Aude Liv September 7, 2020 Business Plan
Before we jump into drafting our business plan, we should think about why we are writing a business plan in the first place. Most business plans are used to secure financing for a business – whether it be a start-up or an existing company looking for additional capital. This financing could come from a bank, an equity or venture capital fund, friends, family or just about any other potential investor you could think of.
It does not have to be long or overly complicated. It simply has to have the elements required to put your goals into action. Developing a SWOT analysis (strengths, weaknesses, opportunities, threats) will help you to identify problems before they start. Craft your own or hire a business writer to create a dynamic plan that will guide your operations. An effective plan is one of the most important elements over overall business forecasting.
It’s also important to show the business plan to the vendor or bank manager. If your business needs financing at the beginning, then you need to turn to one of these sources for financial assistance. With that in mind, you need to produce a detailed business plan that shows that your business is credible and also has potential for making money. Not only does the plan prove that you are serious about the business, it also shows that you have a sound business mind and a good grasp of what needs to be done in order to achieve good profits.
On average, a good business plan will be about 15 to 20 pages. Keep it concise but detailed. A good business plan will pay dividends both in the short and long terms. An investor and/or bank manager will see this and if the plan holds up well, then this will bring you the business that you seek. And from a personal point of view, a great business plan is something that you can return to time and again as a good reference point – something that you can draw upon in the future.
A business plan works to convince individual or institutions for investing money in his business or loaning money. Sometime the plan writing is more important than the plan itself. While attempting to write a plan, the businessman’s strategic foundation should be identified first. This strategic foundation explains about the type of business he wants to start or which type of firm he wants to establish. It also indicates the basic elements that are needed to start the business firm. One can predict about the future condition of the company by the plan on his business. In the plan, the main products and the information on the clients should be written down in detail. To get more idea about it the business man can contact with business marketing consultants who can help him.
A good business plan communicates one’s ideas to people, communicates his mission, objectives, management approach, responsibilities and demonstrates how one’s strategy will increase profitability and performance, identifying his audience without overreacting his aims and objectives of his business plan. A business communicates in two ways- Internal communication and External communication. Internal communication includes communication of corporate vision, shared value, strategies, guiding principles and employee motivation. External communication includes branding, customer relation, marketing, advertising, media and public relations etc..
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