Tuesday, December 15, 2009

How to Write a Strategic Business Plan

When you start a business of your own, there are several different steps that have to be followed to ensure that all the pieces are in place to run it successfully.

You need to consider several factors before you ever market your product or services, and writing a business strategic plan is the most effective and functional way to lay out the path for your new business.

Plan out each section and you'll have an easy follow map to success. How do you write a business strategic plan? Read on for the criteria you can build your business on.

* Who owns and runs your business? It is necessary that every business plan detail the owners and management of their business from silent partners to direct owners to the management in place at the time of startup.

* General Company Description: In this section, you'll need to write down detailed descriptions of your company, its purpose, the type of business including the legal formation like corporation or sole proprietorship, the target market, your industry, and your company strengths that will help you compete in your market.

* Marketing Plan, Economics, Product and Customers: All have to be detailed based on current statistics or your specific goals.

* Competition, Niche and Strategy: Researching your competition is vital to understanding how you can succeed in your marketplace. In other words, if you are in a specific niche industry, seeing how the other kids play together in the sandbox will let you know how to stand out amongst them. Use this research to plan your business strategy.

* Management Lists, Sales Forecasts and Operational Plans: Look at the financial and operational side of your business together to best plan how your monies will be allotted for payroll, promotions and marketing, legal fees, equipment or other overhead costs.

* Financial Plan and Capitalization: Lay out how you plan to fund your business startup and what you expect from the next twelve-month budget.

* Executive Summary: As a last but nonetheless vital step to your business strategic plan, writing out your executive summary provides readers an outline for the content of your plan with some character behind it. It's the first page of the documents, but must be done last to provide the best effect.

By : Frank_I._Locust

1 comment:

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