2010-09-10

Business Plan Essentials

How to write a business plan?

Business Plan Essentials

For any business to make profit and sustain itself in the market, proper and organized planning with a systematic implementation lays the foundation for any business to run smoothly and sustain itself in a competitive market.  A business plan is required to cover almost all the aspects of a business venture – Finances towards raising the fund for bringing the business venture into existence. The First 1000 days is crucial to measure success for any business venture said Mr. Rajan Chibba, Managing Director of Intrim Business Associates at the Small Business Congress.  

Whether for raising fund or the smooth running of a business, entrepreneurs always need to stress on the importance of planning and developing strategies.

 

Here, some follow as:

 

The standard elements that almost every business plan should contain:

 

The Product or the Services to be offered by the company: ‘What are you planning to sell in the market?’ This is a prime question that every entrepreneur faces. The solution to this question will determine the sustainability and the probability of the business venture. Details like the technology used in the manufacturing of the product should also be mentioned along with its pricing.

 

The Management or the team of the company: Under this section, the entrepreneur should provide the complete details about himself and the other important employees of his/her firm. Every member of the team including the owner should be introduced by his/her name, followed by the individual’s role in the company’s affairs; specific job achievements in career; his/her work experience; qualifications and other details, if any. Potential investors and other concerned parties are impressed only by the factors of quality and experience.

 

Executive Summary of the company: This section summarizes the business of the company it is into, the basic concept of the company. It contains basic and important details like the background of the company, the objective and the vision of the company. The summary should also include details about the ownership of the company and information like where is it located or the number of branches or offices it has.

 

Other Key Details: The name of the company, it should be easy to remember; Location of the company; the total number of employees working in the organisation etc.

 

Benefits of a business plan


Solves Funding issues – If the business plan is well prepared and structured, it may interest banks and other money lenders and may solve financing issues to a certain extent.

Marketing – A well chalked out business plan can play a key role in marketing the business further and can create a strong base for investments to come in for the business.

 

Some of the challenges of the business plan:


Market analysis or studies: An entrepreneur needs to properly study reports and all the details thoroughly and analyze the scope in the segment he/she wants to operate his/her business venture into. This will enable the entrepreneur to know the present market size; the expected growth potential and the demand for the product and service the entrepreneur wants to bring into the market.

 

Competition: Finding out about the scale of competition in a given segment where the entrepreneur wants to foray into is again important and needs to be taken into account. If the market is big, lesser the competition will mean higher scope for the business.

A well prepared business plan will highlight an entrepreneurs’ professionalism and turn the tide in his favour. 

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