Key components of a business plan

As a leader, you want to develop a plan that provides your sales team with the strategy and tactics to lead them to success.

Key components of a business plan

Marketing plan The marketing plan describes, in general terms: A full marketing plan and strategy need not be included in the business plan but a number of alternatives need to be considered and evaluated in the planning process before the marketing plan is finalised.

There are various exercises that can be helpful in the planning process: SWOT analysis — strengths, weaknesses, opportunities and threats; PEST analysis — political, economic, social and technological; Balanced scorecard — analysis of the impact of achieving objectives from a financial perspective, a customer perspective and an internal perspective, and of innovation and learning, together with identification of critical success factors and performance measures; and Brainstorming — for alternative scenarios, opportunities and strategies.

How to Write the Financial Section of a Business Plan |

It should also identify strategically where the partnership is at, where it wants to go, and how it will get there. A critical component will be a projection of sales. Where it is required to make forecasts, at least three sets of projections should be considered: Operations plan The operations plan is a brief outline of the basic operation of the PPP option.

This may be obvious to some people, but not necessarily to every stakeholder.

Customer Analysis

The following need consideration: Human resources plan Management is critically important to the success of any PPP option. Investors or lenders are looking for a balanced team of people to cover the important areas of management, marketing, accounting and the technical skills to deliver on the business plan.

Human resource management requires thinking about how the partnership will recruit, screen, motivate, train and discipline the staff needed to work. It should name the key people operating the PPP option, and outline the education or experience each of them brings to it. It should explain how key areas of the operation are handled and by whom.

An organisational chart may be useful in this regard. Contingency plans should be indicated if a key person cannot work for an extended period of time. It should indicate any weaknesses in the management team and the strategy to overcome them and in what time frame.

Training existing staff, recruiting new employees or hiring outside advisors are some of the possibilities. It should indicate whether salary and compensation of managers and employees are competitive within the industry and whether incentives such as commissions, bonuses or profit sharing are being offered.

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It should name the board of directors or professional advisors and indicate how management will use their experience and guidance.

The timing and frequency of board meetings should also be indicated.This article is part of our “Business Planning Guide“—a curated list of our articles that will help you with the planning process! What is a business plan? In its simplest form, a business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve.

key components of a business plan Steps towards a Strategic Plan The preparation of a strategic plan is a multi-step process covering vision, mission, objectives, values, strategies, goals and programs. The first five components of a professional business plan provide an overview of the business opportunity and market research to support it.

The remaining five components of the plan focus mainly on strategy, primarily the marketing, operational, financial and management strategies that that firm will employ.

A strategic sales plan is essential to the success of your sales efforts. Without a good sales plan, sales success is almost imposable. 5 Key Components of a Powerful Strategic Plan.

New entrepreneurs have a lot of details to think about, including crafting a strategic plan. Experienced business leaders frequently stress the.

Writing a business plan is a big task, and no two business plans are alike. But most effective plans include the following major elements.

As you write your business plan, come back to this list of key components to make sure your plan is complete and thorough. Company overview: Your .

Elements of a Good Business Plan