Business Planning
Having an effective business plan can be the key to your success. With a well-prepared plan, you can secure finance, prioritize your efforts, and evaluate opportunities. Although it may seem like a lot of work initially, a well-prepared plan can save you time and money in the long run.
What are the essential components of a business plan? There are no strict guidelines regarding the content or level of detail required. However, a comprehensive plan should incorporate the following:
• A business profile
• Vision, mission, and objectives
• Market analysis
• Operational strategy
• Products and/or services offered
• Marketing plan
• Financial strategy.
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click here to download the WA Small Business Business Plan template
A detailed overview of your business, including a SWOT analysis and risk assessment. Additionally, kindly specify the licenses, permits, and insurances you have acquired.
Business
Profile
Vision, mission
& goals
Details your vision and mission statements, along with your short and long-term goals.
Market
Research
Provides a description of your industry and the names of your competitors.
Operational
strategy
Detailing information on your location, equipment, inventory, suppliers, human resources, and environmental policies.
Marketing
plan
Conducting marketing research and industry analysis, identifying your unique selling proposition, determining your target markets, setting marketing goals, creating marketing budgets, and developing effective marketing strategies.
Financial
strategy
Discuss financial goals, forecasts, operating expenses, and cash flow.
A summary of your offerings and services, your current standing in the market, the advantages for your customers, and your pricing tactics.