What are the essential elements of a business plan?

"The executive summary provides an overview of the total business plan. Written after the other sections are completed, it highlights significant points and, ideally, creates enough excitement to motivate the reader to continue reading. The vision and mission statement concisely describe the intended strategy and business philosophy for making the vision happen. Company values can also be included in this section. The company overview explains the type of company, such as manufacturing, retail, or service; provides background information on the company if it already exists; and describes the proposed form of organization—sole proprietorship, partnership, or corporation. This section should include the company name and location, company objectives, nature and primary product or service of the business, current status such as start-up, buyout, or expansion, history if applicable, and legal form of organization. The product and/or service plan describes the product and/or service and points out any unique features, as well as explains why people will buy the product or service. This section should offer descriptions of the product and/or service; features and benefits of the product or service that provide a competitive advantage; and available legal protection, including patents, copyrights, and trademarks. The marketing plan shows who the firm’s customers will be and what type of competition it will face; outlines the marketing strategy and specifies the firm’s competitive edge; and describes the strengths, weaknesses, opportunities, and threats of the business. This section should offer an analysis of the target market and profile of the target customer; methods of identifying, attracting, and retaining customers; a concise description of the value proposition; selling approach, type of sales force, and distribution channels; types of marketing and sales promotions, advertising, and projected marketing budget; product and/or service pricing strategy; and credit and pricing policies. The management plan identifies the key players—active investors, management team, board members, and advisors—citing the experience and competence they possess. This section should offer descriptions of the management team; outside investors and/or directors and their qualifications; outside resource people and their qualifications; and plans for recruiting and training employees."