My thought on approaching this assignment is to come up with a good, workable business plan. Understanding the market and discovering a gap in the market will help come up with a good business plan, with less risk of failure. Also, studying the target market will help advertise the product to the right audience.
The key elements of a business plan are:
Executive summary: It's important very in that it tells investors why your business will succeed in few words. It also includes a mission statement, a concise history of the business, its product or service and a summary of potential plans
Market analysis: It describes a company's target market for its product or service and describes how the product or service will meet the needs of the target market. (Charpentier 2018). It discusses target market size, the market share to gain, the pricing of the product or service.
Company's information: Explains what the company does, and the needs the company can fulfill in the market. It also explains how a company's product or services particularly gratify these needs.
Organization of a company: It will help investors understand whether they are engaging with a corporation, a partnership or a sole proprietor. (Gambia News, 2016) .Lenders are also able to know who is in charge and their business experience
Marketing and sales: Discuss market penetration strategy, the channel distribution and communication strategy to reach the customers.
Product description: An explanation of how the product or service affects the customers and the product lifecycle.
Financials: Financial information is necessary especially when a company is requesting funding.
Potential investors will consider checking the company's information, product description, and its organization. They will, therefore, get information on the business team, its track record, the product the company is selling and the competitive advantage it has. (Berry 2005). These elements will help them decide whether to invest in the company or not. Also, the financial record will help them see whether the company is worth investing in depending on the profits made.
Accurate financial data is very important to a business plan. This is because it portrays financial transparency and builds trust with the shareholders and investors. Investors need to be sure that a company is running well and making profits and they can thus put the money they have earned in the business. (Kumaran 2015)
Berry T. (2005) .What investors look for in a plan. Retrieved from https://webcache.googleusercontent.com/search?q=cache:hp2KgWsBZLIJ:https://www.entrepreneur.com/article/79834+&cd=1&hl=en&ct=clnk&gl=ke&client=firefox-a
Charpentier W.(2018).Key elements of a business plan. Retrieved from http://smallbusiness.chron.com/key-elements-business-plan-56006.html
Gambia News (2016). 10 key elements of a good business plan. Retrieved from http://businessingambia.com/10-elements-of-good-business-plan/
Kumaran S. (2015). Importance of accurate financial statements for a business. Retrieved from https://www.invensis.net/blog/finance-and-accounting/importance-accurate-financial-statements-business/
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