What are the critical components of a business plan? Recommend any changes that would be required if the plan were to be used in a foreign country.
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The business plan is the starting point for an organization to seek expansion of its products in new territories, or to launch new products in old territories. Over the years, business plan has become a standard document which is expected to have certain format. Those reviewing the document have expectations over what information should be placed under what heading, and hence the layout should not be changed. The business plan consists of five crucial components. These are:
1. Executive Summary
Every business plan must begin with executive summary as it is this section that provides an overview of what is contained further along in the document. Each and every word must be carefully selected and presented as this is where the audience would be paying most of their attention to. Executive summary is used to describe the nature of business venture, and reasons why people need the product or service.
This section also includes the management team of the organization. Sales and marketing approach is also addressed here. Finally, the summary includes few numbers, like the amount of capital required, projection of sales, and the ability of the organization to repay the loan.
2. Company Analysis
This section provides the strategic overview of the organization of the company, ...
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