Overview of a Business Plan

Overview of a Business Plan

Today I want to enlighten you on an overview of a business plan so you can know what to look out for in a business plan.

In our previous post I wrote about the difference between a business plan and a business proposal because of lots of people do not know the difference.

On this post you will be able to note what to look out for in a business plan, what a business plan should contain. If you want to learn how to write a business plan is simple

To have a complete oversight of a business plan, you must take cognizance of the following

What is a business plan
Types of business plan
Analyzing marketing plan and the market

What is Business Plan

A business plan is a document that outline the company’s vision, where the company is going, how it will get there. It often called a roadmap for your business. It contains strategies a business that the business owner must carry out if he must succeed in the field of business.

Types of Business Plan

There are different types of business plans, they are Periodical or Annual Business plan and Non-periodical Business plan.

Periodical or Annual business plan contains year sales volume, market share, profit, growth etc.

Non-periodical business plan can be seen in two different ways, plan for start up a new business and plan for new investment

Analyzing Marketing Plan and the Market

In analyzing the market and the marketing plan there are some questions you need to ask yourself, remember we are talking about an overview or oversight of a business plan.

Some of this questions are
What is the size of the target market?
What is the size of the total market?
Can this market be grown?
What makes us different?

There are two ways to estimate market growth, one of the ways is the estimation of environmental factors such as economy, technology, law; this factirs are very important because with it we can anticipate how the market growth will be in the future.

Another way is estimation based on historical growth because its easy to estimate how the future will be.

Analyze Competition
There are different kind of competition and it is very important to note that. There is a direct competition and indirect competition.

Direct Competition is a company or an individual that does the same kind of product in the same kind of market. Example of direct competition is MTN and Glo, Coke and Pepsi

Indirect Competition on the other hand are businesses that offer very similar or slightly different products and services but target the same group of customers with the aim of satisfying the same need.

In setting a target Sales Volume, you must consider the results of all analysis. One important thing you must note is that target market share is subjective, it does not have a general formula so in setting a target sales volume you must observe practices of similar companies.

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