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Information
@ A Glance
- A business
plan is a summary of how a
business owner, manager, or entrepreneur intends to organize an
entrepreneurial endeavor and implement activities necessary and
sufficient for the venture to succeed. It is a written
explanation of the company's business model for the venture in
question. Business plans are developed for ventures in both
business and government.
- The primary value of
your business plan will be to create a written outline that
evaluates all aspects of the economic viability of your business
venture including a description and analysis of your business
prospects.
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A business plan is a written description
of your business's future. That's all there is to it--a document
that describes what you plan to do and how you plan to do it. If
you jot down a paragraph on the back of an envelope describing
your business strategy, you’ve written a plan, or at least the
germ of a plan.
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Business plans can help perform a number
of tasks for those who write and read them. They're used by
investment-seeking entrepreneurs to convey their vision to
potential investors. They may also be used by firms that are
trying to attract key employees, prospect for new business, deal
with suppliers or simply to understand how to manage their
companies better.
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Business plans tend to have a lot of
elements in common, like cash flow projections and marketing
plans. And many of them share certain objectives as well, such
as raising money or persuading a partner to join the firm. But
business plans are not all the same any more than all businesses
are.
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Business plans can be divided roughly
into four separate types. There are very short plans, or
miniplans. There are working plans, presentation plans and even
electronic plans.
- The Following
Necessary Factors Which Will Produce A Successful Business: A
sound business concept, Understanding of your market, A healthy,
growing and stable industry, Capable management, Able financial
control, A consistent business focus.
- A business plan is a
mechanism to ensure that the resources or assets of a business
are applied profitably across all its activities for developing
and retaining a competitive edge in the market place. For a new
business it provides a blueprint for success, while for an
ongoing business it provides an overview of where a business is
at present, how the business is positioning itself, and how it
seeks to achieve its objectives to become and/or remain
successful.
- There are a number
of instances when you may need to determine the market value of
a business. The common methods used to come up with a value:
Asset Valuation , Capitalization
of income valuation, Owner benefit valuation ,
Multiplier or market valuation .
- Every business
should have a business plan of some sort. Without a plan, a
business may lose focus of its
goals, which could result in lost market share, customers, key
employees, and money.
- A business plan
should include all the important matters that will contribute to
making your business idea a
success. These generally include the following: Your basic
business concept., Your products and services and their
competitive advantages., The markets you’ll pursue, The
background of your management and key employees, Your strategy
and the specific actions you plan for implementing it., Your
financial needs.
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