Why is a business plan important & who should write it?
Do you know what is a business plan. If u don’t know i will introduce you about the business plan. If you are starting your business in this year, then a business plan is must for your business. Business plan is a written guide that details the startup and the future direction of your company. Business plans are inherently strategic. The business plan must be written by the entrepreneur as no one else knows about your business ideas and goals better. To attain goals of a business, it is necessary to have a good business plan. But What does the good business plan mean?
Good business plan typically includes:
- Cover page that identifies your business.
- Table of content that organizes information for the reader.
- Executive Summary:- This summary provides a Big Picture view of the plan and it is also highlighting the factors that will lead to success.
- Business background :- If your business is a brand new business, then business plan must include your background and skills.
- Marketing Plan:- The plan relating to the marketing strategies of your business.
- Action Plan :- This plan includes summary about how will you create & deliver your product and service.
- Financial Statements and Projections: – This will illustrate how the business will perform financially based on the plan’s assumptions.
- Appendix:- This will include statistical analyses marketing materials & resumes.