By on February 14 2018 21:47:41
A standard business plan consists of a single document divided into several sections, including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.
Business/Industry Overview contains an overview of the industry and how your business will compete in the sector. Describe the overall nature of the industry, including sales and other statistics. Include trends and demographic, economic, cultural, and governmental influences. Describe your business and how it fits into the industry. Describe the existing competition. Describe what area(s) of the market you will target and what unique, improved or lower cost services you will offer.
Do I Need a Simple or Detailed Plan? A corporate business plan for a large organization can be hundreds of pages long, but for a small business it is best to keep the plan as short and concise as possible, especially if you intend to submit it to bankers or investors — 25-30 pages should be sufficient unless you need to include photos of products, equipment, logos, business premises or site plans, etc. Potential money-lenders or investors will be looking for solid research and analysis in your plan rather than long, wordy descriptions.