Normally for every one part of strategy, ten parts of implementation should be there. Then you must have come across the term ‘Business Plan’. The business plan serves the purpose to define the ideas and all these related factors and explain the concept of business to investors. Remember, a good Business plan can make all the difference. Financial Analysis – Make sure to include at the very least your sales forecast, projected Profit and Loss statement, projected business ratios and Cash Flow tables. Perhaps, the most important need of a business plan is for running the business smoothly. Here, you must ensure that your plan should revolve around sound cash flow strategy and its strict implementation before writing down your business plan. Management Team – Describe the organization and the key management team members. A realistic approach can result in better success rate and it should conclude all necessary components.
While the daily business routine activities can be quite distracting and full of surfacing problems, their solutions, opportunities and commitments, it helps in keeping the business on the right track by reminding our short term and long term goals. The business plan is a clear refection of your future activities; it plays a very important role in getting you loans. Executive Summary – It is the concise summary of your business and it appears at the top. Market Analysis – Description about your market trends, the needs of market, your target sector of market, the location of such targeted area, how to reach them, etc. While working with your partners you require such a business plan to define agreements between partners and convey the future vision. Are you thinking of starting a new business? Try to keep your business plan simple, specific, realistic and complete to implement in much effective way to achieve your targets.
How to write A Standard Business Plan
There are conventional components of a standard business plan. You have to make sure that all these activities carrying out tasks are tracked regularly for results. Before writing down a plan, let’s understand what a good business plan is. Although, business plans vary from each other depending on the nature, products and local factors, the general outline is the same in that it includes the main components like Executive Summary, Description of Company, Description of Products or the Services offered, Market Analysis, forecasts and future planning, Business Strategy and its Implementation, information regarding Management staff and sustainable Financial Plan. Again implementation of your strategy plays a vital role in the success of any business. It is a plan which considers the available resources, identifies the opportunities and problems and manages those resources to get the optimum growth and success.
The Executive Summary
The beginning of your business plan should start with the Executive Summary. This section is basically a summary of your Marketing Plan. A well-written Executive Summary is critical to the success of the rest of the document. For example:
“The Waters 319 Interactive Terminal/615 Retail Processor System will provide your management with the tools necessary to manage people and equipment more profitably with procedures that will yield more cost-effective business controls for Cookson’s.
The equipment and applications proposed for Cookson’s were selected through the combined effort of Waters and Cookson’s Management Information Systems Director, Mr. Becklight. The architecture of the system will respond to your current requirements and allow for future expansion.
The features and hardware in the system were determined from data acquired through the comprehensive survey we conducted at your stores in February of this year. The total of 71 Interactive Terminals proposed to service your four store locations is based on the number of terminals currently in use and on the average number of transactions processed during normal and peak periods. The planned remodeling of all four stores was also considered, and the suggested terminal placement has been incorporated into the working floor plan. The proposed equipment configuration and software applications have been simulated to determine system performance based on the volumes and anticipated growth rates of the Cookson stores.
The information from the survey was also used in the cost justification, which was checked and verified by your controller, Mr. Deitering. The cost-effectiveness of the Waters Interactive Terminal/Retail Processor System is apparent. Expected savings, such as the projected 46-percent reduction in sales audit expenses, are realistic projections based on Waters’ experience with other installations of this type.“