asked in Business+Finance by ELITE (3,091 points) 2 6 11
replied by ELITE (3,548 points) 3 7 11
A very good business plan must have all the necessary information about the new business competition and what makes them thrive in the market in order to take advantage of such benefits. 

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answered by LEGEND (6,076 points) 6 9 22
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The determination of sound business plan is what it set out to achieve in both the short-term and long-term. In other words, the soundness of a business plan would reflect in its attainment of success over a specific period of time. A business plan basically, is expected to have a model for continuity that would make it to outlive the person that started it. The business should be able to stand against all odds, not the type of business that would liquidate in face of challenges.

The sound business plan must have a term of innovative thinkers behind it, so that when it matters the most, especially when there is need to introduce new ideas that would take the business to the next level, it would be able to live up to the expectations.

With this flexible innovative system in place, the business would also be able to compete favourably with its competitors and come out on top of them all. While other businesses are running out of ideas to thrive, a sound business plan would remain afloat regardless of the storm threatening to crumble it. That's what a sound business plan should entail.
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answered by VISIONARY (9,003 points) 6 10 19
Business plan which is a document that tells one future about a business needs to be excellently done.This is like a map that gives a would be business owner the true direction to follow and as such it should be drawn in a very good way so that a success of it can be made.
So a good business plan must seek to make the management or board of directors work in accordance with the goals set out by the business.
A good business plan must be feasible, it shouldn't be a vague thing where there is no future success in it. It should been a plan with strategies that will actually works either in the short or long term.

A business plan should be enticing enough to bring in investors to help make the plans be realized. A good business plan must be professionally constructed.
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answered by ELITE (3,008 points) 2 6 13
The basic aim and objectives of every business is profit and the sustainability of the business. It is very important that a business plan which is a document that gives the details descriptions and plans on how a business will be and sustainable.
A sound business is expected to focus keenly on four major areas of the business which are :

The capital which is the amount of money required to finance the business till it begins to generate income which is mostly advisable to source from friends, family and personal savings,  if it must be loan then it should be long time loan so as to get the business Stable before Return Of loan.
Marketing which the major determinant of business progressive is very important,  it is better get good marketers to market your goods or services as the case may be or a good marketing plan.
The plan should also contain detailed vision and mission statement.
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answered by ELITE (3,548 points) 3 7 11
Starting a good business takes a lot planning and preparation because when you want to succeed in any kind of business which you desire to get into, you are definitely supposed to make all the necessary preparation and take all the necessary precautions to avoid making any mistakes that would put your new set up business in jeopardy and in the threat of folding up right immediately when it was set up and put in business.


A very good business plan must cover all the necessary research that would make available all the necessary information needed to take advantage of all the opportunities such business would stand out to enjoy and it would also have all the information about all the weaknesses and threats that would mar the business.

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