Business plan is needed to any new business venture to ensure that your business will achieve your business goals. It helps through your business and keeps you on track. A business plan should be properly outline and consider all the necessary things so you don’t have to rush into anything.
The right components for a business plan are all depends on your purpose. Like for example, if the reader of your business plan is an investor, your business plan should be more detailed because your potential investor may not be familiar with your industry so it is essential to clearly explain your concept and your goals. But if your business plan is just for your business partner, it does need to be details but still it is necessary to provide your goals and how to achieve these goals.
The following are some of the components of a Business Plan
- Mission Statement
- Company’s Description and Products or Services
- Market Analysis which include the competitors and prospective clients
- Management Team Description such as the staff’s trainings and experiences
- Methods or Procedures to market the products or services
- Company’s strength and weaknesses, opportunities and threat
- Cash flow statement
- Revenue projection
- Summary and Conclusion