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For any company, the business plan serves as a crucial roadmap for success. Business plans are most commonly used to introduce outside parties -- usually investors -- to your business. But even if you're not looking for funding, it is helpful to go through the exercise of writing a business plan, as it requires you to answer some important questions about your business. For example, who are your customers? Who is your competition? What are your goals, and what resources will you need to achieve them?
Whether you're using your business plan as a planning tool or a solicitation of investment, it is important that you have a hand in crafting it. No one else knows your business better than you do. And while experienced legal and business advisors can help you shape the final document, you need to communicate your vision of the business. And if you're not already aware of the nuts-and-bolts financial aspects of your operation, working on a business plan is a great opportunity to get acquainted with them.
The basic elements of your business plan will include a business description, target market, competition, positioning, customers, sales distribution and marketing, and financial statements. To help you think through and construct your business plan, check out the following:
- Meet Jeremy Haft and William Xin owners of BCB Plastics, whose extensive market and competitive research for their business plan brought them to mainland China.
- Access articles on creating the various components of a business plan, including introductory elements,
business description, the market, development and production, sales and marketing,
management, and
financials, as well as a balance sheet glossary and frequently asked questions.
- Find out E. James Burton's answer to the question, "What kind of financial information should I include in my business plan?"
- Read a profile of Michael Makropoulos, founder of The Funding Game Seminar Series which runs training seminars in start-up fundamentals with a focus on writing business plans.
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