All businesses must have good business plans not only to kick start their businesses but also to survive or to progress in their operations. A good business plan forms the backbone of the company on direction and focus; it maps out its strategies as it identifies all possible risks and threats on every opportunity it sees and grabs.
Hence, a forward looking company should create a business plan for its own benefit. A good business plan usually adopt the infamous SWOT analysis that comprises the Strengths, Weaknesses, Opportunities and Threats aspects on the corporation that can impact the business.
A good business plan must be comprehensive in applying the SWOT aspects to provide a thorough analysis of the business needs. The STRENGTHS aspect tracks the company’s mission and niche in the desired market segment through market research. The WEAKNESS aspect should identify the barriers and risks to the company that may hinder its market entry and position.
The OPPORTUNITY aspect lists the areas in which the company may make some headway or forward progress through its available resources. And the THREATS aspect notes and monitors the present and future competition to the business.
A good business plan template should consider the following types of information:
* Company Name & Address
* SWOT analysis
Every company will have a SWOT analysis for its business plan as the business offering is always different.
Consider the attached sample template for your convenience.