Make up a winning business plan

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?

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Business Plan

Products and services

5) Showcase your operations in your business plan

You should dedicate this part of the business plan to showcase the administrative aspects of your business. The information here should include how you intend to operate your business, the location of your office, equipment, your employees, expenses, credit policies, your suppliers, and legal aspects.

6) Include your management team in the business plan

You should dedicate this section of your business plan to spell out your management team and their designation. How are they involved in the day to day running of the business? Their duties and responsibilities and how they play a part in the success of the business should also be included. Also, showcase an illustration of the hierarchy of your organization for clarity.

7) Include the projected expansion of your business in the business plan

Here, you should highlight where you intend to take your business in the next 4 to 5 years. The information you provide here should not necessarily be factual. It should just be projections into the future. Take quality time to craft this part, as growth is necessary for any business to remain competitive.

8) Your financial summary is an essential part of your business plan

The financial aspect of your business is what investors look at most. So be sure to take time to write a sound financial summary. The summary should include investments, financial dealings, and how you arrived at the position you are now. Give an idea of how your business is set to operate and evaluate your financial status, a summary of your sales analysis at the end of the month, cash flow and your overall business health.