7 Factors that Make a Good Business Plan

7 Factors that Make a Good Business Plan

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Business plans help determine what the company will be like, who will operate it, what level of experience they will have, segmentation, and expected benefits.

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Business plans will help get funding. Because, what you will present is a business plan. It’s not complicated to design a business plan, here are 7 steps you need to do:

1. Executive Summary

Discuss the overall points of a business plan, usually consisting of one to two pages. Some important points that you have to describe are business goals, operations, marketing efforts, and income capital.

2. Business Description

Business descriptions usually begin with a brief description of the industry. When describing the industry, discuss current views and possible future.

You must know the world of business that you are facing, inside out. You also have to provide information about all markets in this industry, including new products or developments that will benefit or influence your business.

3. Market Strategy

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Market strategy usually refers to the results of careful analysis of the business market that we will run. Market analysis can help entrepreneurs get familiar with all aspects of the market, so that targets can be defined.

The plan of business strategies must be made realistically, unique and provide added value for the company so that it can compete with similar companies.

Market strategies can be made in several phases that are in accordance with the company’s business conditions. Such as the introduction phase of products or services, the marketing phase through digital or social media, the pricing strategy phase, and others.

4. Competitive Analysis

There are times when you need to do an analysis of competitors or similar players. The aim of competitive analysis is to determine the strengths and weaknesses of competitors in the business market, strategies that will give you different advantages, obstacles that can be developed to prevent competition from entering your market. Every weakness that exists can be utilized in the product development cycle.

5. Design and Development Plans

The purpose of the design and development plan section is to give an idea of ​​product design to investors, map its development in the context of production, marketing and the company itself, and create a development budget that will enable the company to achieve its objectives.

6. Operations and Management Plans

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Operations and management plans are designed to describe how the business functions sustainably. Calculate the operational costs of employers in carrying out their business activities, starting from production costs, HR costs, maintenance costs, or other costs.

The operating plan will highlight organizational logistics such as various management team responsibilities, assignments assigned to each division within the company, and capital requirements and costs associated with business operations.

7. Financial Factors

The last and not to be missed is financial data that is always behind the business plan. In making a financial plan, the company needs to formulate or calculate the capital needed to run its business operations, and how to make and control the budget to run the business process.

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