Developing A Business Plan For A New Business

Developing A Business Plan For A New Business-1
The main points will either be depicted as bullet points or as slides, in the case of a Power Point presentation.

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In essence, a business plan describes a business in detail, including its goals and how it intends to achieve them.

Business plans are typically written for new businesses, though they can be written for existing ones as well.

For example, if you’re preparing a business plan for internal reasons and not to seek funding from a financial institution, there is absolutely no need to include background information in your business plan.

When you’re preparing a business plan for external investors, you should describe the management team; if you’re preparing the business plan for a bank, you should include the financial history and background of the company.

When you need to attract new funding or some kind of debt finance, you would prepare an expansion plan.

Both plans should include a detailed description of the organization as well as extensive background data on each member of the management team.

The business plan also typically includes a brief look at the industry within which the business will operate and how the business will differentiate itself from the competition. These include: feasibility plans, annual plans, internal plans, operations plans, growth plans and more.

These different types of plans are drafted to match the different business situations.

If, however, the expansion plan is for the business’s own internal consumption, it will be categorized as an internal business plan and won’t contain details about the organizations or the management team.

Internal expansion and growth plans are used to strategize on the steps the business needs to take to expand and grow.


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