In this post we will discuss the 5 most asked questions regarding Business Plans and their purpose, as well as the different Business Plan options available depending on your company needs.
A business plan is a formal document that describes, in detail, how a business defines its objectives and how it will go about achieving its goals. It serves as a roadmap with information on the services or product the company will provide, the market it will serve, the competitive advantages it will have as well as financial projections. A Business Plan also serves as a management tool to monitor the company progress and ensure the company stays aligned with its vision and goals.
For a company to be successful, the ideas, goals and projections need to be outlined and established first, and this is where a Business plan is essential for all new businesses.
The main purpose of a business plan is to establish and outline your plans for the future as a business.
It is the most important document to have if you want to attract investors before your company has established a proven track record, thus the reason it is often a requirement for tender or contact applications.
Although Business Plans are mostly drawn up for new companies, it is essential for existing companies as well. As a growing business you need to constantly review and adjusted the plan according to the goals that have been met or objectives that may have changes over time.
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An Executive Summary to highlight the key points of the business plan and outline any results, conclusions, or goals.
A Company Description which provides a short bio on the company to allow for a quick introduction.
A Description of Products and Services which explains how it will benefit the consumer or target market and how it will be developed or produced.
A Market analysis allows the business to plan a quantitative and qualitative assessment of a market and the possible competition that the company may have.
The Strategy and Implementation where the company’s “game plan” to succeed will be put into words with timelines to complete.
The Organization and Management Team, like strategy and implementation – this is where you will delegate the responsibilities per the persons involved in the company and introduce the team.
A Financial plan and projections to outline & assess your expenses and sales, which also serves as motivation that your business has a stable plan to ensure financial success.
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To identifying the correct business plan structure you required, you will need to check that you plan covers the information required depending on what the business plan will be used for. Here is a quick overview of the 3 most popular Business Plan options used for Start-up companies, Funding or Tender applications:
Our Business Plan has written over 500 Plans for new and existing businesses. He has a team of dedicated Business Plan Consultants who will guide you through the process to setup the correct Plan for your Company.