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Developing and maintaining a successful business requires planning.
Describe the product's life cycle, and any research and development activities for new versions or products. In this section, discuss your overall marketing strategy, including market penetration, growth, channels of distribution and communication.
Your sales strategy includes your sales force and sales activities — what will get your product or service into the hands of the customers your marketing strategy created. Here, you will discuss historical financial data and the prospective financial data developed after you've analyzed the market and set clear objectives for your business.
A business plan precisely defines your business, identifies your goals and serves as your firm's resume.
It describes the products and services you will sell, the customers to whom you will sell them, the production, management, and marketing activities needed to produce your offerings, and the projected profit or loss that will result from your efforts.
Great business plans have a structure that allows you to define what your business is, the market it serves, how it will conduct operations and the money it will make and spend.
Here are the sections the Small Business Administration recommends including in your business plan. The executive summary is considered the most important part of the business plan, and is usually written last.Talk about organizational structure, the management team and what makes this team qualified to run the company. In this section, describe your product or service and the consumer needs that it meets.If applicable, talk about patents filed on intellectual property.Montgomery: Business owners should reach out for help.SBA has an extensive network leveraged through our resource partners and available to small businesses nationwide.It is also helpful in anticipating problems and developing strategies for avoiding or minimizing those problems.Your business plan is a reflection of you and your ability to organize, to think, to manage and to communicate.Good intentions are only a part of the formula; the rest is knowing: FAQ - Business Plans SBA's Business Plan Tool - step-by step guide to writing a business plan Live Plan - Business planning software offered at a discount through the SBDC Fresh Books - Use Fresh Books to painlessly send invoices, track time and capture expenses.As an SBDC client, you can get an extended 60-day trial.[See Related Story: Business Plan Tools for Startups] Editor's note: If you're looking for information to help you with writing your business plan, use the questionnaire below to have our sister site provide you with information from a variety of vendors for free. This is where you show off what you know about your industry, and in particular, the market your product or service will serve.Discuss your target market, its size, the distinguishing characteristics of your offering, and how much market share you can capitalize on accordingly. This details how you are going to run your company and conduct day-to-day operations to meet company goals.