This document outlines the key components of a business plan, including what a business plan is, when they are used, and the benefits of preparing one. It explains that a business plan is a document that outlines the entrepreneur's goals for their business and how they will organize resources to meet those goals. The five main parts of a business plan are then described: the executive summary, operational plan, marketing plan, financial plan, and organizational plan. Each section provides important details about the business, from describing products and operations to researching markets, projecting finances, and establishing management structure.

1. BUSINESS PLAN
By Sophia Bovell-Nurse (B.ed Hons, MBA)

2. What is a Business Plan?
■ A document which outlines what the entrepreneur hopes to achieve from being in
business
■ The way that the business will achieve its aims
■ How the resources of the business will be organised to meet the goals.

3. When are Business Plans used?
■ To start a business
■ Business expansion
■ Developing new products
■ Obtaining financing
■ Making management decisions
■ Checking if goals are met

4. Benefits of preparing a Business Plan
■ Ensures that careful research is conducted into the feasibility of the business
■ Anticipates needs and problems which can be planned for in advance
■ Provides a written document that can be used when requesting financing

5. The five parts of a Business Plan
■ Executive Summary
■ Operational Plan
■ Marketing plan
■ Financial plan
■ Organisational plan

6. The Executive Summary
■ This is the most important part of the document.
■ It identifies the business, main objectives and the business owner.
■ It also outlines the product and nature of business.
■ It should be clearly written and be able to persuade the reader to continue.

7. The Operational Plan
■ Gives a detailed description of the goods or services offered
■ Identifies the labour and technology required
■ Describes the type and level of production
■ Ethical issues related to production

8. The marketing Plan
■ Organisation of the marketing department
■ Market research
■ Product strategy
■ Pricing
■ Promotion location
■ Distribution strategy
■ Ethical issues relating to the marketing strategies

9. The Financial Plan
■ Reasons for financing
■ Production costs
■ Projected performance
■ Collateral
■ Financing required
■ Ethical issues related to financing

10. The Organisation and Management Plan
■ Outlines the Organisation structure
■ Duties and responsibilities of human resources