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Business Plan Writing for Small Businesses and Entrepreneurs.
Business of any nature, however small, needs a Business Plan. It is a vital document especially for banks and investors for any credit or other financing. Business Plan helps even an individual owner to remain focused. A few tips for a good Business Plan are given below:-
- It is not just a blue print: There are different templates and variations of Business Plan exist; one has to choose the right one suiting one’s purpose and enterprise. Having the business and what to do with it are two separate issues. Therefore, a well executed Business Plan is vitally required.
- Executive Summary: This is an introduction to the Business Plan. It is a synopsis of the business proposal, key financials, present state of the business, critical elements for success. This should create a lot of sense and interest in an investor, for him to favorably look further into your project.
- Company History: The history gives an investor the background of the firm, its past existence, and how it has evolved over the years and also speaks about the promoter and his expertise in running the business.
- Business Concept and Value Proposition: The concept describes the `vision` of the firm, explaining the value the product or service will bring to the customer. The USP (unique selling preposition) of the product and how the promoter is qualified to do it and the firm’s growth potential.
- Market Analysis: The analysis explains the marketing strategies and their implementation as to how the product or service will reach the potential end-user.
- Operation Strategy: An assessment of the firm’s production capabilities and operation strategy. A good Business Plan should be able to leverage its operational infra-structure for growth.
- Financial Projections: The potential investor is interested in knowing the growth down the line for 3 to 5 years at least. It has to be ambitious yet most realistic showing growth.
- Management and Human Resources Plan: This shows the organizational structure, including management team and other human resources potential and capabilities, philosophy and needs; the number of employees to be hired, management of these elements and the personnel cost involved.
- Implementation Plan: What is on the paper as plan should be able to lend itself for implementation. The business in the final analysis depends upon implementation of the strategies successfully. The Plan should clarify objectives, assign time-bound tasks, charting the goals and milestones. There are, indeed, guidelines for Business Plan implementation one must follow.
The Business Plan to be more exhaustive can add the following points: Resources Planning, Survival Strategy, Growth Strategy Outline, and Exit Strategy if need be.
- Does an entrepreneur require a Business Plan? Why?
- Indicate the 9 tips or points for a good Business Plan. (No need to explain each point).
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