How to write a business plan

business planA business plan is a document that clearly articulates business goals, deadlines and ways to achieve them. Besides, it provides a justification for the project, argumentation of the effectiveness of each of the planned methods of its implementation.
Also, in its finished form, the plan resembles an instruction for doing business with all the elements of development and miscalculations for a certain period. A good, high-quality business plan is 70% of the success of your path.

Business Plan Type

The structure of a business plan determines several indicators. The specifics of the business and the purpose of the document are important. Knowing this, you can determine the type of the future plan, and already starting from the type – its structure.
A business plan can be for:
  • Internal use
  • External audience.
The internal plan is prepared for use by the founders and directors of the divisions. Before starting to work on a document, it is important to define its target audience. It determines the scope and goals of the company. And it should be as close as possible to the real state of affairs.
Such a plan consists of:
  • Volume of purchases, production, sales
  • Budgets
  • Lending level
  • Deviations from the plan / risks
A plan for external users is mostly written for investors, lenders and anyone else who can help your business. This document is an order of magnitude larger and contains more predicted data and rationale.
At the heart of both types of business plans, – the approval of the idea and its presentation in the most favorable light.

business planStructure

The structure of writing a business plan consists of mandatory and optional parts.
  • Summary. You should start by defining the field of activity, analyzing it and describing your choice. This is a 1-2-page introduction that summarizes the essence of business ideas and plans that will transcribe in the document.
  • Yet, the purpose of the project. In this chapter, we provide the rationale for the idea. It is worth giving a description of the product and the target audience for which it is being created, analyzing competitors, describing their strengths and weaknesses, which the new business will cover.
  • Furthermore, project implementation. This is a marketing strategy with the theory of communication of the future brand and its promotion, a plan for the development and increase of sales, a unique selling proposition, a budget, and indicators of the company’s success.
  • Additionally, organizational and financial plan. If you are hoping for a loan or a good investment, you cannot do without it. Investors pay attention to the team that will work on the implementation and management of the project.
  • You also need to make a competent financial forecast. Calculations cannot be 100% accurate, but must be optimistic and this must support iron arguments and facts.
  • Moreover, applications are an important section in which you can see the options for visualizing a product and assess its competitiveness. Attachments also include all additional documents required to confirm some statements given in the plan.

Click Here for a template

 
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