Successful large corporations, medium size companies and most profitable small businesses all create and follow a business plan. An executive summary, generally one page to a few pages at most, covers all of the main points of the business plan to come. Market Analysis and Marketing Strategy – Discuss the target market of your business and your strategy on how to penetrate that market. The Business Plan is the number one investment that you can make in your company and its future.
And the beginning of the year is the best time to make a business plan. Whether you are a small player or a big one, it is essential that you have a business plan in place before you start the actual business. It will also help you plan for unexpected obstacles, such as if one method of acquiring business listing does not work, how you will modify the strategy to make it more effective.
The advantage of an experienced consultant is that they write business plans for a living, will be strong writers, able to properly direct or perform research, narrate financials and differentiate a commercial opportunity by creating an exciting word picture.
However, at the same time, it is important to not go overboard and make ridiculous statements as to the future of the new business. If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require a business plan.
It is true that many businesses fail because they do not develop a proper business plan. You may also include some extra details such as establishment and key people, a summary of the mission statement and the gist of memorandum and articles of association. The company manufactures food products from naturally and organically grown harvest.