Elements Of A Good Business Plan

Elements Of A Good Business Plan-64
Both past financial data as well as prospective financial data will be required by potential lenders.

Both past financial data as well as prospective financial data will be required by potential lenders.

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Brief description of your company including the nature of your business and factors that will make your business a success.

Include a description of how your product or service will meet a need and any potential clients identified as having that need.

Describe the marketing strategy and how you intend to drive sales.

Include market penetration strategy, growth strategy, distribution strategy and communication strategy.

A four-person management consulting firm may produce a leaner plan focused on service expertise and industry experience compared to a 20-employee widget maker, which would also have to describe products, manufacturing techniques, competitive forces and marketing needs, among other details.

Your business plan is a crucial document for your new company.

Writing a business plan need not be an overwhelming task if you consider the following information.

Before drafting a business plan it is important to understand why this document is so important to the success of your business.

A crucial document in securing funding from creditors and investors, the business plan should be well organized with a focus on specific strengths that set your business apart from the competition. In the simplest of terms, that is how you start a business and then run like crazy to not only cross the finish line, but win the race.

Starting your own business could be a life-long dream, a family endeavor, or even a ... Small Business Administration, half of all small businesses will fail before reaching their fifth anniversary.

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