The Key Elements of a Business Plan

2. Products and Services

For potential investors and lenders, this is a key part of your business plan. Describe in detail the products and services you plan to sell. Include the following:

• A thorough description of your product or service and an honest assessment of its strengths and weaknesses in relation to its competitors
• The stage of development your product is in. Are prototypes, working models or finished products available?
• Any patents, trademarks, copyrights, industrial designs, trade secrets and other technological advantages you might hold
• The technology you will use to produce your product or deliver your service
• Industry rules, regulations and restrictions under which you must operate your business
• The timelines for the introduction of your product or service

3. Management

A key ingredient of your potential business success is the strength of your management team. In this section, include the following:

Your company's organization, including the work to be done by key management personnel

Short biographies of key management personnel, including related business experience

Management salaries and other compensation

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