• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • News
  • Business
  • Dictionary
  • Example of
    • How to
    • List of
    • What is?
    • Where is?
    • Who is?
    • Why is?
  • Health
  • Religion
  • Technology
  • Shop
    • My account
    • Basket
    • Checkout
Example of anything

Example of anything

Find out the example of anything you wish to know. Ranging from words, places or things either in existence or non-existence

You are here: Home / Business / Business plan -10 reasons, types and elements of a business plan

Business plan -10 reasons, types and elements of a business plan

by Stephenie Okpala Leave a Comment

business plan

Business plan -10 reasons, types and elements of a business plan

Table of Contents

  • Business plan -10 reasons, types and elements of a business plan
  • Why Business Plan?
  • The purposes of a Business Plan
  • Elements of a Business Plan
  • Types of Business Plan
  • Disadvantages of a Business Plan
    • Related Example.NG posts:

A Business plan is a document containing a road map that provides clues on how a Business plan can be started, continued with and sustained.

Why Business Plan?

  1. A Business plan is necessary for a concise understanding of a particular startup.
  2. A Business plan reduces the event of startups crashing at its first quarter of running.
  3. A Business plan showcases seriousness to whomever that it is presented to.
  4. A Business plan outlines goals that must be achieved.
  5. A Business plan helps an entrepreneur reduce the risk of falling into a trap of underfunding.
  6. A Business plan helps in the setting of priorities.
  7. A Business plan helps the growth of accountability.
  8. A good Business plan helps set milestones that can be achieved.
  9. A good Business plan serves as a reminder for regular keep up with tracks, set.
  10. A good Business plan sets right better cash flow management.

The purposes of a Business Plan

  1. A Business plan well crafted and created attracts secure funding.
  2. A Business plan focuses on the goals of the entrepreneur.
  3. A Business plan enables an investor to define and explain a Business.
  4. A Business plan exposes the unique value of the proposition to whomever it is presented to.
  5. A Business plan outlines the mission of the Business and gives a futuristic idea of what should be expected.

Elements of a Business Plan

A Business plan must contain the following element:

  1. Executive summary: an executive summary summarizes what you expect to achieve or accomplish from the Business. It is the preamble of the Business plan.
  2. Company description: this discusses the objectives of the business, its goals, customers that will be served, the uniqueness of the products and what makes your company different from others already in the industry.
  3. Market analysis: here the knowledge of the market which an entrepreneur attempts to venture into is discussed at length. The data and statistics of the present market emphatically elaborated.
  4. Competitive analysis: a good Business plan must showcase its ability to compete with the already present players in the industry of its choice.
  5. Description of management and organization: a Business plan will have to map out its chain of command. From the company executives down to the non-administrative bodies. It also indicates the ownership structure. i.e whether it will operate as a partnership, sole proprietorship, a limited liability company e.t.c
  6. Breakdown of products and services: the description of products and services gives whomever that is reading the Business plan an idea of what you’re creating or selling, how long your products are meant to last and how they’ll meet any need.
  7. Marketing plan: the issue of marketing the services in the Business plan is a vital issue that must be discussed. The steps that will be taken in the process of marketing and the stipulated budget for the process.
  8. Sales strategy: the marketing is done and the goods and services are ready to be sold. The question now is how do you sell? How will the products and services reach the right people? What are your sales target?
  9. Request for funding: a lot of Business plans are written with the intention of getting funding. An entire section will be dedicated to this. The amount of money raised and how the money raised is put to use.
  10. Financial projections: this reveals the financial goals that have been set to be achieved for the first 12 months and annual earning for the second to the fifth year of Business.

Types of Business Plan

  1. Startup Business plan.
  2. Internal Business plan.
  3. Strategic Business plan.
  4. Feasibility Business plan.
  5. Operations Business plan.
  6. Growth Business plan.

Disadvantages of a Business Plan

  1. A Business plan can be rigid, making its administration inflexible.
  2. A business plan can be time consuming and expensive.
  3. The business plan strives for objectivity but its nearly impossible to exclude bias when planning a future course for a Business.
  4. Business plans have a way of conveying false certainty of success.
  5. The accuracy of facts and information about the future in the business plan may likely be false.
  6. Business plans have a tendency to encourage a sense of security against risk.

Share this:

  • WhatsApp
  • Pinterest
  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Email

Related Example.NG posts:

business planHow to prepare a Simple Business Plan & 3 important components Marketing PlanMarketing Plan -Definition, stages, 3 components and 2 types of Marketing plan you might not know business ideasBusiness ideas for 2021 – 6 business ideas you need to give a try Elevator PitchElevator Pitch -example of elevator pitch, 3 elements; example for job seekers, students and businesses lucrative business ideasExample of Lucrative business ideas for 2021 Lesson planExample of Lesson Plan for Secondary Schools in Nigeria -3 important steps to know Debt Relief Plan 2021Debt Relief Plan 2021 PayslipPayslip – Meaning, format, 4 reasons for a payslip and example TIME MANAGEMENT SKILLSTIME MANAGEMENT SKILLS -4 steps to effectively plan your time China worlds Biggest ManufacturerWhy is China worlds Biggest Manufacturer -5 strong reasons! DENOMINATION AND RELIGIONDENOMINATION AND RELIGION- 2 reasons for many Christian denominations Entry BehaviourExample of Entry Behaviour in Lesson Plan verbVERB – Meaning, form, types and examples types of essay4 Types of Essay -Descriptive, Narrative, argumentative and expository Essays Controllable variables and uncontrollable variablesList of 7 Controllable variables in a Marketing Environment

Filed Under: Business, Example of, How to, List of, What is? Tagged With: #buisness, #buisnessplan, business plan analysis, business plan articles, business plan assignment, business plan assistance, business plan basics, business plan definition, business plan examples, business plan format, business plan outline, business plan sample, business planner, plan

Reader Interactions

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Join Example.NG on Facebook

Join Example.NG on Facebook

Follow Example.NG on Twitter

My Tweets

Recent Posts

  • Pregnancy and things to avoid
  • 10 Hilarious Inventions II
  • Alcohol withdrawal -Facts about alcohol and withdrawal
  • Vitamins -Definition, types, 9 functions, 8 sources and 8 side effects of vitamin
  • The Rainbow -Rainbow colours, the Christian, Islamic and Hindu belief, 5 ways rainbow form
  • Production and destruction of blood cells
  • Skin colour – 4 things you wont believe affects your skin colour
  • Sickle cell anemia -6 Signs and manifestations of sickle cell anaemia
  • Rusting – definition, formation, enhancers, and prevention
  • Bleeding – Overview, classification, types and dangers

Products

  • WAEC Result Checker PIN Online WAEC RESULT CHECKER PIN Online ₦3,000.00 ₦2,500.00

Footer

About Example.NG

Example.NG is a blog focusing on examples of anything there is; ranging from people, places and things. Read more.

All images as seen and used on this site are properties of their respective owners. For DMCA Report or takedown, Contact Us.

Site Navigation

Example of Home
How to Business
List of Dictionary
What is Education
Where is Health
Who is Religion
Why is Technology

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 26 other subscribers.

Copyright © 2020–2021 · Example of Anything . About Example.NG . Privacy Policy . Archive . Contact Us

We use cookies to remember your preferences to provide the needed experience. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.