When we say “Business Plan” it is an explicit term itself. In a more formal way, we can define the plan of activities as follows.
“ A written document which includes all the information about a business that is going to be launched in near future.”
Well, it is unfortunate, but many don’t give the required importance and regard to this very crucial element of the business. Today, I have decided to provide you with some basic information about the ten most important aspects of any business plan
1) Marketing Strategy
Business cannot prevail without marketing. In today`s highly competitive environment it has become something even more important. The best thing that you can do is to kick-off with the help of social media. Facebook is an incredible platform, and you can consider starting up with your marketing efforts there.
2) Mission & Vision
You may find it boring, reading the mission and vision statement of companies and businesses. However, it is an important part. With a proper mission and vision statement, you can inspire your landers and customers as well
3) Product or Service Descriptions
You simply cannot sell anything without briefing your customers in a comprehensive way. Thus, always remember to keep this element there in your business plan
4) Financial Management
Define how much money you are going to invest and from what is going to be the source of that money
5) Cash Flow Statement
A cash flow statement is one of the four original kind of financial statements and an important one as well. This statement will help you understanding the current and future cash needs
6) Organizational Hierarchy
In case if you are looking to establish a business which will include paid employees than setting up an organizational hierarchy is imperative. It is also called “Organogram.”
7) Competition You will Face
Setting up a new business in a highly competitive market like the one we have right now is not an easy thing. Thus, the best thing that you can do to curtail with this issue is to keep an eye on the competition you are going to face
Define the number of employees you will need. I recommend starting it up with an optimal manpower.
9) Market Analysis
Remember! It’s the supply vs. demand gap from where you will earn a profit. Thus, make it a part of your business plan
10) Strengths & Weaknesses
It is always good to understand your limitations and to know about the areas where you are strong.
Watch & Share This Amazing YouTube Video about Business Plans!