How to write your business plan

It is important to create your business plan as it will help to guide you on how to structure, manage and develop your business. 

Purpose of business plan

1. It acts as a roadmap for your business
Business plan acts as a guidance for you to manage and run your business as you get to different stage of developing your business

2. Financing & Finding potential investors
Business plan is also one of the tools that helps to pitch your business and to gain investor’s trust as they can see complete trajectory on the return of their investment.

A good business plan comprises of these key components, and these are some common keywords to search for and include in your business.

  • Executive summary
  • Products and services
  • Market analysis
  • Marketing strategy
  • Financial planning
  • Budget

1. Executive summary

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Brief and concise. These two keywords should be your aim in writing executive summary. It should not be too lengthy as it acts as an overview of your business.

You should think of any relevant information such as company information and the purpose of your business. It is also advisable to write it last.

2. Products and services

You should include information about products and services that your company offer.

Moreover, you can also add any other information such as research and development (R&D), manufacturing and production process.

3. Market analysis

A good company should know the overview of the industry, competitors and its target market. Hence, under this section, it should comprise of three main analysis - industry analysis, target market analysis and competitive analysis.

4. Marketing strategy

This section should outline the strategy to attract and keep your customer base. Moreover, a clear marketing campaign plans such as advertising should also be included.

5. Financial plan

Financial projections and forecast should be included in your business plan. For a new company, you can think of including estimates for the first few years. However, you are an established company, any relevant financial information such as financial statements and balance sheetcan also be included under this section.

6. Budget

It is important to give detailed description on the budgeting of your business. You can also think of any relevant costs and expenses related to your business.