Writing A Good Business Plan

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A business plan is a blueprint of how a company will be run.

A company often needs a business plan before it can borrow money from a bank.

Provide information on competitor weaknesses and strengths and show how you intend to improve on what they're doing.

Use organization charts to clearly spell out the roles of key management people and the proposed size of your organization.

Your business plan outlines what your business does and what you are trying to achieve.

It explains what the market opportunity is, what makes your business special and how you will make it a success.However, they are also essential to running a business with a clear, Many entrepreneurs may see putting a business plan together as a daunting task involving hundreds of pages.However, in reality, it should be a concise and structured document that gives readers everything they need to assess your company's project.If your business is all in your head, it's hard to convince lenders, investors and shareholders that you have a credible company and that you'll use their funding well.And that's precisely where a business plan comes in.Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, finance, personnel and various operating procedures.They are specific, communicate to all company employees and require commitment from everyone.Including all financial details in your business plan will enable you to pinpoint how much capital you will need for continued growth.State the industry in which you will be operating in your business plan.Base your break-even analysis on a three-year forecast of sales and profits.Project your sales and profits each month the first year and every quarter for years two and three, according to the Small Business Administration.

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