Business Plan
A Business Plan is a written summary of an
- entrepreneur’s proposed business venture
- its operational and financial details,
- its marketing opportunities and strategy, and
- its managers’ skills and abilities.
A business plan offers
- a systematic, realistic evaluation of a venture’s chances for success in the market.
- a way to determine the principal risks facing the venture
- a “game plan” for managing the business successfully during its start-up.
- a tool for comparing actual results against targeted performance.
- an important tool for attracting capital in a challenging hunt for money.
A business plan covers the “who” and “what” of the business.
- Who is running the business? What makes them qualified? What do they bring to the table that adds value?
- Who is the competition? What do they offer and what makes you different?
- Who is your customer? How big is the market? Where are they? What do they want and how will you give it to them? Also, how will you connect with your market?
Strategic Plan
The strategic plan is the action plan for your business
A strategic plan will generally include
- A strategic analysis- SWOT analysis (strengths, weakness, opportunities and threats)