A little foresight and proactive action can help eliminate many of the problems we face each day. With sensible anticipation comes an organized and effective response.
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Additionally, a business plan informs all key people about your operations and goals.
Key activities
· Vision Statement and Business Concept
· Market Analysis
· Competitive Analysis
· Strategy
· Products/Services
· Marketing and Sales
· Organizational Structure and Human Resources Plan
· Financial Analysis
Practical end-results
· Feasibility of the business idea is assessed--if it does not appear to be
cost-effective, then ill-advised investment can be avoided
· Business plan functions as roadmap for implementation of strategy
· Business plan supports rationale for obtaining financing