9 Featured Sections Of A Business Plan
With the business ecosystem in Kerala booming and eyeing rapid expansion with the uninhibited growth in the number of startups, the need for building a perfect business plan has increased all the more. With most of the present day generation entrepreneurs fishing for high scale investments in order to build the Next-Big-Thing, Business Plans still remain one of the foremost documented strategies in winning over a potential Venture Capitalist.
There isn’t a clear-cut definition as to what all content should be included in a Business Plan. However, there are certain sections a Business Plan cannot do without. Here, we list 9 sections which should definitely be included in the framework while writing a Business Plan.
1. Executive Summary – Should provide an overall outline of the business plan and summarize the main details it is supposed to convey
2. Business Description – Consists of a detailed Industry Analysis showcasing the stature of the industry and the way forward. This should be followed by a Company Analysis enumerating the services/products being offered and the future plans in the said verticals.
3. Market Description – In this section, clearly define your market – local, global or niche. The reader should get a complete demographic and psychological profile of who your target market is and their behaviour towards your service/product.
4. Competitive Analysis – Should list your strengths in the specified market over your competitors which provides you with a competitive advantage – boosters that will hold you miles ahead of your competition.
5. Development Plan – The purpose of this section is to describe the development path ahead for your product/service and chart the course ahead on what changes will be incorporated in the organization at various phases of development.
6. Management Plan – Should describe the management and administration changes that will take place in the functioning of the business. Any organization cannot survive with the same set of management plans throughout. Hence, a clear cut plan for changes in the management side should be in place e.g. How the structure of the BOD should be, what should be profile of an individual to be on the BOD etc.
7. Marketing Plan – How will you position your brand? How would the rates be determined in the future? What market factors would determine these rates? What channels would be used for marketing purposes?
8. Operations Plan – Describes how the business functions on a regular basis, steps to be taken in case of an operational crisis, job description for each department, milestones to be accomplished at the end of a certain time-period etc
9. Financial Model and Plan – What is the revenue model for the business at various stages? How much external investment would be needed? At what stage would a second or subsequent level of investment need to be raised? What assets must be acquired? etc
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