All forms of business should have a business plan which is one of the crucial parts of your business. A business plan contains the strategy, marketing system, and method on how to increase the profit and revenue of your business. You might have used the business plan expert services to make yours. The quality of business plan has played an important role in clarifying the business idea, identifying a potential problem, monitoring business progress and so forth. Thus, it’s very important to consider these following factors as you’re creating your business plan:
1. Executive Summary
It contains highlights and a brief description of your business. It should represent the details but you need to keep it short so the investor can easily access the information about your business status. This should contain highlights of your business concept which can represent the products or services and the market situation. The summary should also contain financial features including profits, ROI, sales, cash flow, accounts, and so forth. It also states the recent business progress and achievements in order to impress the investors or commissioners
2. Description of Business
At this point, the description shouldn’t a highlight but the in-depth analysis of your business. You should describe the markets where you will sell the products or services of your business. This also the part where you present the development of new products or services in order to convince the investors or commissioners to invest in.
3. Marketing Strategy
The market strategies should be built on thorough market research conducted in the market fields. The market research will contribute to giving you potential and prospective new markets also clues on how your company should deal with them. The market research provides data for SWOT analysis which is crucial in building a marketing strategy, production, distribution, predicting the market price.
The business plan should contain a detailed roadmap of distribution until the products reach the targeted customers. This roadmap is usually accompanied by pricing which determines how much the products to be sold in each market area considering the distribution cost or conditions where there should be price adjustment or fluctuation.
5. Competition Analysis
It differs from SWOT in the marketing strategy, the competition is something dynamically developed. The competition in the market share should be monitored and periodically reported. The reports can be the basis of analysis in handling the completion in any aspects of your business and contribute to increasing the profit and revenue.