10 Must-Have Elements of a Successful Business Plan

While having a business plan is obviously a good idea — in fact, it’s a fundamental requirement — it must be robust, complete and accurate. Otherwise, it’s not going to steer your business in the right direction; on the contrary, it might take you over the edge or down a pitfall. What’s more, if you’re thinking about applying for a business loan from a bank or credit union, having an excellent business plan is mandatory. After all, if you aren’t sure of where you’re going, how and why, then lenders aren’t going to be filled with confidence.

With this in mind, here are 10 must-have elements of a successful business plan:

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Building A Marketing Plan That Wins

Every good business should have a sound marketing plan. That involves a sturdy website, well-run social media channels and of course, the intention to get the name of your business out there and known. How can any business sell its great products or fantastic services without people knowing about them? What’s more, the smaller the business – the bigger the effect that marketing has. Why is that? Well people already know about Apple, Coca-Cola and Google – but they might not know about you. Marketing works and if your name isn’t known, it will be with solid marketing efforts.

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