Wolthuizen Maritime Business Solutions supports companies in the marine and offshore market by offering ‘hands-on’ Business Development Services.
The Basic Seven Sections of a Business Plan
1. Executive summary. The executive summary tells the reader what the business developer wants. A summery provides an overview of your business concept, key objectives of the business and the plan, ownership structure, management team, the product or service offering, target market(s), competitive advantages, marketing strategy, and a summary of the financial projections.
2. Business Overview. The overview includes details regarding your business’s history, vision and/or mission, objectives, and the existing ownership structure.
3. Products and Services. It includes the proposed products and services, including features and benefits, competitive advantages, and, if marketing a product, how and where your products will be produced.
4. Industry overview. The industry overview is the opportunity to demonstrate the viability of the proposed business by discussing the size and growth of the related (your) industry, the key markets within your industry, how your customers will buy your products or services, and which markets you’ll be targeting.
5. Marketing Strategy. Market strategies are the result of a meticulous market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the market. It includes the target market segments, your competition, how you’ll differentiate your products or services, and your products’ or services’ unique selling proposition.
Competitive analysis forms a part of it and is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.
6. Operations Plan. The operations (management) plan describes just how the business functions on a continuing basis. The operations plan will highlight the logistics of the organization such as the various responsibilities of the management team, the tasks assigned to each division within the company, and capital and expense requirements related to the operations of the business.
7. Financial plan. It is the most important part of a plan. Financial data is often at the back of the business plan, but that doesn’t mean it’s any less important than up-front material such as the business concept and the management team. It’s worth dedicating up to 80% of time into this section.
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