.
Your Company Description
- Describe the nature of your business and list down your targeted audience or marketplace that you aim to satisfy.
- Give a detailed explanation on how your products and services meet these needs.
- Which consumers, organization or business does your business serve or will serve? Don’t forget to include them.
- Make known an advantage you have which you think will be an edge in making the business a success.
3. Market Analysis
The market analysis section is where you illustrate your enterprise and market knowledge. It should contain your industry description and outlook, information about your target market, distinguishing characteristics, size of the primary target, pricing and gross margin target, competitive analysis etc. This section should be well detailed as possible for the reader to really understand your vision about the business.
4. Organization & Management
This section is what exposes the overall structure of your enterprise. It includes your company’s organizational structure, details of company owners, profiles of your management team and the qualifications of your directors.
This section also dive deeper into making known all the chains of authority, functions and background of broad of directors or employees. You will have to convince your reader that your staffs are more than just names on a letterhead.
5. Service or Product Line
This is usually the main purpose why businesses exist. What are your services and products like? This is the section where you explain the benefits of such products or services to potential customers.
What to include in your service of product line section
- A description of your product/service
- Details about your product life cycle
- Intellectual property
- Research and development (R&D) Activities
With all these settled, you can then move over to the marketing & sales section.
6. Marketing & Sale
This section deals hugely on your marketing strategy. How do you drive sales? What strategy do you or will you use to compel customers into buying your products? This strategy should be part of an ongoing business evaluation process and unique to your company.
An overall marketing strategy should include four different strategies
- A market penetration strategy
- A growth strategy
- Channels of distribution strategy
- Communication strategy
After you’ve defined your marketing strategy, the next job will be your sales strategy.
Your overall sales strategy should include two primary elements;
- A sales force strategy – What kind of people are you going to recruit in your sales unit? How would they be trained? How would their compensation be? These are the questions that will be contained in this element.
- Your sales activities – It’s important you break down your sales strategy to activities. For example, you need to identify your prospects and make a detailed list of them. Analyze intensively all the various needs and the leads with the highest potential to buy first.
7. Financial Projection
For an established enterprise, you’ll be requested to supply historical data, at least; for the past three to four years in other to evaluate the company’s performance.
For a new enterprise, you ought to have analyse the market and set clear objectives. If perhaps funds are needed, you will then need to include another component to your business plan. FUNDING REQUEST and in details, seek for financial help with a detailed outline on what they will be used for.
That is all for writing that business plan. Most Business plan usually contain an APPENDIX, which provides the reader with such information as credit history, resumes, product pictures etc. It is totally up to you, whether to include it or not.
Your business plan should be more than one copy for future uses and updates. You don’t need to pass through the stress of writing another business plan in the future, unless it’s an entirely different business.
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