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Starting up a business is an exciting time, but writing a business plan can seem daunting initially. However, being able to write a good business plan is an essential skill to have for any entrepreneur or new business looking to increase their chance of survival.

Management by objectives (MBO) is a process of agreeing upon objectives (as can be detailed within business plans) within an organization so that management and employees agree to the objectives and understand what they are in the organization.

Products and services-You should list down all your products or service offerings and highlight how it is different from your competitors, its basic features and advantages and in what way it will benefit your customers.

Identify your audience. A good business plan should be written from the prospective of the audience. First, you need to decide on the purpose the plan. Are you trying to persuade an investor to take on your project or communicate the future plans for the company? The purpose of the business plan will affect the style and content so make sure you are clear on this before beginning. A good business plan needs to be tailored to the specific requirements of the target audience in order to be engaging.

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