Key Elements of a Business Plan

In this episode #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham reveals about the outline of business plans. The process of getting a business plan in place is the most important, not the ultimate document. Depending on the industry or business, you can always tweak it.

What's in a Typical Business Plan

1. Executive: Executive summary is a high level summary and its idea is to arouse interest. It is your pitch to frame the problem, solution, market, competition, team, financials and milestones.
2. Company: It is about what you are and the things you do. Share an emotionally compelling and aspirational vision to drive movement. Talk about the nuts and bolts of the business along with its structure, elements, backstory and history.
3. Offering: This section is about what you do, and the details of products or services that you will offer. Describe who the product will serve and their uniqueness. Share proof of concepts, the benefits that customers will get and what its perceived value is.
4. Market: Who are our customers and their geographic, demographic, psychographic? Define the type of market and the current changes. After choosing a realistic target market, figure out the delivery mechanism and the competition.
5. Strategy: It is the key step-by-step tactics that we use. It is about positioning, timelines, milestones and expectations. Plan how you will create connections with the marketplace and build loyalty with the customers.
6. Team: Team is about who the key players are. Figure out the management team, executives and other key members. Their backgrounds, experiences and successes should be shared.
7. Money: List the financial standpoints as forecasted cash flow. It should have all the details related to our cash-in and cash-out. A sensitivity analysis is also required to figure out what should be done when things don’t go according to plan.

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ABOUT MEL ABRAHAM

Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.

Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.

Meet Mel at http://melabraham.com/

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