Company/Commercial Law - Essay Example

Furthermore, a business plan outlines the necessary steps to undertake in every aspect of the business, especially considering the various parts of the business plan, such as the executive summary, which summarizes the core aspects of the business, and the production or operational plan, which entails the core business of the company. The marketing plan, which outlines how the business will carry out awareness campaigns and marketing in order to undertake effective customer sensitization, as well as, market penetration, the management plan which outlines how the organization structure will take shape, and finally the financial plan which outlines the profitability of the business.

The financial plan is the most important part of the business plan as it determines whether a business venture will be profitable or not, and how soon the proprietors will start earning their profits, such as through the break even analysis. Starting a law firm comes along with a number of challenges, and as such, imperative for the proprietors to consider the various principles involved in developing a business plan, such as the commercial interests, money, economics, borrowing, ownership, title, stakeholders, marketing, and attracting investment.

These incorporate some of the main features that affect the smooth operation of a new law firm Analysts argue that failing to plan is planning to fail. Comparatively in a business situation, failing to develop a clear and concise business plan is planning to fail in their future business endeavors. As such, whenever developing a business plan, the proprietors must ensure it covers an in-depth analysis of all the critical aspects of the business, and as such, guarantee the firm of success whenever put into practice through implementation.

A good business plan gives the proprietors an opportunity to experience high