One should always have a business plan may it be for small or large scale business so that one always has a direction to look into, if things go south
How to make a business plan
- Cover page — Identifies your business
- Table of contents — Organise information for the reader
- Executive summary — Provides a “big picture” view of the plan, highlighting the factors that will lead to success
- Business background — If it is a brand-new business, include your background and skills
- Marketing plan — Relates the business’s marketing strategy
- Sales and Business development plan- Connect the business sales strategy
- Financial Plan-Outline Capital and operational expenditure along with Sales forecast and Return on Investments(ROI),[Quarterly, Yearly, and five years]
- HR or People Management and development plan-Device HR Policy, strategy, action plan, etc.
- Action plan—Summarise how you will create and deliver your product or service
- Appendix—Includes statistical analyses, marketing materials, action plan, and profiles
Why one must have a business plan
- A business plan can act as a guide for entrepreneurs/ startups while implementing business strategies.
- Having A business plan can be used as an exclusive indicator while deploying the strategy and resources in place.
- Without a business plan, one can deviate from the flow of the initial and real plan.
Why is a business plan necessary?
- – Primarily business plan is necessary for managers/business owners for referring and running smoothly business operations.
- -As a secondary Necessity, a Business plan is always compulsory for getting finance from venture capitalists, banks, or lending institutions.
The main purpose of a business plan is…
- To create an effective strategy for growth
- To attract investors and lenders
- Also, determines future financial needs
Main Components of a Business Plan
- Executive summary. This is your five-minute elevator pitch. …
- Business description and structure. This is where you explain why you’re in business and what you’re selling. …
- Market research and strategies. …
- Management and personnel. …
- Financial documents.
10 Common mistakes we make while creating Business Plan
- Unrealistic Financial Projections.
- Not Defining the Target Audience
- Bad Research
- No Focus on your Competition
- Hiding Your Weaknesses.
- Not Knowing your Distribution Channels.
- Including Too Much Information.
Always remember to create a successful plan one must always set realistic goals while determining a financial achievement or a deadline