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Key Elements of a Business Plan
A business plan is a key tool for entrepreneurs to:
Decide if you should start your business or not.
Organize your ideas so that you will know how to start and run your business
Present your business plan to a financier such as a bank or investor in order to start up your
Existing business owners can also prepare a business plan to assist in the growth and development of
their company. Below are some of the key elements of a business plan. We encourage you to do some
research to see other elements that may be more applicable to your venture.
1. Executive Summary
This is a critical part of your plan as it is important that you get off to a good start. Ideally, it should
introduce the business model, describe the product and identify the target market. It should also name
the key personnel with the accompanying responsibilities and summarize the projected financial
Most investors/financers usually look to this section to determine whether the entrepreneur has a clear
idea of what he/she is getting into; whether he/she has ensured that the necessary resources have been
identified and that the business financial projections are viable.
2. Industry Analysis and Business Description
The entrepreneur should then do an Industry Profile to determine the characteristics of the business
environment that they would be entering. Some useful tools to assist with this are Porter’s Five Forces
and the PESTLE analysis which looks at Political, Economic, Social, Technological, Legal and
Environmental factors that could impact the business.
Business Description – Give details on the idea, state the vision, mission, and objectives. Describe the
product/service in detail, state the practical benefits and show how you will create/add value.
3. Marketing Plan
Give details of market research undertaken to emphasize the viability of the product/service and to
determine target market
Outline the Four P’s – Products, Price, Place, and Pro