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Key Elements in a Successful Business Plan

Key Elements in a Successful Business Plan

10 Key Elements of Successful Business Plan

Few weeks before, we decided to set up a new company where we don’t have much experience and require sufficient funds to make it happen. In order to raise funds, we need to satisfy our potential investors through our Business Plan (BP).

It’s a piece of cake when you haven’t started it, but as you move forward you believe it’s hard to crack the nuts. Modern Successful Business Plan should be concise, understandable, simple and visionary.

To write a plan and to prove a plan is quite different. Don’t spend time on writing a meaningless content because later you need to prove it. So, I advise you before opening Google, write purpose, methodology, key management, financials and other basic details which are unique and relevant to your business.

I always believe in thinking “outside of the box” and I encourage you to do it. Never copy ideas as every person have something unique and creative inside, let it be visible and then you can take further non-core areas help from data available on webs.

Every Successful Business Plan must have the following 10 key Elements:

1.      Executive Summary: Its maximum cover 2 pages of your whole business plan and I advice it to write in the end of your business plan as it’s a soul of your BP.

2.      Brief Business Description: You should mention the following key points under this section

·        Industry Overview

·        SWOT Analysis

·        Management Team

·        Organizational Chart

3.      Products & Services: Mention clearly about your product and services as well your differentiating point for competitive edge

·        Products

·        Services

4.      Target Market: Analysis is a key of success, so spent time on market analysis before entering in any business

·        Market Analysis (Tools and Team)

·        Barriers to Entry

·        Strategic Solution

5.      Competition: Robustness and Creativity gives you competitive advantage so must do

·        Competitors positioning

·        Competitive factor analysis

·        Material Effect on Business

6.      Customers: A successful plan never based on projections and dreams, so try to analyze customers demands and presence before launching a product so

·        Identify your customers

·        Why You

7.      Pricing, Marketing & Sale Strategy: After a survey, set competitive price schemes and divide market into segments in accordance to their needs, affordability, and emotions

·        Market Segments

·        Price and Promotion Strategy

·        Sales Tactics

·        Stages

8.      Operational Plan: Here you can explain your administrative and operational side of the business in detail as

·        Location

·        Legal type

·        Facilities

·        Type of Staff

·        Number of Employees

·        Office timings

·        Pay structure

·        Training Methods

·        Contractual workers

·        Organizational Chart

9.      Financial Plan: Must explain

·        Total Fund requires

·        Planned use of them

·        Division of Startup and Operational Expenses

·        Major costs centers

·        Forecasted Revenue, Expenses, and Profit

·        Payment Plan and Dividend policy

·        Financial Position

·        Profit & Loss statement

·        Cash Flow Statement

10.   Risks Associated with Business: Inherently every business contains risks so must highlight the basic risks and their proposed solutions

·        Business Risk

·        Financial Risk

Written By: Mr. ALI DANISH

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