Question

What is a business plan?
Explain fine elements of a business plan

Answer 1

BUSINESS PLAN

A business plan is described as a formal written document that contains goals of the business, the methods and procedures on how such goals can be achieved, and the time boundaries within which these goals need to be accomplished.

ELEMENTS

1. Executive Summary:

It contains a description of the following factors:

• Business goal
• product and service
• target market
• requirements and finance
• Pats and future goals

2. Business Overview

It contains a description of the following factors:

• operations of the company
• customers
• mission statement
• stakeholders and structure

3. Sales & Marketing Strategy

It contains a description of the following factors:

• Target market and audience
• SWOT analysis
• key competitors
• product features
• pricing strategy

4. Operations & Management

It contains a description of the following factors:

• Operational plan
• Organizational structure

5. Financial Plan

It contains a description of the following factors:

• Cash flow analysis
• capital requirement
• breakeven analysis