5 main components of a business plan

Product focus Product focus matches market focus.

If you want families with kids, then serve food quickly, make the menu items relatively cheap and, of course, the food has to be safe. Concrete, measurable specifics A good marketing plan is full of dates and details. Strategy probably drives a good plan, but tactics, programs and details make the difference.

As much as possible, the plan has to tie results back to activities and come up with hard numbers to measure those results. A restaurant cannot have vague goals like having the best-tasting food.

How will you keep costs down to remain competitive? What is your plan for growth?

5 Key Elements of a Successful Marketing Plan

How does this business mesh with your existing business? It is important that you keep separate records for each different business you have. This way you will know what is making you money and what is not.

Management Team Investors pay particular attention to this section. They want to know that you have the right people for your business. The quality of your people will determine the success of the business.

Indicate who is on your team, their qualifications and responsibilities ie production, marketing, accounting etc. If you do not have people in these positions right know because of the size of your business, provide a time frame to put your team together. How will you overcome any labor shortages?

International Debt ii Social Environment: Social Environment consists of the customs and traditions of the business in which business is existing. It includes the main of living, taste, preferences and education level of the people living in the society where business exists. JPG The component features of academic essay overlook the components of social environment as these components may not have immediate impact on the business but in the long run the social environment has great impact on the business.

So, they condemned the use of the product and there was no demand of Pepsi Cola in that plan.

Elements of a Business Plan

So, the company had to change its advertisement slogan as it cannot survive in market by ignoring the sentiments of the people. In India also, there are many Social reforms taking place and the common factors of Indian Social Environment are: Some Aspects of Social Environment: Quality of life 2.

Importance or place of women in workforce 3.

Birth and Death rates 4. Attitude of customers towards innovation, life style etc. Education and literacy rates 6.

Describe the five major components of a project management plan

Tradition, customs and habits of people iii Political Environment: Political environment constitutes all the factors related to government affairs such as type of government in power, attitude of government towards different groups of societies, policy changes implemented by different governments etc.

Other aspects of cash flow management include a debt elimination plan, if needed, as well as a comprehensive savings plan.

How your portfolio is designed, the strategies you have selected, your tolerance for market risk and its effect on your portfolio returns — these should all be evaluated to ensure that they are aligned with your investment goals, your time horizon, and your expected lifestyle both today and in retirement.

There are priorities and tradeoffs to be considered and investment education from a trusted professional can be of value here.

There are a number of tax-reduction strategies, methods for generating tax-efficient income, and also wealth transfer considerations — no matter your age — to understand and implement in a proactive manner. For example, corporate bonds can benefit you more when held in a tax-deferred account, while municipal bonds can better serve you in a taxable account.