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Importance of Business Plan
BUSINESS PLAN 2
Introduction
Operational and effective business administration hugely depend on efficient planning. A
business plan encompasses a laborious process that highlights numerous elements, events, and
procedures involved in various stages a nd information and people required to achieve every
activity. It is thus vital for business people and aspiring financiers to understand that both startups
and existing business organizations require a business plan. Through a business plan, business
entities can create an efficient growth strategy and establish their future financial goals and needs
while attracting investors and lenders(McKeever, 2016). Therefore, the study intends to offer an
effective business plan that will outline; the mission statement, industry and target market, the
structure of the business, products, a nd services offered, the problems solved by the
services offered, and the unique selling points.
Importance of Business Plan Company Profile order here
The intended sex toy company shall be located in the United States, with New York City
being the primary location of the business. From New York City depending on sales and revenue,
the company shall expand exponentiaJJ y widening its reach to more states and more cities. The
U ni ted States is a preferred and suitable location due to its increa sing population of youngsters
with a strong purchasing power. Young people from the ages of 20-35 years sha ll be the primary
target market for the business. This business shall opera te using the e-commerce mcx:lel, where
customers shall make orders online, which shall then be fulfilled by the company to ensure and
guarantee privacy a nd anonymity of the customers.
Importance of Business Plan The Mission Statement
Mission statements offer a clear objective for workers hence improving their job Importance of Business Plan
performance and commitment to work. The mission statement consequently motivates workers to
work to meet the business’s long-term growth plans. The following is the mission statement for the
business.
BUSINESS PLAN 3
“To help humankind thrive by permitting all individuals to work together painlessly.”
Industry and Target Market Importance of Business Plan
Products and setvices are often produced to satisfy the need of a particular market. Industry
and target market often play an essential ro le in determining benefits and how such services are
offered. The “sex toy” market is marred with sign正icant levels of competition from山fferent
su ppliers. To penetrate t he market requires good planning and effective product positioning in the