Business Plan is like a roadmap of establishing your business. It should be helpful to the internal as well external stakeholders in showing the light through the road way to reach your business goal.
Contents of a Business Plan
Firstly let us see the contents of a business plan and then you will understand how it can be helpful. Business Plan should cover five major areas - basic information, financial strategies, marketing strategies, operational strategies and the risk analysis.
Basic information would consists your background, your experience and why you chose the particular business. Financial plan would contain the financial requirements, sources of capital, financial projections and the profit earning capacity.
Marketing plan would describe the current market and the chances of your business surviving in the market and the strategies you would apply to gain a sustainable market position. Operations plan should provide information about the production process, the material to be used, inventory management, the whole production and company set up and the employee or organisation structure. The business plan should be concluded with a detailed risk analysis, which means that one has to put forth all the factors that could possibly go wrong and how that will affect the business and to what extent.
Importance of a Business Plan:
There are two beneficiaries of a business plan. Firstly, it is the stakeholders and secondly you yourself. A business plan helps the external stakeholders like creditors and suppliers. Creditors will finance your project only if they find it feasible enough. A business plan will help them understand the profit earning capacity of your business and in turn your repayment capacity. Nobody will want to invest in a non profitable venture. Suppliers will want to know how much material they could give you on credit because your business should have the capacity of clearing off the debts. Then there are internal stakeholders, that is, your employees. The business plan can act as a target and also guide the employees in achieving the desired targets. Finally, it is you. You have to use the business plan as your checklist to keep an eye on the working and more importantly the growth of your business.
Now that you know the importance and contents of a business plan go ahead and prepare that perfect resume of your business to impress those who you want to involve in your business.
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