Why do you need a business plan?
Planning is a process that never ends in every business. This is especially important in the early stages of any project when the entrepreneur will need to develop an initial business plan.
There are different types of plans that can be part of any business process. These include financial plans, marketing plans, human resource plans, production plans, sales plans, etc., but are not limited to these projects can be short-term or long-term or strategic or operational. Whatever the nature of the project or work, projects have an important purpose. Provide guidance and structure to management in a rapidly changing market environment.
A business plan, on the other hand, is a written document prepared by business personalities that explains all the relevant external and internal elements involved in starting a new venture. It often involves the integration of practical projects such as marketing, finance, manufacturing and human resources. It also focuses on both short-term and long-term decision-making for the first three years of work. Thus, the business plan, or roadmap, answers strategic questions like where am I now? Where am i going And how do I get there? Potential investors, suppliers and even customers will request or need a business plan.
How I developed my initial project proposal
In my case, I followed the following breakdown, keeping each section as short as possible.
1. background: In this section, I set up the context of the project by giving an account of the issue which is being addressed.
2. State of the Art: I provide an overview of current and emerging technologies in the field, including an account of competing technologies and a comparison of the advantages and disadvantages of different options.
Prop. Suggestion: I wrote an overview of the proposed project and vision, ie the activities that will be undertaken to achieve the objectives of the project. Clearly establish the research element or new component in the proposal.
Cons. Consortium: An overview of the proposed workforce and establish the required capabilities (such as skills, competencies, etc.) to carry out the project successfully.
5. Objectives and Delivery: (1) Identify the objectives and (2) Provide the proposed project.
6. Competitiveness: If applicable, establish the competitiveness or advantages of the proposed solution over other solutions, whether they already exist or are still being researched.
7. Cost: Review the cost of the project (including startup costs and working capital requirements).
8. Effect: This section should include:
I. Markets and Uses: Identify potential uses and markets for project delivery.
ii. Benefits and Beneficiaries: Identify the beneficiaries of the project results (such as project participants, the general public, third parties) and the ways in which they will benefit.
iii. Roadmap: Give an indication of the extent to which further steps, efforts, costs, and time constraints are necessary before reaping tangible benefits from project delivery or results (unless you realize this in the life of the project Be)
iv. Spill over benefits: Identify any secondary benefits of the project (such as helping to participate in funding programs, improving Malta’s rating, strengthening Malta’s reputation in a particular area, etc.)
Develop a detailed business plan
Here are the steps to write a business plan: Once you decide to go into business, you need to update before starting a business.
Business plans can be written for retail business, wholesale business, service business, manufacturing and any other type of business.
The business plan works by doing the following:
Identify all business questions.
Determining the need to gather more information to answer all questions.
Get all the necessary information.
Comparing different alternatives
Deciding on every question.
Business plans should:
A good shape
Provide an index
Provide a summary
Number each copy
Sign to indicate who is submitting it.
Depending on the nature of the business.
Arrange a business plan which includes cover page, table of contents, executive summary, business description, marketing plan, organizational plan, operational plan, financial plan and supplement.
The following is an outline of the general business plan.
1. Title: Feasibility Study Report on ____________
Commissioned by _____________________
2. Project consultants
The purpose of the study
Project details and
Market and marketing plan
Advertising and publicity
Technical Feasibility and Administrative Management:
Raw material manpower and labor costs.
Financial projection / feasibility:
Overview of the need for capital
Expected cash flow
Calculate the expected profit and loss
Expected balance sheet
Break even analysis
Apply source and funds
Form of ownership
Identification of partners / principal shareholders
Management team background
Roles and responsibilities of the members of the organization
Assess the weakness in the business
12 months expected sales
12 months expected purchase
Fixed assets and depreciation schedules
Thanks for reading