Alex Mukensturm

Prof. Rybas

2/10/2019

Technical Definition

Business Plan

A business plan is a strategic blueprint for any new or growing business. It can also be

incorporated for a startup venture. Startups are different from traditional businesses because they

are deigned to grow fast, and they have something the can sell to a very large market. Formal

business plans are generally required by bank lenders, angel investors, and venture capitalist if

funding is needed to grow the company. A lean business plan is basically a shorter business plan

that can be updated easily and often, plus it’s a great alternative to a business model canvas. A

business plan captures the opportunity of the product or service within the company. It can also

be changed if opportunities arise to make the company more beneficial. Companies are looking

to make the most revenue along with as much return on investment possible. The plan includes

details on how the company will execute, the price and market solutions, and the financial

projections.

For a company to be successful, there must be a business plan to follow because it sets up

the company for success. A business plan has two primary purposes. First, it should assist the

company with a more cohesive vision. It is the roadmap by analyzing the plan for marketing,

sales, manufacturing, human resources, and even website design. For a business to be successful,

the business plan must be written in depth and followed to have a profitable business. My

grandmother owns a sports bar in Tecumseh, MI and follows her business plan from top to
bottom. But if a problem arises, she may have to adjust her financial plan to adjust her business.

With a business plan intake, it greatly improves the chance for success. It is also the sales

document that aims to attract professional investors who may only have time for a quick glance

as investors are always busy. There are 7 steps to a perfectly written business plan: (Rampton, J.

2016)

1. Research, Research, Research

2. Determine the purpose of the plan

3. Create a company profile

4. Documents all aspects of your business

5. Have a strategic marketing plan in place

6. Make it adaptable based on your audience

7. Explain why you care

Researching and analyzing the product or service will make it easier to promote and

convince the consumer to buy the product or service. To write the perfect plan, you must know

the company, competition, and the market. The purpose of a plan is having a written document

describing the nature of the business, sales and marketing strategy, and the financial background.

This will determine where the company breaks even, profit, or loss. A company profile should

include the history of the organization, the products or services offered, the target market and

audience, the resources needed, and how you will solve a problem. Investors what to make sure

that the business is going to be profitable and they determine that by documentation.

Documenting all aspects of the business is incorporated within having the perfectly written

business plan. It should also include having a strategic marketing plan in place by using an

aggressive tactic. This will help to achieve marketing objectives that the company would like to
hit. The world is constantly changing the target audience and what the most popular trend is. The

business plan must be modified depending on the audience reading the plan. Whether someone is

sharing the business plan with an investor, customer, or team member, the plan needs to show

that you are passionate, dedicated, and invested in the business.

This illustration provides the necessary

requirements to have a successful business plan. (Weklar,

D. 2013) The SWOT Analysis is a key part when

describing the business. Strengths, weaknesses,

opportunities, and threats should all be listed so the

business has room to grow, but also ways to improve. The

mission statement is what the target audience is going to hear so it should be convincing enough

for them to buy the product or service. Putting together all eight of the requirements needed to

have a perfect business plan with set up the business to be successful and profitable.
 Work Cited

Rampton, J. (2016, August 26). 7 Steps to a Perfectly Written Business Plan. Retrieved from

https://www.entrepreneur.com/article/281416

Weklar, D. (2013, November 19). Do You Know the Differences of Business Plan and Business

Model? Part lI: Essentials of a Business Plan. Retrieved from

https://www.weklarbusinessinstitute.com/do-you-know-the-differences-of-business-plan-

and-business-model-part-li-essentials-of-a-business-plan/