SWOT Analysis for Business Plan
A SWOT analysis is a powerful tool that tells the strengths, weaknesses, opportunities and threats of your business. It contains great importance in front of investors and lenders when you are asking for loan. It tells them how your businesses is operating internally and are you capable enough to earn large amount of profits or not.
The SWOT analysis is prepared to know the strengths and weaknesses (internal capabilities of the company) and opportunities and threats (external parameters that are affecting the company). It contains great importance in your professional business plan. It is used to analyze the core areas on which the strategy of business depends; weaknesses your company have; opportunities that you have in market, in order to expand your business; and the external threats of which the company has to be aware.
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Writing Marketing Analysis Section in the Business Plan
The most important part of business plan is market analysis section. It contains information about your target market, products or services, competitors, pricing strategy, sales/distribution plan and advertising and promotional plan. This part also determines whether the market is sufficient enough to support the business or not.
It is necessary to review your market analysis section at least every year. Thorough research is very important before writing a professional business plan. You must be well-aware about every part or every question you are including in your marketing analysis section.
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Business Plan for Home Based Business
Business plan is regarded as one of the most essential document of any business entity. Related to business, a home based business plan deals with number of different issues, in which the most common are: services, market competition, supply of products and investment.
It is necessary to make perfect home based business plan for your home based business. If your business plan is not perfect, potential investors and lenders would not grant you loan and you will not be able to take important decision properly.
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Strategic Planning Vs. Business Planning
Many people think that business planning and strategic planning are same, but when we look at both the plans closely, we observe that there is a big difference between these two. One writes business plan when they are starting a new business, while strategic planning tells you where you want to go and what will be your strategy to expand your business. In short, we can say that business planning is for beginner, while strategic planning is for growth.
There is a difference between the two, so one should not confuse business plan with strategic plan. In this article, we will discuss the difference between a strategic plan and a professional business plan in detail.
A strategic plan is not more than one or two pages and it can be circulated throughout the organization. Strategic plan is signed by board of directors and it is one of the major parts of the corporate governance process. It is not only for big businesses, but small businesses can also make strategic plan in order to grow their business.
The basic format of strategic plan is usually as follows:
• Vision statement
• Mission statement
• Action plans
• Risk analysis & contingency plans
• Competitive analysis
A business plan, on the other hand, is a detailed and substantial document that is used to for generating funds from investors and lenders. Business plan writing is not an easy task; it requires years of experience for writing a customized business plan. A business plan can take your business towards success; on the other hand, it can also take your business towards failure. So, for getting success in business world, it is necessary to have a successful business plan. It is necessary that your business plan must be in proper format, without any errors. You can easily buy business plan from business plan service providers and can make necessary changes, according to your requirements; but make sure that your business plan must be error and plagiarism free.
The basic format of business plan is:
• Cover sheet
• Table of contents
• Executive summary
• The company
• The market
• Production, engineering and/or technology
• Sales and marketing
So, in last, we can say that business planning and strategic planning both are entirely different. One focuses on the growth of business, while the other focuses on starting a new business.
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Measure Your Business Plan Results
Business plan is a vital document that is made with lot of efforts. It is not written to stay in the shelf and to get covered with dust. Business plans are not consistent; entrepreneurs can change them according to the changing trends of the business world. Business world is changing constantly, that is why it is important to make crucial changes from time to time. Entrepreneur is a person who has his eye on every changing trend of business world and he wants his business to be successful at any cost, so he can make necessary adjustments in his business plan anytime.
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