A business plan is an essential guide to success of an enterprise. When developing a business plan, there are some points of emphasis that an entrepreneur needs to ensure (Gitman & McDaniel, 2008). It comprises of the executive summary; this comes after the title page within the general outline of the business plan. The executive summary tells the reader the objectives of the business or what the entrepreneur wants. This element is very crucial; thus entrepreneurs should clearly outline what they are asking for in the executive summary.
In addition, the statement should be kept businesslike and should be short and precise. Secondly market analysis states the knowledge of the industry on which the business is. This section familiarizes the entrepreneurs with all facets of the market to make it easier to define the target market and positioning of the industry (Hiduke & Ryan, 2013). It also allows the entrepreneurs to enact distribution, marketing, and pricing strategies. This ensures profitability of a company in a competing environment.
Company description section shows how various components of the business interrelate or fit together. This section should also include important factors that will lead to business success, as well as knowledge of the nature of the business. Organization and management are also crucial as it indicates ownership details, business structure, panel qualifications and management description (Gitman & McDaniel, 2008).
Marketing and sales strategies section clearly defines marketing approach. Strategies for great success should be established first followed by those that will work best with the competitors. Rather, Services and product line gives product and service description and the benefits (Hiduke & Ryan, 2013). Lastly, funding section states the startup capital and for business expansion. Financials requirements should be developed for analyzing the market and proper set of clear goals and objectives. In this case it is important to include historical data.
References
Gitman, L. J., & McDaniel, C. D. (2008). The future of business: The essentials. Mason, OH: Thomson South-Western.
Hiduke, G. P., & Ryan, J. D. (2013). Small business: An entrepreneur's business plan. Mason OH: South-Western.
