A business plan is an essential tool to secure financing, hone your business strategy, and have a clear idea of your goals and resources. But what are the parts of a business plan? Keep reading to discover the answer and learn more about business plans.
Executive Summary
An executive summary is the first part of a business plan and is what investors read first. Hence it’s important to make sure it is strong and compelling.
The executive summary should provide an overview of the entire business plan, highlighting the key points while being concise and to the point.
Company Description
The company description section is where you provide an in-depth look at your business. This section includes the history of the company, the business’s mission and vision statement, the target market, and the industry analysis of your business.
This is also the section where you highlight the unique selling points that differentiate you from your competition.
Products and Services
This section provides more information about the products and services that your business offers.
For instance, this is where you are expected to list out all the products and services that your business provides, their features, and the benefits that your customers can derive from them.
Market Analysis
The market analysis section requires extensive research to examine your target market and that of your competitors. The research should cover various areas, such as:
- The size of the market
- buying behavior of the consumers
- Competition that exists within the market
The marker analysis section provides valuable information for an entrepreneur, which can inform their marketing strategies, pricing, and customer acquisition tactics.
Financial Projections
The financial projections section of a business plan provides a comprehensive overview of the financial health of your business. It’s where you list out the cost structure of the business, the break-even analysis, and the financial projections for several years into the future. An investor would want to see this section to have an idea of your business’s financial viability.
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About The Pomona Chamber of Commerce
At the Pomona Chamber of Commerce, our mission is to keep you up to date with the most relevant developments in business management and administration so you and your company can take advantage of new opportunities.
Contact us by email (info@pomonachamber.org) telephone (909-622-1256), social media, or click on this link to join and start enjoying the benefits of membership today.
