Featured: Article On How to Write a Business Plan!

Discussion in 'Articles & Tutorials' started by Sajid, Nov 3, 2008.

  1. Sajid

    Sajid
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    Commencing a new business can be easy or difficult and the most essential step when starting a new business is to have an effective business plan. So the question arises, what actually is a Business Plan?

    A business plan includes an outline of the goals, expected expenditures, promotion materials and even the exit plan. As the business proceeds, these aims serves as a map and measure and it also helps the company be continuously reminded of their priorities.

    The fundamentals of making the business plan will depend on the type of business being ventured on. It will also depend on what is proposed by the capitalist.

    Here are some of the guidelines that might help in coming up with an effective plan especially for a start-up or a new business: -


    Taking care of Vision and Mission:
    In any organizational venture, the vision and mission is the first thing to take care of. This shall indicate the direction of the company’s business, what are their goals, purpose and expected achievements.

    Giving an Introduction:
    Give a brief and comprehensive summary of how the plan or company came into existence. On what basis is the idea for the business? Who are the people linked and in charge of the idea? Why did you start a new business?


    Define the Goals and Objectives of the Company:
    Define both the short-term and long-term goals and what are the factors to focus on immediately? In long-term period which areas will have to be addressed? How long will be the expansion time of the company? When is the expected date of realizing the profits?

    Special attention to Products and Services:
    It is vital to give special attention in presenting the products and services the company plans to offer and discuss the features of these products or services. Describe how your products and services will compete in the market and how the company shall react to the needs and demands of the market. This factor will be best supported by a market research that includes the appraisal and evaluation of the requirement for the product and services.

    Short Biography of the Management:
    The plan should also include a short biography of individuals in the management. It should provide the names and backgrounds of every person and indicate the positions and responsibilities they have to fulfill.

    Implementation of Marketing Strategy:
    An effective plan must also show the marketing strategy that shall be implemented. This will indicate how business is maintaining its place in the market. Promotional materials should be properly defined, whether it will utilize the print, television, Internet or the combination of all three.

    Financial forecast given for a target period:
    The usual periods taken are three-year or five-year terms for the forecast of financial period. It includes spreadsheets, formulas, statements and even some assumptions that involve technical assistance. This part should be prepared carefully and professionals should be consulted if required to ensure that this is properly worded and presented.

    Strategy of Alternative for the Company:
    This is often be called as the exit strategy. It is a section that defines the alternative of the company. It also lists down the standards and situations when the company will have to end. Specific income generation, a target figure or even some actions that will be decided upon by the company leaders are the basis of this strategy.

    Thorough Revision of the Factors Defined:
    When the plan is developed, now it is time to give it a thorough revision. Examine the people and their responsibilities related to your business, on what basis is your business going to start and the possibilities of the challenge the business would have to face in the market? This will help in making an effective and efficient business plan as it ensures cohesiveness of ideas and an intuition that one knows the business well.

    So with these quick tips, plan for success, prepare a thorough business plan and good luck in your chosen endeavor!
     
  2. scifi

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    Here is the Standardized Format which can be applied in all general & specialised Businesses. This will include following points-
    1. Executive summary
    2. Business description
    3. Market strategies
    4. Competitive analysis
    5. Design and development plan
    6. Operations and management plan
    7. Financial factors
     
  3. Fergal

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    Scifi, you might want to include the following sections;

    Human Resources
    Promoter's or Promoters' Background

    I also like to include a section on Protecting Against and Reducing the Downside.
     
  4. scifi

    scifi
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    Hi!Fergal
    The format which I have given above is generally the format which VC's(Venture Capitalists) are definitely interested in knowing & they are also more particular about them before making decision to invest in your venture or not because they have limited time.
    By the way your suggestion is very good .I will definitely include these points as mentioned by you in my BPlan if at all I may happen to launch one.
     
  5. Nazreen

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    I've found that very same article posted by Sajid in his first post was already written by someone else. Unless of course Sajid is the same as William King. He might be the same person because I also saw one Sajidli posting a similar article in another business forum.

    Anyway, thanks for sharing with us this article.

    I think you're missing one of the most important points in having a business plan. Shouldn't there also be a business goal there somewhere Scifi or is it already a part of the business description?
     
  6. scifi

    scifi
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    It's a part of business description as you have guessed already!!
     
  7. HorizonPath.net

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    I would suggest to incorporate "business sustainability" initiatives into all new business plans. We are entering a new era of business thinking which incorporates Green Business, Corporate Social Responsibility, Corporate Citizenship, Holistic Business, Conscious Business, etc. These are fundamental and profound business practices that are relatively new, but now taking a primary position over traditional business practices, and for good reason. Building and operating companies with global sustainability and conscious awareness is the way the business industry will have to move if we are to reverse the many economic, political, environmental, ethical, social, and psychological traumas produced through traditional business practices. For any business plan, including operating business plans with established companies, I would incorporate business sustainability awareness and action into it; not only to sustain your business in the future, but to show that you are conscious and forward thinking. More potential partners and investors are looking for these initiatives in business plans as more promising to invest or partner with.
     
  8. RamonaP

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    As a newbie on here and just start probing in the world of creating a business from home, the first thing for me and the best starter is the right business plan, so I am really puzzled what to do with it, but thanks for sharing yor opinions!
     
  9. infinityweb

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    Outline all the important aspects that you wan to include in your business. Then list all the things you will be needing.
     
  10. nvir477

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    Executive summary
    Business description
    Market strategies
    Competitive analysis
     
  11. Bharat Book

    Bharat Book
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    Market Analysis
    Business forecasting
    Risk managements etc.
    These are also main key factors
     
  12. RichardDave

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    Hello,

    To write a business plan, you should be proficient enough in the field of your business, and to gain proficiency, I would suggest to go for the business consultation programs offered by The Association of Accredited Small Business Consultants (AASBC).

    For any business an efficient strategy is required that would lead to the execution, and the proper execution leads to effective results.
     

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