Wednesday, July 4, 2018

THE ULTIMATE SIMPLE BUSINESS PLAN

Research and analyze your product, your market and your objective expertise,” writes Bill Pirraglia, a former senior financial and management executive. Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan. To write the perfect plan, you must know your company, product you'll offer, your competition and the market intimately.
A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.” However, your business plan can serve several different purposes. But, if you want to attract more investors, then your plan will have a different purpose and you’ll have to write your plan that targets them so it will have to be as clear and concise as possible. When you define your plan, make sure you have defined the goals personally as well.
Every successful business must have a business plan. This plan spells out among others the ways the company intends to rationalize its resources, engage in production and even handle its clients. Most importantly, a sound business plan must also include a strategic marketing plan. Strategic marketing planning is considered as a creative process in its own right. Here, the management and operations teams strive to come up with and implement practical marketing strategies that can guarantee a stable flow of business for your company.
Your company profile includes the history of your organization, what products and services you are planning to  offer, your target market and audience, your resources, how you’re going to solve a problem, and what makes your business most unique. Company profiles are often found on the company’s official website and are used to attract possible customers and talent. However, your profile can be used to describe your company in your business plan. It’s not only an essential component of your business plan, it’s also one of the first written parts of the plan.
Investors want to make sure that your unique business is going to make them money. Because of this expectation, investors want to know everything about your business. To help with this process, document everything from your expenses, cash flow, and industry projections. Also don’t forget seemingly minor details like your location strategy and licensing agreements.
If you know these interests up front, you can be sure to take them into account when preparing a plan for that particular audience. For example, bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists are looking at the basic business concept and your management team.
Because of this, make sure that your plan can be modified depending on the audience reading your plan. However, keep these alterations limited from one plan to another. This means when sharing financial projections, keep that data the same across the board.

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