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A business plan is a document that describes your business in terms of what it does, the products and services it offers, your business strategy and business goals, and your action plan outlining how you plan to achieve your goals and earn money.The main purposes of a business plan are to Show the future financial performance of the company and its economic situation for the owners and investors Help identify risks that may affect the growth of the company and provide strategies to overcome them Help make predictions about market trends, competitor behavior, customer requirements and define and prioritize key business objectives Serve as a key resource for developing budgets Although this comes first, it’s smarter to write it at the end.
This tools helps you depict and analyze how your (potential) target customer perceives the brands or products of your competitors.
It helps you make sense of your product or service’s competitive positioning through the survey data at your hand.
It can help you highlight the hierarchy of your organizational structure as well.
This section explains your services or products and how they can benefit the customers.
Your market analysis should also include a competitor analysis, where you will research your key competitors in terms of their influence in the market, their strengths and weaknesses, the threats they pose to you, their products and services, their pricing plans, their marketing strategies etc.
Some visual techniques you can use in this section to present your data are These aptly summarize all your findings on your customers such as their demographic details, jobs, responsibilities, needs, challenges etc.
This section is required if you are presenting your business plan to investors.
It will include both historical data such as cash flow statements,profit and loss statements, income statements etc.
PEST stands for Political, Economic, Socio-Cultural and Technological factors.
It’s a great way to examine how the external forces in your market can impact your company.