Updated: Nov 1, 2022
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A business plan is important for the inception, growth and overall success of an organization in the UAE. These plans provide a business with a vision for the longer term and a transparent strategy for a way to expand. There are several essential components of a good business plan, and understanding each of those components can facilitate your company's success.
In this article, we explore why business plans are important and also include multiple free templates for you to use as well as an outline of a what a good business plan should include.
Why are business plans important?
Business plans are important for several reasons, with one in all the foremost prominent reasons being that they supply a transparent outline of action for companies to require to succeed in their goals. These plans can give a company clarity about how viable their company is and what's needed to grow and prosper. Business plans help establish specific steps that companies must want start their business and promote their success.
Business plans are important because they:
Provide insight on what resources are needed to achieve goals
Establish a transparent timeline of when an organization can expect to realize goals
Can help an organization determine the steps to require to expand into a brand new market
Offer a transparent thanks to track progress as a corporation grows
Enable business owners to predict and plan for potential risks
Allow investors to work out the viability of an organization
Components of a Good Business Plan
A business plan can take many forms, but all business plans should ideally include the following sections:
This is your five-minute elevator pitch. it should include a table of contents, company background, market opportunity, management overviews, competitive advantages, and financial highlights. It’s probably easiest to write down the detailed sections first then extract the cream to make the executive summary. try and keep it to merely 1-2 pages.
Business description and structure
This is where you explain why you're in business and what you're selling. If you sell products, describe your manufacturing process, availability of materials, how you handle inventory and fulfillment, and other operational details. If you provide services, describe them and their value proposition to customers. Include other details like strategic relationships, administrative issues, property you'll own, expenses, and therefore the legal structure of your company.
Market research and competition
Spell out your market research and describe your marketing strategy, including sales forecasts, deadlines and milestones, advertising, PR and the way you pull together against your competition.
Management and personnel
Provide bios of your company executives and managers and explain how their expertise will facilitate your meet business goals. Investors have to evaluate risk, and often, a management team with good experience may lower perceived risk.
This is where you put the numbers that make everything you outlined in the organizational and marketing parts into one place. Include profit and loss statements, records, and income statements estimates for the next three to five years. These are projections for the future, not current accounting results.
Business Plan Templates for Free Download
We've curated 3 business plan templates from top sources: Khalifa Fund, Dubai SME and Shopify. These templates are free to download.
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