The following are elements of a good business plan:
- Executive Summary. It should be short and clear. Try to keep it in one page or half page. It should contain the synopsis of your entire business plan such as the business concept or idea, financial status, business position and business achievements.
- Company Description. It states the name of the company as we
ll as the legal status and organization structure. It also describes the company’s mission statement. - Business Description. It should provide information about the industry whether a product or service. Describe the product or services you want to market and give an idea to make a profit using the product or services.
- Market Strategies. It includes market analysis such as defining the target market as well as the pricing, distributing and promotional strategies. It describes here the marketing plan.
- Operation Plans. Details the location, facilities and equipment as well as the tracking of inventory.
- Management Plans. Includes the quantity and quality of people within the organization to determine the success of the business. It indicates the qualification and responsibilities of each member of the organization.
- Financial Plans. It includes the income statement, cash flow projections, and balance sheet. In making financial projections, explain assumptions to know the figures used.
