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Business Plan and Elements of Business Plan

A business plan is how an old or a new business is working to achieve its goals. A business plan is a written plan from and marketing and operational point of view.

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Business Plan and Elements of Business Plan

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  1. Business Plan

  2. What Is a Business Plan? • A business plan is how an old or a new business is working to achieve its goals. A business plan is a written plan from and marketing and operational point of view. • Business plans are important for a company as a layout to achieve its goals. It is very important for companies to have a business plans. Every company must visit their business plans after some time so they can know if what their position in achieving their goal is and if plan needs to be changed or need to add some additional things.

  3. Business Plans have the following aspects: • Ideas: The basic idea on which they are going to work on. • Analyze: Analyzing the position of their company and products in the market. • Strategy: Making strategy on the basis on analysis and setting their targeted market.

  4. Success: On the basis of their strategies work hard to get success. • Marketing: Choose the best area for the marketing of your products. • Goals: Always know your goal for what you are doing this all.

  5. Elements of a Business Plan • It is well understood that two business plans cannot be same but most of the elements in a business plan are same. Some of the most important elements of a business plan are discussed below:

  6. Executive Summary: • Mission Statement is included in this section along with information about company leadership, employees and operation.

  7. Products and services: • In thissection company can outline the products and services that they offer including the product pricing, use, lifespan and benefits to the users. Other factors that can be included here are production and manufacturing process.

  8. Market analysis: • A good company must handle their industry and the target market in a good way. They must know the competition in market, its factors in industry and their strengths and weakness in market.

  9. Marketing strategy:  • This section explains how the company is going to attract their customers and reach them. It means a clear distribution channel of the company in the market must be outlined.

  10. Financial planning: • In order to create the business plan a company must create a financial plan. Financial statements, balance sheets, and other financial information may be included for already-established businesses. New businesses may include targets for the first few years of the business and any potential investors. They must know how much they have to invest in the advertisement of their product in the targeted market.

  11. Budget: • Any good company needs to have a budget in place. This includes costs related to staffing, development, manufacturing, marketing, and any other expenses related to the business.

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