The various elements of business plans are:
- Business concept: Includes a brief description of the business,
its products or services and the market it will be serving.
- Financial features: Consists of major financial points such as
Sales, Profits, Return on Investment and Cash flows.
- Financial requirements: Refers to the capital needed to start
the business, and how that will be used.
- Current business position: Focus on the information such as the
legal way of operation, the foundation, the founders, current
owners and other key personnel.
- Major achievement: Highlights any achievement which the company
wants to showcase.
The four types of business plan are:
- The miniplan: Under which one needs to cover all the items
which are a part of the longer plan but in shorter and concrete
format.
- The presentation plan: Do extensive planning to make a
descriptive and to the point presentation plan to present in front
of the management.
- The working plan: It can be considered as a tool to operate a
business.
- The what-if plan: This can be also considered as plan B for the
organization, in which companies get ready with an alternate plan
in case things don’t go as per the set plan.