THE TWO POWERFUL DOCUMENTS THAT EVERY BUSINESS NEEDS
Every Business needs a Business plan And Business proposal, most people use the terms “Business plan” and “Business proposal” interchangeably.
Both are different in terms of content, structure, writing style, goals and purpose.
A business plan is a written presentation of facts while a business proposal is price quote and a call to action.
A business plan is a document that outlines a detailed description of how a business is set up, it is 5 year plan of a business showing the company structure, products and services, market findings from research marketing strategy, budget and financial projections.
While a Business proposal is a purposeful sales document to illustrate how a business will carry a project, give the value of the project to the prospective client and ask for the clients business.
Business Proposal is a response for proposal (RFP) a response to a project that a business wants to do for a client
Its Features include
✓Introduction
✓Executive Summary
✓Table of contents
✓The Body of the proposal
✓Conclusion
The Business plan on the other hand is road map to a business, helps people to know your business at a glance, it is also given to investors and prospects with hope to raise funds or get partnership.
The contents of a Business Plan consists
✓Executive Summary
✓Business Description (Company Overview)
✓Marketing Plan/Analysis/Strategies
✓Sales & Marketing
✓Competitors Analysis
✓Operation Plans
✓Financial Projections
The Executive Summary: has the
¶mission statement, ¶highlights of the company,
¶ achievements, ¶products and services, ¶General information (employees and location)
Business Description: ¶What your business does,
¶Which industry your company belongs to, ¶How you solve problems
¶unique value proposition
¶competitive advantage.
Marketing Analysis:
¶Key Industry information
¶Target market Data
¶Consumer Persona
¶Target Market Share
¶Barrier to entry
Sales and Marketing:
You’ll put here
¶How you’ll convince your target
¶Brand positioning
¶Medium of marketing etc
This is how a Business plan should be stated. The Business plan also helps the Business owner know how feasible the business is, it helps him or her to know the loopholes in his or her business. The Business should be verified by the owner before it gets to investors.
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