Business Plan Preparation
Business plan preparations for ventures and start-ups involves objectives, strategies, targets etc. that an organization wants to achieve. Business plan preparations are necessary to make an organization a successful one. There must be clarity about strategies, objectives, techniques etc. that is very important. Any organization needs to make strategies in such a way such that no tasks and functions that are needed to be done should create additional cost to an organization. Business involves maximizing its profit with minimum cost incurred.
It covers objectives, strategies, sales, marketing and financial forecasts. Business plan describes the purpose, functioning, need, strategies, and objectives of the firm. To make a high quality business plan, business needs to keep few things in mind such as what is the purpose of doing this business, what is target that the business aims to achieve, who are involved in the plan, who all will execute, what strategies would be followed.
Hence making a business plan before initiating in business operations is necessary. Business plan preparation also mentions whether they are having bank syndication loan , as it would mention all the names of lenders who had given the business an opportunity to establish.
Need for preparing business plan preparation:
While making a Business plan preparation for new ventures or preparing a business plan for start-up venture one must keep in mind that who are the investors of the firm and what are the risks involved in it.
Following are the steps to write a business plan:-
One should also keep in mind the strategies for marketing and sales to promote their business and how attractive the product and marketing of product is fascinate people in order to have maximum profit at minimum cost incurred.
A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint
The sole aim of a business is to succeed and maximize profits. In order to do so one must lay out a plan which is called business plan.
a. Executive summary
b. Business description
c. Market analysis
d. Organization management
e. Sales strategies
f. Funding requirements
g. Financial projections
A business plan should include details of what the business or service is, who your customers will be and why they will buy from you. You will also need to include assumptions around how much people will buy & where you will market your product or service.
a. Start-up business plans
b. Internal business plans
c. Strategic business plans
d. Feasibility business plans
e. Operations business plans
f. Growth business plans
Firstly break your plan into three parts: a two to three page executive summary, a 10 to 20 page business plan and an appendix that includes as many pages as needed to make it clear that you know what you're doing. This way, anyone reading the plan can get the amount of detail he or she wants.
Define your business objectives
Research your business plan
Show drafts of your plans to others
Write your own business plan
Ensure your financial projections are believable
Write the executive summary last
The executive summary is the most important part of your business plan.
a. Obtain leads and referrals of potential investors
b. Research your target
c. Make your pitch
d. Try to meet people in person
e. Defuse objections
f. Get a commitment
a. Cover page: Include the company's name, contact information and company logo.
b. Table of contents.
c. Company background and opportunity summary: Provide a quick history of the company and describe the basic market need and your company's solution.