Why do you need a business plan?
A well structured business plan is required by every player in the business world. Whether someone is looking to start or grow their business, business plan is the key to get you going.
Among the most obvious needs of making a business plan are following:
1. It can help you in setting targets for the managers. It is important that resources are utilized properly as per the devised strategy. To achieve goals, they need to be well communicated by the management from top to bottom, for example, by organizing a training program for new inductees.
2. You need to include ROI in your business plan. Hiring new employees increases a permanent cost; it should be kept in mind how beneficial they will be for you. Did you look at a possibility of enhancing the capacity of current employees? Purchasing a new building is a good decision in long-term, but the same decision is not good for purchasing vehicles.
3. Plan an effective marketing strategy; people buy what they see. Marketing should be target-oriented so that people can understand properly what you have on offer and how good it is for them.
4. A good look at the value of your assets on timely basis can help you take decisions easily; such as, applying for loans, or inviting investors to grow business.
Here are some important points to be considered while writing a business plan:
1. Cover page with company logo.
2. Organization name, details such as phone, fax and email.
3. A summary of the entire plan, briefly stating about you and your business.
4. Focus on presentation quality; investors do take it seriously. It will be a good idea to check it with a professional before marketing it.
5. Table of contents; it should be clear and simply written about funding request, sales strategy, management team, operations/departments, back-up planning, business forecasts, and declaration of directors/owners wealth.
