Some Elements that Must Be in a Business Plan. Every win needs to be planned. Therefore, you need a business plan that is mature in carrying out commercial activities.
Understanding and Importance of a Business Plan
Some Elements that Must Be in a Business Plan. A business plan is a business plan that aims to help you achieve your business goals. Business plans are not only created in wishful thinking but instead in written and other well-structured visuals.
Having a business plan outlined in this document will also help you more carefully trace what is the essence of a business cycle and journey, such as the final business goals to be achieved, what resources you have, what things are a challenge, and others.
Elements that must be in a business plan
In general, a business plan contains a description of the business activities carried out, starting from the preparations they have, the potential benefits that can be achieved, to the expected goals. Meanwhile, according to Patrick Hull, the elements that must be in a business plan are the following eight things.
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Business Vision and Mission
The most basic thing in every business and contained in a business plan is the vision (goals) and mission (ways to achieve the goals) of the business. It should be remembered that not all businesses are solely aimed at achieving financial gain. Some large companies even start their business with the main point of view is to have a social impact such as improving the quality of life for certain groups.
Business and Product Description
Describe the company or business activity you do along with the goods or services offered. For example, if you are engaged in the culinary field, describe what types of culinary delights will be served, the price offered, and so on.
The uniqueness of the product or service is that surplus value is a crucial factor in determining the chances of success for a business. The more unique and relevant consumers of the goods or services offered, the bigger the market will give attention and interest.
Running a business cannot be separated from market research. Do in-depth research on the target market group (specific), the advantages and disadvantages of competitors, and so on.
Product Marketing Plan
How to market the product also needs attention. After knowing the character of the market, you should also be able to find effective and efficient ways to market your product so that it can “hit” the market share.
The Team That Works
The quality of the people behind a business also determines the strength of the business that is carried out. Investors will also usually be attracted to companies with teams that have impressive achievements and track records relating to the tasks they perform.
A SWOT analysis is a basic formula that you can use to really explore the business potential. Don’t be afraid to describe the weaknesses and threats of your business — both from a technical and non-technical perspective. The more honest you are in doing this analysis, the more realistic you will be in seeing this business opportunity.
Income and Expenditure Plans
Business and cash flow are two inseparable things. Make a plan for the flow of finance (income and expenses) that will be done or happen in the business. From here, you can assess and make more realistic predictions of the expected business achievements, such as how long you will experience a return on investment, how much loan is required in the initial phase, and so on.