In Part 2 of this series, we covered the Marketing Plan. Based on that, you already have a mental picture of the resources you need to implement the Marketing Plan. Intuitively you can classify the resources into Labor, Capital and Technology. We now cover this component of our business plan.
Business Planning and Budgeting Advice
Because business planning is such an integral part of business management, we’ve dedicated a special area for planning topics on Bright Hub’s Entrepreneurship Channel.
In this area, we’ll cover all the different means you can use to write a business plan, whether the plan is for a new startup or an existing business. Our expert writers will also give detailed advice on the different aspects of budget planning and how to prepare charts and exhibits that will increase your chances of getting funding. In addition, we’ll take a look at software products like Business Plan Pro and other tools that can help make the planning process go a little easier.
Having understood the main components of a business plan in Part 1, the next questions to be addressed are what product-service mix will the venture get into and how will the business generate revenues and profits? Answers to these questions can be found in the business model and the marketing plan.