Business Plan
Students Name
Institution Affiliation
The most critical elements of the business plan include, firstly, the executive summary, which gives a brief about the business plan and is the immediate attention seeker. Secondly is the company description, which covers the company’s details, including history and portfolio (McCready et al., 2018). Another element is the financial summary that tells about the company’s financial health, and its growth is passed along with business plan potential. Market analysis helps provide a rationale for the business plan (Baliga et al., 2015). It covers the competitor’s detail and space, which the business plan targets to capture. Lastly, the operations element gives the details of the business plan about processes, management, and all the activities involved along with resource requirements.
Besides, there exist other elements to be incorporated into the business plan to encourage potential investors. Firstly is the business concept, which portrays the business market and items it serves. It calls for the attention of the products sold, the buyers, and channels of selling. Another element is financial highlights, which characterizes the essential monetary purposes of the venture, including benefits, quantifiable profit, deals, and money streams. The current business position should also get incorporated since it outfits useful organizational data, the shaping period, its authoritative document of activity, primary workforce, and principal proprietors (McCready et al., 2018). Besides, the business plan should integrate significant achievements. It details notable advancements experienced within an organization (Baliga et al., 2015). It entails models, licenses, pivotal contracts, and office areas depicting improvements inside the organization.
A business plan should exhibit accurate financial data to give a sound comprehension of the venture’s progress. Besides, the data help at making crucial venture decisions. For instance, it allows the entrepreneur evaluates whether he/she has enough capital to expand the business (McKeever, 2016). Besides, financial data help in identifying venture opportunities for future growth.
References
Baliga, A. J., & Rodrigues, L. L. (2015). Business Plan-The secret to success. The International Journal of Business & Management, 3(4), 210-214.
McCready, K., & Molls, E. (2018). Developing a Business Plan for a Library Publishing Program. Publications, 6(4), 42.
McKeever, M. (2016). How to write a business plan. Nolo.