Please give a description of the following.
Business plan contents, marketing plans, creating effective management teams, key legal considerations for small businesses, pros and cons of the primary organizational forms and what are these forms?
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Small Business Management
Business Plan Contents for Small Business:
In order to get success in the business, whether it is a small growing business or a large corporation, a sound business plan should be there. For a small business, the business plan should have the following contents:
 Background and Concept of Business: In this, the owner should discuss about the background and the object of the business.
 Financial Situation: Every business has a financial background. Before planning a business, the owner should finalize its financial position and the content of the business plan that includes a description of financial situation.
 Vision and Mission Statements: In this part, the mission and the vision purpose of the business should be discussed.
 Product or Service Development: Every business has some products and services and the description of these services and product should be in the business plan for the development of strategies of the business.
 Market Analysis: In order to sale the products and services, the business owner should analyze the market for the business. This analysis includes:
o Specific Market Segment
 Customer service/support: Customer services and satisfaction is the main objective behind any business. So, the business plan should include the customer services and support techniques.
 Key Personnel: In order to run a business there is a management team. The business plan contents should describe the name of the key personnel of a business organization.
 Structure of the organization: Every business organization has a definite structure. At the time of developing a business, the organization should have a proper structure.
 Legal Considerations: In order to start a new business there is some legal considerations, so the description of these considerations would be necessary for the business to grow in the future without any legal barrier.
 Balance Sheet and Profit and Loss Projection: Balance sheet and profit and loss statement shows the company's financial statement after the end of the year. With the help of these statements, the company could analyze the profitability at the end of the year.
Marketing Plan for Small Business:
A marketing plan includes all the information related to the business and its products, various strategies of marketing etc. This plan describes all the marketing activities of a ...
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