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Writing a Business Plan
Brooks Wood, Knowledge Level: Moderate, Keywords: Writing a Business Plan, Business Plan, Elements of a Business Plan
A business plan is something that every company should have and every aspiring start up company should make. It pretty much lays down a strong foundation for a company to rest on and build off of. A well-designed business plan will get many problems, seen or unforeseen, solved before they ever crystallize and will set ground rules for you and/or your employees to abide by – ultimately forming your company culture. The following is a short overview about what a business plan is and why it is important, as well as some tips on developing a well-structured one.
- Define your business
- What does your business do?
- Location?
- Company hours?
- Who is your target market?
- What is your competitive advantage?
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- Identify company aspirations
- How will the company profit?
- Anticipated growth?
- Logistics
- Personnel
- Pricing?
- Promotion?
- Distribution?
- Who is your competition?
- Etc.
- Estimated financial statements
- Balance sheet
- Income statement
- Statement of cash flows
- Cases in need of financial backing, a business plan should have a pay back schedule for the investors
Having a business plan, like anything else, is not a full-proof tactic against having a failure for a company. However, a business plan will highly improve your chances of staying in the green.
Brooks Wood is a singer/songwriter from Raleigh, NC with degrees in Marketing and Music from North Carolina State University. He fronts a Raleigh-based band, Brooks Wood Band (http://www.brookswoodband.com) and offers guidance and marketing consulting to other area artists and bands.. Article on Writing a Business Plan, Business Plan, Elements of a Business Plan by Brooks Wood
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