Guide: How to Write a Profound Business Plan
"Plans are dreams of knowledgeable people" Ernst von Feichtersleben (English scientist, philosopher, literary critic).
A business plan is a document that:
- Describes all the main aspects of the future enterprise or project;
- Analyzes all the problems that it may encounter;
- Identifies ways to solve identified problems;
A correctly drawn up business plan is a clear answer to the question: "Is it worth investing in a conceived business and will it bring in income that will pay off all the costs?".
The business plan has a complex structure. The whole life of the firm from the moment of creation to the moment of should be spelled out in a business language, while also intelligible and lively. The business plan should be understood by any businessman, financier and banker, as well as potential partners. The Memorandum of Confidentiality is drafted to prevent persons who are familiar with the business plan. The memorandum may contain a prohibition on copying, for the transfer of the project to third parties and the requirement to return the project to the author. The business plan should always be short and capacious. True, sometimes, in order to reveal the essence of the problem, it is made quite profound in content. The recommended volume is 30 - 70 pages, no more. And it is better to put all additional materials to the annexes of the business plan.
- Make a description, a resume of the project. It is the first aspect of your business plan, although it is necessary to make it last.It needs to explain your strategy and vision of the project (what you expect to do), outline the market and the capital that you need (what you expect to do with it) and your advantage over competitors. In short, this is a mini business plan that allows you to explain to any person about what your business is about after getting acquainted with it.
- Describe your company or your potential enterprise. You must specify the name of the company, the license, the form of ownership, the legal structure, a brief description of the product or service, and what you plan to do (provide services, retail, wholesale or production). Specify the address of the company, the required area, landlords. Indicate whether your business is new or is an extension or purchase of an existing business. It is necessary to describe the goals and objectives of the company and any planned changes.
- Present a market analysis. Outline your sales market, segments and consumers for each of the segments. Indicate the scope of the market, translating it into profit for three years, and analyze the growth or decline in your income with the growth of the market. What value do you want to get for services and products in order to achieve profit and become competitive? Explain why buyers will agree to pay the price indicated by you.
- Present services and products. Tell us about your proposals for services and products, about which consumers they are designed for, what benefits the buyer will have. Justify in which way what you offer is better than the products of your competitors. Also, tell us how you search for products, and if you expect to produce something out of raw materials.
- Describe your strategy. You should give details about how you are going to promote your services and products in the nearest year, 3, 5. It is also important to give an analysis of your strategy based on your strengths, opportunities and weaknesses. Don’t forget to present an analysis of your rivals’ strategies.
- Don’t forget about your rivals. Name about five of your main competitors, explain why the products/services you provide are better than others. Do they have a stable market? Is it developing or falling? For what reason? Highlight their strong and weak points, how do you intend to act? How will you monitor the activities of competitors in the future?
- Make and present financial calculations. Calculate the costs associated with the creation and lease of the company. If this is a ready-made business, tell the financial history or expected financial indicators within 3 years after starting the business. Indicate the monthly income and losses for the first year and quarterly calculations for two years in advance. Also, count the cash flow and the current accounting statements.
Writing a business plan in college or university you might be tempted to spend much less time than needed and ignore the basic rules, making your project the needed volume but at the same time poor in content. It is a huge mistake, and if you don’t have enough time and energy to deal with business writing, better ask for some instant business plan writing help from the field experts. This task both finished by you alone or with the help of a professional writer/tutor will stay with you as a perfect example in case you decide to open a business venture of your own. Good luck!
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