25 Mar Business plan, how to create it ?
What is a Business Plan?
In a nutshell, a business plan is a document that describes all the key elements of your business. Describing what you do, the market and competition, how you plan to sell and market your products and services, how you plan to operate the business, and how much profit can you generate from the business.
What should a good Business Plan Include ?
A business plan should give a comprehensive overview of your business concept and potential. The following are the fundamental building blocks of a good business plan:
- Executive Summary
- Business Description
- Industry Analysis
- Target Market
- Competition
- Sales and Marketing Strategy
- Operations and Management
- Financial Model and Forecasts
Will a Business Plan guarantee success ?
Success is never guaranteed, if anyone claims that their business plan guarantees success, you should run away fast.
Think of a business plan as a roadmap for success, it lays out the strategy and tactics needed to reach your goals. How you can achieve those goals is through good execution.
Execution is how well you implement the business plan and adapt to business changes, the quality of your execution is determined by your People, Process, and Product, the 3 Ps.
The 3 Ps:
- People : Your management team and employees, how well you hire will greatly affect your chances of success.
- Process : How efficient your operations are, the systems you implement to make sure everything is running smoothly within your business.
- Product : How good your products or services actually are and whether they meet customer expectations.
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