An annual business plan provides a clear plan for the future of a company. It may include strategies for existing and upcoming products and services that can be made for an existing business, or before starting up a new business. The financial status of the company is set out in the business plan, alongside the projected financial forecast of the company.
- The executive summary section of the annual business plan provides a general overview of the position of the business. Potential investors often judge a business on the quality of this initial page.
- In an existing business, an outline of potential changes to be made to the business should be set out, including changes to the business or customers. In a new business, a description of the potential opportunity to be provided is laid out, including why and how the business will be successful.
- The business plan should set out what the company hopes to achieve over the next year. In a startup business, a marketing and sales strategy is important, as the details of who the company is aimed at is important to investors.
- An important factor in an annual business plan is information on the management team of a company and other important people involved in the company. Important qualifications of employees should be included.
- Information should be given on all details of the business, including premises used, production equipment and information-technology equipment.
- The financial forecasts of the business should be provided, including the current financial situation and forecasted finances, including details of potential investors in the business.
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