Successful large corporations, medium size companies and most profitable small businesses all create and follow a business plan. So it just makes sense; why we should follow a strong well structured business plan that will result in a long term, well managed profit and therefore, highly successful business.
For many people, the most difficult part of creating the business plan is actually getting started. You know that it is important. You know why it is important. But you just have a hard time getting the ideas, energy and motivation together to actually begin on it. If this sounds like you, maybe we can help. All you need is a little vision, organization, structure and motivation.
You need to understand what the different elements of a good business plan are so that you know what it is you are actually trying to create. Get to know the different elements first. This is always a better option than sitting with a blank screen or blank piece of paper and wondering how to even begin.
Although business plans have many different presentation formats, business plans typically cover the following areas.
o Background information
o A marketing plan
o An operational plan
o A financial plan
o What is my product or service?
o How much will it cost?
o What is the size of your market?
o What mark up percentage you will apply
o How much is the cost to deliver your product to the end user?
o What is the net profit?
o How does it compare in the current market?
Free resources for researching facts and figures.
o Your internal business records
o Published statistics on the web
o Business libraries
o Marketing reports from subscription services
o Archive and journal services
o Books and eBooks
When you take your time, research, stay focused and learn as much as possible about what to include in your business plan, you can create a successful plan that will help your company grow profitably and achieve its goals.
Source by Ken Mathie
