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Corporate Business Plan

Updated:2018-3-1 14:51:19    Source:www.tannet-group.comViews:811

Many busy entrepreneurs think that the only reason to develop a business plan is to convince potential lenders or investors to provide financial backing. This view is a little short-sighted, however. A well-developed plan can serve as one of your most important management tools. A good plan will provide a blueprint and step-by-step instruction son how to translate your idea into a profitably marketed service or product.

Everyone who opens his or her business has a plan, however informal. Many small business owners feel that they can keep track of everything without needing to write down. However, the structure a written plan provides can make it more likely that you will consider all relevant factors and that nothing important will slip through the cracks.

The primary reason that most small businesses owners need to spend the time writing up a business plan is that the planning process is an excellent way of evaluating your idea before you commit to pursuing it, The plan can also assist in determining if the return on your business idea is greater than the risks you assume. The process of creating the plan is likely to reveal factors that you might otherwise not consider. And that can save you bug money, and a lot of time.

After you’ve considered the purpose of your plan and done some background preparation, it’s time to consider the actual elements that you’ll include in the written document. A business plan customarily has certain elements or sections.
Cover page——Identifies you and your business, and dates the plan.
Table of contents——Make it easy for reader to find particular documents.
Executive summary——This is arguably the most important single part of your document. It provides a high-level overview of the entire plan that emphasizes the factors that you believe will lead to success.
Business background——Provides company-specific information, describing the business organization, history and the product or service the business will provide.
Marketing plan——Presents an analysis of the market conditions that the business faces, sets forth the marketing strategy that the business will follow, and provides a detailed schedule of marketing activities to support sales.
Action plans——Shows how operational and management issues will be resolved, including contingency planning.
Financial projections——Your projections (and historical financial information, if you have it) demonstrate how the business can be expected to do financially if the business plan’s assumptions are sound.

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