A business without a plan is like a ship without a compass. A business plan acts as the roadmap to the destiny of the enterprise, as well as a monitor to the progress of the activities of the enterprise. To a great extent, it helps the business owner to keep track of what is happening and is able to tell when the goals that were laid down initially are not being met.
A business plan captures a lot of details, including who your clients will be, the potential market size, growth and expansion strategy as well as your potential creditors. The plan will also help the entrepreneur to determine what challenges he is prone to face, the competition that may arise along the way, as well as how he will be able to handle all that in one stride. In short, this document is your focal and reference point.
Each type of business may require a different plan from ventures that fall in other sectors or industries. However, there are key elements that may not differ as much from one plan to another. This is generally the format of the document. Each plan should have an executive summary, which basically captures the long and the short of the business venture. The summary should be enticing enough to capture the attention of the reader so that he may proceed to the rest of the content.
You must also describe your products and services in this document, and show how you have positioned yourself to be the best among other enterprises that are dealing with the same kind of products or services. Hand in hand with the product description is the economic background of your business. How do you plan to survive in the midst of the regulatory agencies that your enterprise will be operating in? If possible, provide demographics.
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