Walt Disney said “If you can dream it, you can do it”.
Sharing the key to successful business plan
Write out a detailed business plan and get it funded properly.
We are in no intention to bring your morale down. But, before putting your hard earned money into any venture, you should think twice and research even more than that because the success of any business depends not only on your preparation for it, but, also how the market demands it to be.
Having a business idea and implementing it by allocating your resources may be a simpler thing to start with but then, when the thing is about recovery and building market position, it becomes essentially important to back your decision with the sound market research, primary or secondary whatever the case may be and also backed with the financial analysis, and with the basic thing competition analysis. Failing to understand the potential power of your competition is a planning to fail strategy.
The very effort that are required to be successful in this business lifecycle is to plan to say ahead of the game.
The clearer you are about your business, the clearer the actions will be. Sound actions taken at the right time at the right place will lead to easy achievement of organizational goals.
Now, there is something called business plan, an utmost essential itinerary for you start up success journey. A business plan is a written description of your business’s future and a document that outlines a plan for your short-term and long-term goals.
Business plan helps you in following ways:
- It helps you jot down your business on paper to have more clarity about it.
- It helps you discover any weakness in your business idea so that preliminary actions can be taken even before you open your business.
- It helps you analyze your market and competition to strengthen your idea accordingly
- It helps you rethink your business in terms of sustainability
- It helps you forecast your business financials so that you can arrange adequate start-up capital and can make an estimate that in what time you can achieve your BEP
And lot more..
So, giving a brief glimpse of business plan for start-ups
Business plan includes:
- Executive summary that gives you a snapshot of your complete business idea.
- Company Description that describes what you do
- Vision and Mission Statement that shows your perspective of starting this business
- Market Analysis that helps you with the overall insights from global, national and regional level market performance to keep you updated about its ongoing
- Market opportunities that tell you in which sector you can outperform with your present resources and what can be in your expansion plan list
- Product and services description that clearly tells the type of product that you have decided to deal with and the type of services that you are planning to deliver and if the value that you are adding is the solution to the real pain or just nice to have!
- Competition analysis that helps you understand your competitors, their strategies and then to reflect the insights that are gained in your own business. The idea is to stay ahead of the game and gain competitive advantage.
- Then, to conduct SWOT Analysis, Pestle Analysis, etc. according to your business type
- Then comes the financial projections part, here we take start up table to ascertain what amount is required to invest in the preliminary stage. Then, comes the Projected P&L, Projected Cash Flow Statement, Projected Balance Sheet, BEP Analysis, Ratio Analysis, Reports, Business Valuation, etc.
These projection helps you in deciding if this business is scalable and have sufficient margins or not?
Now, in this Business Plan comes the introduction of team members and then it ends with Exit strategy and references.
Exit strategy acts like a backup plan. This helps you to take calculated risk.
So, writing a business plan is however not an easy task especially the financial aspect, but it is important for your business. You can hire our services of experts at Infocrest for writing a professional and an investor winning Business Plan .
We hope you find the blog insightful and enjoyed reading it.
Please reply and let us know how did you this piece of work. And also, what are the other topics that you are expecting for us to write on!