5 Things Business Administrators Should Include in a Business Plan

May 26th, 2011 by Clifford
 In order for any type of business to be successful, it must have a well developed business plan. Many times, a person will learn how to create a business plan while obtaining a Business Administration degree. Any person obtaining a Business Administration degree will testify developing a business plan takes time and a lot of effort. There are several aspects to include within a business plan. All business plans will differ because each and every business differs to some degree from its competitors. Sometimes a business plan will be only a few pages long, while others might be more than 50 pages long. No matter what type of business plan is being developed, it is important to include the following five elements.

1) Details Describing the Business

All Business Administration students understand the importance of including a detailed description of a business in its business plan. This detailed description enables a business owner to fully understand exactly what its business offers to consumers, as well as what manufacturers, distributors, and suppliers it partners with.

2) Short and Long Term Expectations and Goals

Within a short term goal list, goals would be listed that the business owner expects to achieve within the next year. These types of goals often include deciding on permanent name for the business, obtaining a business license, or attending a business administration college. Long term goals usually include goals expected to be reached within the next three to five years. These types of goals will often include expanding a business to additional store locations, starting a website, and more.

3) Analyze Competition

A business plan should always include analyses of competition. This helps a business to determine how its competitors are pleasing customers. Upon discovering how competitors are pleasing their customers, a business can focus on their techniques and build upon them.

4) Analyze Financial Situation

Businesses always need to take a realistic look at their financial situation. The best way to thoroughly look at one’s financial situation is to create a business budget. The budget includes all expenses being paid, as well as all income coming in. Many times, after creating a budget, some business owners will find it helpful to obtain some type of business loan.

5) Marketing Techniques

One of the most important parts to include within a business plan is a marketing techniques section. This section provides details as to how the business will market its products and/or services to consumers. Effective marketing techniques can be learned at a business administration college.

So now that you have what you need for your new business plan it is important to continue your education. To find out how to get a business administration degree from an accredited business administration college or online school go to US College Search or to find a school in your area search for schools by your zip code here.

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