Business Plan – Key to a Successful Business

Understanding the structure of the business plan is essential to writing a successful business proposal. Every section of the business outline has a definite place and function, which needs to be maintained if the overall document is to be successful. Read through several business proposal samples and templates before starting to draft your own plan.Before Drafting Your Business PlanSpend some time examining your basic business vision from all angles before starting to draft your business proposal. Share your ideas with one or two industry insiders or colleagues and get their input as well. Look for potential negatives and hidden flaws that may affect your business success in the future.The Basic Structure of a Business PlanEvery business proposal follows a basic outline which is as follows:

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• The executive summary – the executive summary is where you sell your idea. It is always written at the end of the drafting process, so that it incorporates all the key points you wish to underline in your business outline, better. Pay special attention to this section of your business pitch while drafting. Use simple, ‘can-do’ language and dynamic, positive words that encourage readers to share in your business vision. Keep the executive summary short; it should never exceed more than two pages.The executive summary should address questions like, what is the need for such a business venture. Who will be the customers? What can the project offer them that pre-existing businesses cannot? It should focus on four or five core strengths that set your retail or service business plan apart.• The industry analysis – give a short introduction to your current industry environment. Talk a little bit about its growth potential and possible challenges. Include details of the kind of precautions and plans you have in place for coping with any tough times and making the most of high growth periods.• The market analysis – talk about your potential customers. What are their lifestyles and financial circumstances? Do they currently use the kind of products or services you are offering? If so, where are they getting them from and how can you compete with the current providers? If, on the other hand, they are not purchasing such products or services, how can you convince them of the need for the same?• The financial plan – include a comprehensive financial analysis and strategy. This includes a break-even analysis that takes into account the amount of sales you need to cover costs and the major startup expenses for your business, including rental charges, payroll expenses, advertising costs, overheads, insurance charges etc. Also include a detailed listing of your business assets and liabilities and the kind of funding you need and plan to get.

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These are just the core sections that need to be covered in every business proposal, regardless of whether it is a small service business plan or one for a large retail outlet. Fortunately there are several professional services that can help you in your project.Consult a professional business proposal writing service if you have any doubts about the structure of the business plan.