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How to Write A Business Plan (Why You Need One)


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A business plan is a written document that shows in detail the process or procedures a company applies to achieve its goals. It also give a clear picture to the company the cost that comes with decision making.
Running a business without a plan is like going to the farm land without your farming equipment, It only shows you are unserious. The benefits of having a business plan is enormous, it gives you the opportunity to first test run a product or service and to also weigh your options concerning a business idea before investing your money in it.
business-plan

As a business owner, you not only need to understand the importance of a business you also need to write one or better yet, get it done for you by a consultant. With that in mind, you can jump right in to writing that business plan.

1. DO SOME RESEARCH:
        Before writing a business plan, you need to carry out research work. Consult books, visit websites to get you prepare with tips and essential component on how to write a business plan. Also when writing your business plan, make sure it shows your passion for your business in the best possible way -- that way when prospective investors sees it, they will be confident to invest in your business.

2. BUSINESS DESCRIPTION:
         Your business plan should start with a short description of your company, it should clearly state the present outlook as well as the future outlook of the company. It should also provide information about your new products, their designs, benefits and development plans.

3. EXECUTIVE DESCRIPTION:
         This is next in line right after the title page. It tell you and potential investors your plans for the business and how you hope to achieve them. Sometimes, business owners make the  mistake of stating this part at the middle or last page of their business plan document. Take note: it is very important to summarize briefly and clearly what you want at the very beginning.

4. MARKET STRATEGIES:
          A business plan should be able to explain in details the marketing strategies, it enables the business owner to be familiar with every area of the market so as to be stationed where he or she can see and get to target audience easily.

5. COMPETITIVE ANALYSIS:
         Competitive analysis in a business plan enable the business owner to identify the strength and weakness of competitors in the market place. It gives he or she a upper advantage to be well prepared.

6. OPERATIONS AND MANAGEMENT COST:
          This stage in a business plan describes how the business can stay afloat in the market. The operation plan shows the logistic plan of the management team and the tasks given to each section of the business, It also show how the business capital and expenditures will be utilised proper for smooth operations.

7. FINANCIAL PLANNING:
          The financial part always comes last in the business plan but it doesn't make it any less important. It comes last because it sum total all the capital and expenditure of the business and it also clearly state the financial state of the business both to the business owner and prospective investors. 
In conclusion, keep in mind that your business plan is like a living document. So when you are done writing it or you got one written for you, do not put it away concluding it has served its purpose. Always have it at arm's length to revisit every now and then and to continually update it so that you can be ahead of the game.

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