An overview of business plans
Business strategy overview
The Executive Summary is a high-level abstract
The Executive Summary is about the values and mission of a company. What does your business convey to customers? Similar to an academic research paper, the Executive Summary makes sense to complete after all of the marketing research and marketing plan sections have been completed. The management and operations plans will also need to be distilled in the Executive Summary.
How does a marketing plan impact a business?
Market and industry research are at the core of understanding the landscape where your business will thrive. Understanding the space and competitors and fine-tuning marketing strategies are crucial to planning product or service features. This will include price, promotion, and place. Where are your customers, and how can you reach them? A social media and advertising strategy will keep a business owner focused. This opens opportunities for providing the best value proposition to your valued customers.
Management and operations plan as a roadmap
Management and operations could be minimal if you’re a solopreneur. It is possible to handle each aspect of your business if you leverage automation and productivity tools. The market is saturated with applications but it’s important to prevent app fatigue. Keeping the number of apps to a minimum will be both efficient and time-saving.
The numbers
Banks and investors will want to see financial projections. The Income Statement, Balance Sheet, and Cash Flow Statement will offer at least a two-year projection of the business’ trajectory. A breakdown of administrative and sales/marketing costs aids in the budgeting process. The choice to hire W-2 employees or to outsource various operations activities will impact expenses.
Conclusion
There is in-depth market research involved, in addition to the finance portion of a business plan. Find a professional to partner with to formulate and complete a plan that can effectively grow your business, whether it’s through debt financing or raising capital.