Business Plan Essay
The business plan will clarify your business idea and define your long-term objectives. It provides a blueprint for running the business and a series of benchmarks to check your progress against. It is also vital for convincing your bank — and possibly key customers and suppliers — to support you.
This briefing explains:
• What information to include.
• How to present your financial forecasts.
1 Executive summary
The executive summary outlines your business proposal. Although it is the last section to be written, it …show more content…
2.3 Explain any key features of the industry (eg special regulations, effective cartels or major changes in technology).
Writing a business plan
3 Markets and competitors
3.1 Focus on the segments of the market you plan to target — for example, local customers or a particular age group.
• Indicate how large each market segment is and whether it is growing or declining.
• Illustrate the important trends — and the reasons behind them.
• Outline the key characteristics of buyers in each segment (eg age, sex or income).
• Mention customers you have already lined up and any sales you have already achieved. 3.2 What are the competing products and who supplies them?
• List the advantages and disadvantages of all your competitors and their products.
• Explain why people will desert established competitors and buy from you instead.
• Show you understand your competitors’ reaction to losing business and demonstrate how you will respond to it.
Unless there is a viable market and you know how you are going to beat the competition, your business will be vulnerable.
You must show you have done the market research needed to justify what you say in the plan. 4 Sales and marketing