A business plan is a carefully constructed guide for the person starting a business. It is what you have planned with the business for the upcoming years and will help the company succeed and thrive.
There are several reasons why a business plan is important to a company. Having a business plan can improve the chances of a business to be successful for years to come. The more thought up the business plan is the better off the business will be. A business plan can and will save you a lot of money and time. With it you will know what your expenses and time should and will be dedicated to help benefit the company. Also by planning you will know and expect where your company is headed and will be.
What are the basic elements of a Business Plan? 1. Introduction. Basic information such as the name, address, phone number of the business and a statement of confidentiality to keep important information away from potential competitors. 2. Executive summary. A one to two page overview of the entire business plan. 3. Benefits to the community. Info on how the business will have an impact on economic, community and human development. 4. Company and industry. The background of the company, choice of the legal business form, info on the products or services to be offered, and examination of the potential customers, and the business future. 5. Management team. Discussion of skills, talents, and job descriptions of management team, managerial compensation, management training needs, and professional assistance requirements. 6. Manufacturing and Operations Plan. Discussion of facilities needed, space requirements,