Business & Finance
At the heart of successful business management is efficient and effective finance management. Whether you are a small business owner or a finance manager at large corporation, you must keep up-to-date on the most current news related to business and finance. Stay abreast of popular business and finance trends among the business world.
This business and finance section can be an invaluable source of information for any level business manager. Use the information below to stay abreast of the complex world of business and finance.
What is a Business Plan?
A business plan can be defined as a prescribed report of business goals[wrong]. Professional business planning is indispensable for any businesses whether big or small; it is the backbone of any business. Proper business planning gives you a clear idea about industry or market. It shows the owners a clear path to start their businesses initially and to run it successfully in future.
The basic elements of business planning are:
• Setting the mission of the company: It indicates the purpose of business
• The second and important element of planning a business is setting a target/objective for the business
• Strategies: It includes the rules and guidelines by which the objective has to be accomplished
• Competitive benefit: Bring something new which has not been introduced by your competitors; this will increase the sales and profit of the company
A good business plan has following key components:
• Managerial synopsis: It provides a concise summation of the business plan and highlights its key points. It shouldn’t be more than 3 or 4 pages
• Company analysis: This part shows the overall position of the company, what products and services the company is offering, how to organize a company, etc.
• Customer analysis: This part defines as to how the company fulfills the desires of its customers; how much a customer pays them to satisfy their needs? [wrong]
• Competitive analysis : This part indicates the direct and indirect competitors of a business and access their potentials and weak points
Business planning is effective for any business, as it is personalized and purposely enhances your business atmosphere. For investors, it works as the most remarkable production instrument; even for internal customers [sentence doesn’t make sense]. A good business plan takes a substantial amount of effort and time.
When and Why YOU are the Best Writer for Your Business Plan
There are many benefits to writing your own business plan and you are probably the best person to write your business plan.
Enlarge ImageWHEN you are operating or planning a small business that is seeking funding for less than five million dollars, it's wise to consider writing your own plan.
WHY you are the best qualified. You probably have superior knowledge of your target market, prospective customers and your product or service. If not "superior," at least, you have adequate knowledge. You are probably resourceful enough to find the necessary data and general information.
Are you planning to write a novel or describing a set of business conditions and functions? Your descriptions need only to be accurate, factual and realistic. You are equal to the task if you know how to construct simple sentences. There's ample free or inexpensive advice available to edit your writing output. Good writing results from re-writing.
Many of the business plan guides available in your local community are free. There are plan writing coaches with reasonable rates and arrangements.
Compare the benefits from writing your own business plan with the costs and shortcomings of a plan written by a third party.
Personal development is a spinoff from your investment of time and energy. Being able to write a plan is a valuable management skill that remains with you.
During the writing process, you create additional ideas and variations. Your pride in your accomplishment will be apparent to your readers and others.
Your composition is easier and less costly to revise. Business plans are noted for quickly becoming out-of-date because data, circumstances and events are ever changing. Different lenders or investors have varying requirements and almost all request some alteration or additional information. Suggestions from associates and reviewers are easily inserted. Your visions remain adjustable and flexible.
Confidential data remains in YOUR files where you can easily access it for applying to other purposes.
You are more aware of discrepancies or inconsistencies which you can defend or correct.
Your investor or lender may be able to supply privileged information such as economic analyses, highly protected marketing intelligence or pending legislation.
Ease in converting into internal project plans increases your return from your major writing investment and reduces "re-inventing the wheel" for subsequent projects or plans.
Writing your own business plan requires a little courage. If you are operating or planning to operate your own business, it's a good bet you've got loads of that! The next requirement is time. Study the benefits listed here and I'm sure you will manage that accordingly.