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An Overview on Business Plan Writing

"Mollie Laster" (2020-07-25)


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Planning is the first and most important function in the path to succeeding in any activity.
It bridges the gap between where we are standing today and where we want to reach. In a formal context of management all organizations whether it is the government, a private occupation, or a small businessman require planning. This is where a 'Business Plan' is considered to be a crucial document.

An investment plan sets out a written plan from a financial, operational, and sustainable viewpoint.

It is especially useful for entrepreneurs and startup ideas to focus on the specific steps necessary for their work ideas to succeed and to showcase its goals and attract investment. Yet, googl it is vital for existing companies as well, for them to revisit the plan periodically to keep themselves on track and see if the goals have been met, have changed or evolved, and take necessary actions.

However, the fundamental use of an occupation plan is considered to be a principal tool for any startup business. The process of developing an occupation plan tends to be tedious and challenging to initiate. Nevertheless, the importance of a business plan demonstrates how critical it is for success and can be outlined as follows.

Professional operations are often an endless exercise in decision making and crisis management. In such a sense building a business plan allows you to know your industry and market thoroughly and therefore helps to determine the answer to most critical business decisions ahead of time.
Every piece of the plan can help spot some of those potentially critical mistakes before they arise and help overcome the scarcity of failing. Further, it helps to confirm that a grand work concept makes sound work sense in reality. It features long-term vision and insights into the strategy, leading to set better objectives and more intentional and consequential benchmarks.

And communicating these set goals through the hierarchy is simplified with the plan. The process also helps to gain more control over both the short-term and long-term progress of the business. And these plans are typically a requirement for anyone seeking outside financing by being the most effective source to prove anyone that is interested in putting money into the company that, they are in good hands and the investment is viable in the long run. Moreover, by evaluating and refining the business concept through the process, can obtain a competitive edge via gaining a better sense of how to position the company among competitors.

So, are the aforementioned benefits conclude that a business plan makes startup business's success inevitable? Absolutely not. But great planning often means the difference between success and failure. It is a matter of doing everything possible to set the stage for success.
So, a good business plan should outline all the costs and the downfalls of each decision a company makes. Generally, business plans consist of following common key concepts.

  1. Executive summary: A brief outline of the company's purpose and goals.
  2. Overview and objectives.
  3. Products and services: Describe what the business will provide.
  4. Market analysis: Thorough knowledge of the industry as well as its target market.

    Outlines the competition and how it factors in the industry.
  5. Marketing strategy: Description of how the company intends to reach the consumer and attract and keep its customer base.
  6. Operations: Details strategies for managing, staffing, manufacturing, and inventory involved in operating the business on a day-to-day basis.
  7. Financial Analysis: Financial projections and estimates.

Most investment plans delve into each of the above categories.

The above structure provides concrete, factual evidence showing one's idea for a work is in fact sound and reasonable and has every chance of success.

Business plans of two companies in the same industry are rarely identical.
But they all tend to serve the same purpose. Additionally, if there are any especially interesting aspects of the industry, they should be highlighted to attract potential funding.

An investment plan not necessarily has to be a static document. As the market grows and evolves along with the industry and market, so too should the work plan. It should be considered a living document and reviewed periodically to make the required updates.

Information Source:

Interview with John Dsouza, an analyst at a market research company. John holds 12 years of experience in business plan writing. Recently he is writing a business plan on fitness equipment market trends for a gym equipment manufacturer from Europe.

Richa is an independent news writer and finance and a business enthusiast.

She has been working with market decipher (a market research company). The information in above article was based on online interviews with analysts and online research of data from the by market decipher (a research firm based in Pune, India).