“By failing to plan, you are planning to fail.’’ (Benjamin Franklin, Inventor, and Businessman)
As a budding entrepreneur, the need for a well-written plan that communicates your intentions to internal and external stakeholders cannot be over-emphasized.
The purposes of a business plan include:
- A business plan describes the venture you will create to exploit an idea or concept.
- A business plan is a written document that describes in detail how the business is going to achieve its goals.
- A business plan lays out a written plan from an operational, marketing, and financial viewpoint.
- It serves as an action plan, road map, fundraising, and sales tool.
Common mistakes in writing a business plan include:
- Vague value proposition – mostly existing ideas
- Difficulty laying out the operationalization of idea
- Extremely optimistic financial projections – no sensitivity analysis
- Improper definition of your market
- Inability to identify risks and possible mitigation
A bankable business plan should have the following critical elements:
- The Company Overview
- The Marketing Plan
- The Operations Plan
- The Financial Plan
In our next post, we will explore each of these critical elements in further detail.
Learning everyday.
Fantastic
I’m glad it was helpful, Elizabeth!
If you don’t plan well,you plan to fail.
Satisfactory.
Great content, concise and clear to point.
Very informative ❤️
Satisfactory
It’s quiet interesting
Knowledge at a glance.. so made simple