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Scott Droney - Fundamentals of Preparing an Effective Business Plan

A business plan includes an outline of the goals, expected expenditures, promotion materials and even the exit plan. As the business proceeds, these aims serves as a map and measure and it also helps the company be continuously reminded of their priorities.

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Scott Droney - Fundamentals of Preparing an Effective Business Plan

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  1. Fundamentals of Preparing an Effective Business Plan Scott Droney

  2. A business plan includes an outline of the goals, expected expenditures, promotion materials and even the exit plan. As the business proceeds, these aims serves as a map and measure and it also helps the company be continuously reminded of their priorities.

  3. Taking care of Vision and Mission: • In any organizational venture, the vision and mission is the first thing to take care of. This shall indicate the direction of the company's business, what are their goals, purpose and expected achievements.

  4. Giving an Introduction: • Give a brief and comprehensive summary of how the plan or company came into existence. On what basis is the idea for the business? Who are the people linked and in charge of the idea? Why did you start a new business?

  5. Define the Goals and Objectives of the Company: • Define both the short-term and long-term goals and what are the factors to focus on immediately? In long-term period which areas will have to be addressed? How long will be the expansion time of the company? When is the expected date of realizing the profits?

  6. Special attention to Products and Services: • It is vital to give special attention in presenting the products and services the company plans to offer and discuss the features of these products or services. Describe how your products and services will compete in the market and how the company shall react to the needs and demands of the market. 

  7. Short Biography of the Management: • The plan should also include a short biography of individuals in the management. It should provide the names and backgrounds of every person and indicate the positions and responsibilities they have to fulfill.

  8. Implementation of Marketing Strategy: • An effective plan must also show the marketing strategy that shall be implemented. This will indicate how business is maintaining its place in the market. Promotional materials should be properly defined, whether it will utilize the print, television, Internet or the combination of all three.

  9. Financial forecast given for a target period: • The usual periods taken are three-year or five-year terms for the forecast of financial period. It includes spreadsheets, formulas, statements and even some assumptions that involve technical assistance. This part should be prepared carefully and professionals should be consulted if required to ensure that this is properly worded and presented.

  10. Strategy of Alternative for the Company: • This is often be called as the exitstrategy. It is a section that defines the alternative of the company. It also lists down the standards and situations when the company will have to end. Specific income generation, a target figure or even some actions that will be decided upon by the company leaders are the basis of this strategy.

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