Elements of a Business plan
Elements of a business plan Business plans can make the difference between a firm that succeeds and one that fails. Entrepreneurs who are starting their own business are responsible for the preparation of a business plan. It is important that the plan be adequate to use when seeking finance, partners or government approval. The plan must be reviewed by professionals, such accountants and lawyers, and be modified accordingly. There are no strict guidelines to follow when preparing a business plan. They all contain key elements, but the actual content and method of organisations will vary from industry to industry as well as for different goals of the business. The key elements are as follows: Executive summary -business description and ownership -purpose of plan -situational analysis -business objectives and strategies Operations -description of the good or service -personnel requirements and skills Marketing -market analysis -sales forecasting -marketing strategies Finance -financial requirements -financial forecasts -financial records -financial controls. Elements of a business plan Business plans can make the difference between a firm that succeeds and one that fails. Entrepreneurs who are starting their own business are responsible for the preparation of a business plan. It is important that the plan be adequate to use when seeking finance, partners or government approval.