Business Plan Concepts

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  • Executive summary

The executive summary, or statement of purpose, succinctly encapsulates the business’s reason for writing the business plan. It tells the reader what the business want and why, right up front. The summary or statement should be no more than half a page in length and should touch on the following key elements:

  • Financial requirements state how much capital is needed for start-up or expansion, how it will be used and what collateral is available.
  • Business concept describes the business, its product, the market it serves and the business’ competitive advantage.
  • Major achievements points out anything noteworthy, such as patents, prototypes, important contracts regarding product development, or results from test marketing that have been conducted.
  • Financial features include financial highlights, such as sales and profits.
  • Current business position furnishes relevant information about the company, its legal form of operation, when it was founded, the principal owners and key personnel.
  • Mission statement

A mission statement is a key tool that can be as important as the business plan. It captures, in a few succinct sentences, the essence of the business’s goals and the philosophies underlying them. Equally important, the mission statement signals what the business is all about to the customers, employees, suppliers and the community. The mission statement reflects every facet of the business: the range and nature of the products the business offer, pricing, quality, service, marketplace position, growth potential, use of technology, and relationships with the customers, employees, suppliers, competitors and the community.

  • Company background

The company background, which follows the executive summary, more details history of the company. This will vary, depending on how the business is developing. History of a start-up is clearly different than an existing company. Here are a few points that you should be sure to include in this section:

  • The origin of the idea for the business
  • The progress so far
  • Issues the business has faced so far
  • Short-term development plan

Overall, this section of the business plan should provide an investor is interested a better idea of ​​who you are and how this business idea came about. Again, keep it brief and avoid personal information not relevant

  • Product description

Description of business may be a few paragraphs to a few pages in length, depending on the complexity of the plan. If the plan is not too complicated, keep short business description, industry described in a paragraph, in a product, and the business and its success factors in two or three paragraphs better. When describing business products or services, ensuring readers now have a clear idea about what was said about business. Explain how people use the product or service and talk about what makes a product or service different from others available on the market.

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