‘Failing to plan is planning to fail’, this proverb speaks volume about the importance of planning in every sphere of life.
For setting an empire of business, where one is going to spend energy, money and time, business planning plays the only important role here. A business plan is the living document of the idea, which is going to take shape in future and your life.
A well framed business plan will not only help in smooth running of the business but also it will fetch customers, clients and most importantly financial loan and financial needs provided by the bank. This business plan will stand tall alongside your ideas and will help you in winning the trust of the bank.
Here are a few points to remember while writing a business plan:
1.Blue print:
The entire plot of the business since its embryonic stage till its retirement and emergency exits, everything should be in precise details.
More than for anybody else, this blue print should be crystal clear and one can easily pick up from wherever it is left, such should be the way in which the blue print should be designed.
Tomorrow is a surprise package, thus keeping multiple emergency options is how a smart businessman should think and act.
2.Company description:
Even one is capable enough to handle multiple tasks at a time, it is advisable to hire expertise in the company for different positions, with whom one can discuss constraints and solve them.
The head of the company can be smarter of all but he/she cannot be omnipresent.
Thus company description should be as such that the employee can take care of the company in the absence of the boss.
3.Market analysis:
While planning to open a business in any field, it is very important to study the market and analyse it thoroughly before jumping into the line.
Market plays a crucial role, as it holds the power to either make or break your business set up.
Market analysis will clear the clouds from the surface by addressing some very important questions, such as where does your product stand in the market, is there any demand for such products n the market now or in future, why should anyone invest in your product and what is your target market?
4.Product\ service:
Some things one has to be very clear with self and with the audience is: What is the idea behind your service or your product?
The brain child of the idea should answer that what the product is, how is it going to benefit the audience, why should one invest in your idea and how is it different from the existing products or services in the market.
5.Financial plan:
This should reflect the details of how much needs to be invested, how much should be asked from the investors, what is the expected profit, how can more profit be earned and overall financial projection.
Keeping details of profits and loss along with the details of expenditure will show your devotion and dedication towards the business.
Sincere efforts and determination to work hard will help one conquer the world. One just has to make his/her future plans before hand.
