Noemie Ines September 6, 2020 Business Plan
So what should you include in your business plan? Well, at the start, it should list the concept of the business. What is the business all about? What are its aims? What sort of returns do you aim to get?
Another reason to write a business plan is to organize yourself, make sure you have thought through all the components of your business and make sure that it makes sense. A great idea for a product or service may not amount to a great business unless you can turn a profit through effective marketing, management of expenses, management of accounting and information systems, etc.
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..
Strategic business plans can help to increase the creativity associated with the business. Without creativity, your company is only one of the many competing for market share in your field, area, or industry. By using a creative approach you can design a business that sets itself apart in the marketplace with a distinctive look and brand. All too often, we see bland, boring marketing messages and products presented in uninspired ways. To succeed you must stand out in the crowd by getting creative and differentiating your business by identifying your competitive edge. A well-crafted business plan can help you do just that.
A business plan is like a road map, it shows one the route to take, the pitfalls to avoid in order to reach his destination, For instance, if one decides to travel by road from one place to another, he would first need a road map that shows him the route to take. He will need to determine the distance and how much gas his car will need to take him to his destination. Moreover, he will need to calculate how much the journey will cost him, if he intends to raise money, if he’s borrowing, how he intends to refund the money. Putting all this into consideration, he now has a traveling plan that will take him to his destination. In the same vein, that’s what a business plan provides one with, the strategies, the route, and a road map to success.
To communicate this understanding to investors, you should try to provide sufficient detail about your business to demonstrate your knowledge. For example, you could write something like this: ”According to the ABC Trade Association, profit margins for our industry average around 25%. With the procedures we have put in place, our business can achieve 30% margins due to the increase in our operational efficiency.”
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