Any prospective entrepreneur who wants to succeed in business must have a solid business plan. Besides enabling you to get the required funding for your building business effort, a business plan acts as a framework for your enterprise and offers you a platform to test if you’re actualizing your business goals. A business plan also helps you in the decision-making process and to keep track of your enterprise. That’s why it must have all the elements that make a great business plan. This article rounds up the 6 components that make up a winning business plan:
1) A great business plan must include an executive summary
An executive summary is a roundup of the whole business plan. The golden rule of thumb to writing an executive summary is to preserve it for last. That way, you’ll be able to capture every aspect of your business plan in it.
2) A business description is a vital part of your business plan
Your business description should spell out the different aspects of your products and services on offer, a rundown of your business history, what you are up to, business goals and objectives, the factors that contribute to your success, including business ownership. Business description is the cornerstone of your business plan and will give a glimpse of the information contained in the rest of the document.
3) A rigorous description of your products and services on offer should also be included in your business plan
Any business has a set of products and services they offer to consumers. So, you must be in a position to comprehensively describe the kinds of products and services you’re offering. You should also be able to tell what sets your products and services apart from the competition.
4) Dedicate a section for sales and marketing in your business plan
Sales and marketing is a critical section of your business plan. It gives insights into your line of business, market position, breakdown of costs, business acquisition methods, and gives you the chance to set yourself apart from competitors. Make the most of this section by spelling out all the sales and marketing strategies you intend to use to scale your business. Also, give out the general structure of your offline and online businesses. Give a sneak peak of how your retail store will look like if you’re running a merchandising business. If you’re running an online store, how will customers navigate your website and familiarize with it?