The Three Important Components of Business Plan

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It is given that an excellent and satisfying products or services should be provided by business owners in order to attain customer trust and loyalty. It is also a way to outmatch their competitors in the market. However, a lot of business owners are having trouble getting solutions to address their customers concerns effectively. This problem usually occurs when you are lacking with an effective business plan, marketing plan, or any other tools. In order to get rid of this problem you should know the components of an effective business plan. But before I give you those components here is brief information about the importance of business plan.

Business Plan

An effective business plan is the very first thing that you need to consider to have a sustainable business. In fact, you cannot even build a small business without a business plan, what more if you are planning to start it big time. Statistically, the rate of start-up business failure rises from 50 percent to 80 percent, and it is not good news. It just proves that more and more entrepreneurs are ignoring the true essence of business planning. Now, if you don’t want to add up into that number of failures then you should write a business plan first before starting your business venture.  To help you get started, here are three factors that you need to apply in your business plan.

Financial Plan: This is the first step of writing a business plan, and one thing I assure you, this is not a simple tasks. You need to know your capability of founds. In fact, it has three components which include Cash Flow, Income Statement, and Balance Sheet. The Cash Flow is intended to the stream of money that should be added to your business. The Income statement on the other hand deals with the income and expenses of your business. Finally, the Balance Sheet is where you outline all the assets as well as liabilities of your business. You might think that these are far too complicated to be included in a small business plan. However, if you think that you cannot handle these tasks then you can always get help from the experts.

Marketing Plan: Of course, you need to provide an effective marketing plan in order to sustain your business and reach your business goals. Marketing plan is the key to popularize your business. There are different types of marketing tools that you can use such as tri-media, social media, content, blog, etc. As long as you can use these tools effectively then you will be capable of bringing your business into success.

Operational Plan: Operational plan in general involves detailed information which will serve as your guide to do all the tasks needed for your business. This is also the tool for you to determine tasks and solutions that you need to add, modify, or remove to enhance business efficiency and productivity.

Being able to adapt these factors will make business success possible. In addition, to implement these factors effectively, you need to have focus and discipline. If you need help on writing a business plan for small business then Socratic SBC is always eager to extend their help. Feel free to contact us at:

Roderick Hunnicut

Socratic SBC / Small Business Consulting

2 Wisconsin Circle Suite 700 Cherry Chase,

MD 20815

Office: (410) 344-7874

Fax: (202) 318-0689

rwhunni@socraticsbc.com

http://www.socraticsbc.com

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