The powerful tool for achieving your goals and building your dream business.
A business plan is a document that describes the mission and purpose of your company, the way you do business, and how you get the business result. Essentially a business plan is a map with a detailed plan of the path to your goals.
Why do you need a Business Plan?
- For Owners – To the owners, i.e., the founders of the company evaluate the business idea, identify potential mistakes in the strategic approach, limitations in the realization of the idea, and promising chances that have not been identified before.
- For Associates – It can provide associates with the necessary clarity regarding the company’s mission, vision, and future activities, as well as regarding the results expected of them, and contribute to the development of healthy business culture and environment.
- For Financiers – It gives financiers, i.e., banks, investors, and funds that provide the possibility of financing, confidence, and faith that the borrowed funds will be returned, or adequate ROI created.
- For Government – Government agencies most often rely on it when approving benefits and subsidies.
How long should the Business Plan be?
The business plan’s length depends on the size and the stage of development of the company for which it is made and the needs that it meets. However, most often, the business plan for Start-Up has a volume of 10 to 15 pages. In comparison, for larger companies, it has 30 to 50 pages.
What is the structure of the Business Plan?
The business plan structure is mostly standardized, with possible modifications according to the needs of the venture. The structure consists of:
- Executive Summary
- About the Company
- Description of Product/Service (Portfolio)
- Market and Industry Analysis
- Marketing Plan
- Implementation Plan and Strategy
- Financial Plan
Do you need a business plan?
The short answer is “YES”. You don’t start a journey when you don’t know where you are going. Even if the plan shows only a general direction, it is better than going blindfolded into the sea full of sharks.
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