HCS 499 What is a Business Plan

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What is a Business Plan

HCS 449December 03, 2016name

Introduction

Every successful business started with the same thing, a successful business plan. Berry (2016) says, “a business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals.” Although it is not required to have a long and formal business plan some business benefit from this type of document (Berry, 2016). This paper will cover the purpose of a business plan, the information included in a business plan, and how that information is used, by potential investors and stakeholders.

The Purpose of a Business Plan

Defines the purpose of the businessStates overall goals of the businessGains attention from potential stakeholders and investorsDescribes the organizational structure of the business

Image retrieved from: http://reimargroup.com/2015/12/23/is-the-business-plan-dead-not-necessarily/

The Mission Statement

A statement of purposeInform the publicFormed around organizations goals and purpose

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The Vision

Not the same as a mission statementIncludes companies valuesProvides more direction

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The Strategic Plan

A more detailed set of goalsA blueprint of the organizationBrainstorming and researchUses SWOT analysis

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Additional Information

Overview of the business project.The strategy the organization will use for marketingThe organizations financial informationThe organizations operational information

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Why Information is Important

What value the mission statement has for the business planThe value of the vision statementThe values of the strategic planThe importance of the additional information

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How Information is Used

To attract investorsAvoid mistakesDevelop a game planKeep everyone on the same pageFinalize a strategic plan

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Conclusion

The business plan is an important part of the creation of a business. The plan will during in investors to help you finance the organization, and draw in potential partners or other stakeholders, bringing more attention to your organization. It is important to include the proper information, utilizing both inside and outside sources. The companies mission statement, vision statement, strategic plan, as well as financial information, operational information and an overview of the business are all used and important in the business plan to help it achieve its purpose. It is also crucial that one knows how to use their business plan to their advantage and help the organization achieve the goals it has set.

References

Belcher, L.M. (2016). Reasons for Mission Statements in a Company. Retrieved from http://smallbusiness.chron.com/reasons-mission-statements- company-15701.htmlBerry, T. (2016). What is a Business Plan. Retrieved from http://articles.bplans.com/what-is-a-business-plan/ Burns-Millyard, K. (2016). What Is the Importance & Purpose of a Business Plan?. Retrieved from http://smallbusiness.chron.com/importance-purpose-business-plan- 760.htmlOshunbiyi, T. (2016). 5 Reasons Why You Need A Vision Statement for Your Business. Retrieved from http://everythingonbusiness.com/5-reasons- need-vision-statement-business/ Pirraglia, W. (2016). Why Is Strategic Planning Important to a Business?. Retrieved from http://smallbusiness.chron.com/strategic-planning-important-business-2671.html Williams, D. (2016). Health Technology Startups: Business Plan Development. Retrieved from https://www.linkedin.com/pulse/health-technology-startups-business-plan-development-darrell- williams




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