The type of service and/or product your company sells is going to determine the structure of your business plan. The essential components of most business plans are; Executive Summary, Business Description, Product/Service, Mission/Vision Statements, Market Analysis, Organization & Management Team, Marketing Techniques, Financial Summary, and Economic Principles.
· Select two different essential components and explain why they are necessary for a business plan.
There are two key factors that will drive a business plan; the entrance into a market or expanding in a market. This is going to determine the financial needs, profits/losses, and projections of the business plan. The components of the financial section of a business plan are: a sales forecast; an expense budget; a cash-flow statement; a balance sheet; an income statement; a break-even analysis; and assets and liabilities.
· Select two financial components and provide their definitions. State why they must be included in a business plan.
Submit this assignment as an essay of approximately 550 words in a Word document. Make sure you use complete sentences. Check your work for proper grammar and punctuation. There is no set format. However, in order to receive full credit, you must fully answer each question.
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