When one decides to start or even buy a business, there are many things that they are required to do. Among them is to write a business plan. This is normally for already existing businesses or a start up plan for those starting from scratch. This way the entrepreneur will be able to know the directions of his business. There are several things included in the roadmap as it is otherwise known. The first thing is the executive summary, normally a short summary of the whole plot.
This is written last and should be between two and three pages. A well written summary goes a long way in convincing the investors on the worth of such a venture. An introduction to the business is then made. This shows when the company was formed and for what reason. It includes the motto, the objectives, vision and mission statement of the company. The mission statement should reflect who the company is. The next part of the plan is describing the product or service. This should focus on the customer needs.
The entrepreneur should then analyze the market. He should look at the people targeted by this product, needs of the customer and how to reach them. Strategy and implementation include management responsibilities towards the organization in meeting the goals of the company. The next part of the roadmap that the entrepreneur should consider when he decides to write a business plan is the management team.
This gives a clear background on which the management team includes. The financial plan is the last thing you should put into consideration when you decide to write a business plan. It shows how the capital obtained for the venture will be used. It shows forecasts on the balance sheet, projected cash flow and income statement.
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