Do your research. In order to be able to write a strong, comprehensive business plan you need to possess a sound knowledge of the market you are involved in. You need to actively conduct market research and ensure that your plan makes reference to your findings. It should include factors such as market size, the predicted growth path of said market and how you propose to gain access to it. For example, if you are planning on opening a bar then your business plan should include figures based on the local population, cost of suppliers, predictions about whether the bar industry is likely to grow or decline in the area and a review of the competitive environment.
The market potential for your service or product-You need to convince your customers and employees for your products and services you are offering and hence you have to find out the market which needs that product or service.
Internally focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization. An internal business plan is often developed in conjunction with a balanced scorecard or a list of critical success factors. This allows success of the plan to be measured using non-financial measures. Business plans that identify and target internal goals, but provide only general guidance on how they will be met are called strategic plans.
Once you have done all this you should have a complete and detailed professional business plan. The most important thing to remember when developing the plan is to see it as a living document and include specifics regarding dates and specific responsibilities. Your plan will need constant reviews and updates and things change so expect it to be a work in process for a good stretch of time. It will all be worth it in the end, a well-written plan will help ensure that the business is fully focused on what is required to achieve the company's goal.
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