Post on 27-Dec-2015
Business Administration & Management
Mr. Bernstein
Elements of a Sound Business Plan
April 14, 2015
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Business Administration & Management
Mr. Bernstein
Business PlanCritical document that describes all aspects of the
business venture1) Business Description2) Organizational and Marketing Plan3) Financial Plan
The plan outlines the purpose of the business, guides decisions, and may be instrumental in obtaining capital
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Business Administration & Management
Mr. Bernstein
Business DescriptionType of business and statement of purposeBusiness PhilosophyTypes of Products Self-Analysis – Personal strengths and weaknessesGeographic “Trading” AreaMarket Segment AnalysisPotential Locations
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Business Administration & Management
Mr. Bernstein
Organizational and Marketing PlansType of OwnershipStart-Up StepsPlanned Personnel with Job Descriptions, including ManagementMarketing Plan – the Four P’s:
Products (also in Business Description)PricingPlace (also in Business Description)Promotional Activities
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Business Administration & Management
Mr. Bernstein
Financial PlanCapital RequirementsSources of CapitalProjected Income and ExpensesRepayment Plan
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Business Administration & Management
Mr. Bernstein
Common Mistakes in Business PlanningUndefined Target MarketPoor ResearchIgnoring CompetitionUnrealistic Financial Projections (ie Projecting
Exaggerated Growth Levels)Underestimating Capital NeedsInconsistencies within Plan