Sunday, January 22, 2012

Optimizing Your Business Strategy: Essential Elements of a Business Plan

A business plan is an objective plan that aims to move the company forward, allocates its resources, focus on key points and prepare it for opportunities. However, not all businesses realize this. A business plan should be always developed and followed to ensure competitiveness and growth.

What is a Start-Up Plan?
This type of plan usually contains a summary, mission statement, key point for success and marketing strategy. A start-up plan would initially look at the company's present condition and current resources to evaluate if the business is worth pursuing or not. The basic of a start-up plan can be developed to become a business plan later on.
Are there any Standards for a Business Plan?
A normal business plan would follow a set of elements as shown below. These elements may vary according to a company's priority or whatever element it is that they are developing. For instance, investors are keen in evaluating a company's management style while banks will look at the company's financial and credit history.
Company Description - The Company should have an officially authorized establishment (i.e. an office) with all the legal permits at hand. This is to authorize the company in doing its ventures. Company description also notes the history of the business by outlining its beginnings. This would be a good indicator on how the business performed in the past and how it can perform better in the future. Professionals for cost control ventures offer expense reduction franchise programs that help companies asses where their business is likely to go based on their past experiences.
Product (Service) and Market Analysis- Products and services will essentially be the centerpiece of the company's business because this will allow consumers to know what the company is selling. Marketing strategy pertains to customer needs and market climate. Expense reduction analysts franchise owners would tell companies to not solely focus on customer benefits but also to be sensitive to the costs of incurring losses and gains while doing business.
Management Team and Financial Plan - These two elements would comprise the "lifeblood" of the whole business. Management team would include the key positions and responsibilities of each company member from the highest to the lowest ranking employees. Financial plan covers all the losses and gains, cash flow balance and break-even analysis. Cost reduction franchise services can help companies account for every smallest detail in their financial analysis and make sure that every dollar is monitored. Such cost reduction strategies not only focus on lessening the impact of high expenditure but also adapt better practices for saving.

1 comment: