BUSINESS PLAN – CONTENTS AND USES – OGBE FRIDAY & CO.

What Is a Business Plan?

A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.

Business plans are important documents used for the external audience as well as the internal audience of the company. For instance, a business plan is used to attract investment before a company has established a proven track record or to secure lending. They are also a good way for companies’ executive teams to be on the same page about strategic action items and to keep themselves on target towards the set goals.

Although they’re especially useful for new businesses, every company should have a business plan. Ideally, the plan is reviewed and updated periodically to see if goals have been met or have changed and evolved. Sometimes, a new business plan is created for an established business that has decided to move in a new direction.

USES OF A BUSINESS PLAN

  1. For equity Funding
  2. Bank Loan or business Finance
  3. Recruitment – It serves as a guide to employees on what to know about the strategic plan of the business
  4. Strategic alliance with other business to gain entrance into the Market.
  5. A business plan explains every aspect of a business.

CONTENTS OF A BUSINESS PLAN

  1. Executive Summary
  2. Company Description
  3. Market Analysis
  4. Competitive analysis
  5. Company Organizational Structure
  6. Details of product & Services
  7. Marketing Plan
  8. Sales Strategy
  9. Request for Funding
  10. Cash flow projections among others.

DO YOU NEED A BUSINESS PLAN, CASH FLOW PROJECTIONS?

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