By Christian Wechsler at April 21 2020 11:58:22
Experts say that a strong business plan is one sure step in the direction of success. So, what is a business plan in the first place? It is defined as a document that outlines the functional and financial objectives of a business. It also contains details of the budget involved and the goals to be achieved.
When I have received business plans, the very best responses come from people who have looked at the risks and have an answer for every question. What you never want is to throw a scenario at your plan and have to answer "I don't know what I would do in that situation". You want to plan for every possible contingency, and certainly all the major risks to the ongoing success of your business.
Marketing Plan: Marketing plan lays down the strategies of marketing which can lead to the success of business. These strategies are in terms of marketing mix (product, price, place and promotion). From the market feasibility study and marketing research, potential/ present demands of customers are determined which helps in understanding the profile of customers and hence help in laying down the strategies for segmentation of the market, identification of the target market laying down strategies for target market.
Preparing a Business Plan: A business plan has to be in accordance with the organization in question, its situation and time. However, a business plan is not just a document to be produced and filed. Instead, business planning is a continuous process. The business plan has to be a living document, constantly in use of monitor, control and guide the progress of a business.