Entrep - 2 Business Pln

• Business Plan is a formal written statement of your company's future by stating your goals and timescale for achieving those goals.
• Advantages of Business Plan include minimizing or removing the risk of losing money, avoiding costly mistakes, anticipating the financial requirements, organizing the activities beforehand, assessing actual performance against set goals, and applying for financing from lending institutions.
• Financial projections are a crucial part of any business plan.
• Breakeven analysis is a tool used in business planning.
• A budget is a financial tool used in business planning.
• The Five Chapters of Business Plan are Executive Summary, Management and Organization, Product/Service Plan, Market Plan, and Financial Plan.
• Executive Summary contains the brief introduction and summarizes everything that is relevant and important to the prospect business audience.
• Information needed in the Executive Summary includes description of the proposed business and business model, description of the market opportunity to capture, or market problem the business solves, reasons why this is an attractive business opportunity, key distinctions or differentiators of the business versus competitors, overview of the sales, marketing, and operations strategy and plan, description of the executive plan and timeline, and overview of projected financials containing revenues, costs, profits, and assumptions.
• Management and Organization part of Business Plan includes all the basic information of the business and describes the workflow of the business from the highest position up to the lowest.
• Information needed in Management and Organization includes company name, logo and address, vision and mission statements, key personnel, workforce and support personnel, organizational chart, ownership, capitalization, compensation and incentives, and external management support.
• Product or Service Plan part of Business Plan describes the highlight of the product or service offered to the customers so that they will be encouraged to patronize your product or service.
• Information needed in Product or Service Plan includes purpose of the product/service, product's unique features, material requirements and sources of supply, equipment that will be used to manufacture the product/ render the service, production/ service process and control, distribution logistics, and regulatory and other compliance issues.
• Beneficial sales promotions promote growth sometimes even at artificial level.
• Weaknesses are poor attributes or deficiencies that give disadvantage to the business.
• Temporary sales promotions are conducted at short periods creating a sense of urgency on the part of the customers.
• In Market Analysis, Strengths refer to strong attributes or capabilities of the business that provide great advantage in exploiting the business opportunity.
• The value proposition of the product/service contains the convincing reasons that buyers should see that will make them purchase your products/services.
• Sales Projections are the prediction of the amount of revenue your company expects to earn at some point in the future.
• Market Analysis includes the process of how you divide the total market into smaller groups seeking similar needs and wants (market segmentation) and the characteristic analysis of the business in relation to internal and external factors.
• Better value sales promotions are used to create short-term differentiation by offering a better product value.
• Financial Plan is the document containing your current financial situation as an entrepreneur and long-term monetary goals, as well as tactics to attain those objectives.
• Start-up costs requirements are necessary information needed in a Financial Plan.
• Pricing Policy specifies the price of the product/service and it must be noted that quality and price cannot be separated in marketing.
• Opportunities are business situations that must be exploited due to their potential in terms of profit and growth.
• Threats are possible external factors that may harm the business.
• Strengths, Weaknesses, Opportunities, and Threats Analysis is a popular tool to evaluate the internal environment pioneered by George Albert Smith Jr and Ronald Christensen, two Harvard business professors.
• Market Plan includes the business strategies, the target market, value proposition of your product or services that may increase the company sales.
• The business plan is the most important document that an entrepreneur must have
• A business plan is a written description of your company's future, product lines, financial projections, marketing strategies, and management team.
• A financial plan is a detailed analysis of how much money will be required to start up the business and how this capital will be used over time.
• Market research involves gathering data about customers, competitors, and other factors relevant to starting a new business.
• Market research involves gathering data about customers, competitors, and other factors relevant to starting a new business.
• What are the Five chapters of business plan

  1. Executive summary
  2. Management and Organization
  3. Product or service plan
  4. Market plan
  5. Financial plan
• This contains the brief introduction and summarizes everything that is relevant and important to the prospect business audience

  Executive summary
• What are the information needed in the executive summary?