your business. It covers objectives, strategies, sales, marketing and financial forecasts.
A business plan helps you
to: clarify your business idea spot potential problems set out your goals measure your progress A brief description of the companys present practices in all important areas, including products, purchasing, quality control, labor relations, channels of distribution, and production A list if the principal external factors government regulation, the economy, the competition, the community environment, technology, and the labor markets A list of changes expected in present practices and external factors over the next few years An assessment of the strengths and weaknesses of the firm and its product A forecast of expected financial results for the next two years A financial analysis identifying anticipated problems (cash shortage, low profits, etc.) or potential actions (investment of cash, expanded advertising, and etc.) Performance projections under alternate assumptions such as decline in sales, shortage of materials, and increase in labor cost Contingency plans for action under various scenarios If the business plan is for starting a new venture or raising additional financing, it includes the following: Financing requirements Detailed Marketing information Relevant technical factors Sensitivity analysis indicating the critical factors Resumes for key personnel Bank and investor relationships Past and potential problem areas 1. Who is running the business? What makes them qualified? What do they bring to the table that adds value?
2. Who is the competition? What
do they offer and what makes you different?
3. Who is your customer? How
big is the market? Where are they? What do they want and how will you give it to them? Also, how will you connect with your market? The business plan answers the what by telling us exactly what the business provides and how they provide. 1. How will you measure success? What metrics matter and how will you track them?
2. What needs to happen so you
can achieve your goals? What resources do you need to get there?
3. When? When will each
activity take place, who will do it, and when do you need to reach specific milestones? The strategic plan is the action plan for your business. Its the task, milestones, and steps needed to drive your business forward. Danika P. Villamar Sarah May G. Sagliba Reyna Mae C. Quizo Genesis I. Tibon Mary Grace J. Parilla Charissa S. Malaran