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3 Essential Elements Effective Business Plan Must Have

Business plan is essential to every business personnel not necessarily it has to be directed to an investor and all, it can be used as a tool in form of check and balance to access the progress, growth, defect, problems and challenges in your business firm.

However, whether you’re preparing to launch a new business firm or an existing one, there is no wrong time to review your business plan as it should be an existing document that reflects the changes and growth of your company.

This article contain 3 essential elements of an effective business plan.

Executive Summary

The Executive summary generally entails the overall detail of a business, that is, your business mission statement, history of your company, when it was founded, description of your products or services, what you have for your audience, highlights of your business growth and progress so far, and the change you would like to see in your business.

Company Description

This is where you analyze extensively on what you do, your product and the services you render, what your brand stands for, the impact and merits of your brand existence.

You could also state out what makes you different from your competitors, that is, your brand’s uniqueness, and identity, as it will help readers have a clear view about your business firm.

This section is where you have to market your brand well, describe what your business does, how it can satisfy a need or want in the market place, your target audience and all.

Market Analysis

This section studies the attractiveness and the dynamics of your market, as it is majorly concentrated on your target market, market size, historical and forecasted growth rates, demographics, needs, wants, and purchasing trends, amongst others.

All these analysis tends to measure the strengths, weaknesses, opportunities and threats of your company.

If you’re looking for the best team to help manage and build your company’s business plan, don’t hesitate to contact espact today via our WhatsApp line, +2348081553042

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