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How to put together a business plan?
The business plan (or business plan) is for an entrepreneur, what is the roadmap for a Rally driver. How do I set it up?
A business plan is a written and concise document, prepared by an entrepreneur (or team) which describes the current business, market conditions, future actions and strategies for implementation.
Its objective is to communicate the business idea and establish credibility with different audiences with solid arguments to "sell" the idea to potential investors.However, beyond the external utility, the plan is also a great tool for the entrepreneur to assess the feasibility of the idea and track implementation.
Now, here are some traditional questions that arise about business plans ...
You always have to develop a business plan? Do I produce it even if I have started my business?
It is always advisable to put together a business plan, even though the company is already working.
The business plan is a useful tool to reflect on where we want (or can) go in the coming months and what are the key steps to grow (or survive). But, fundamentally, the plan helps to understand the business that I am and how to operate the main changes.
There is no doubt that in a dynamic reality, the plan will change and will require further adjustments. However, during the preparation of the document, we must make clear how to provide customer value and profitable business.
What can not miss on a plan and what to avoid?
The plan should include market analysis, customers and competitors. Should also help identify the different sources of financing for sustainable business and eventually include the detail of a concrete action plan against the objectives to be achieved.
In the preparation of the plan, should be avoided including any kind of ambiguous information that could lead to a distorted understanding of market forces and, ultimately, to wrong decisions.
On the other hand, the plan should not be so rigid as to prevent any changes in its various sections and must not be kept waiting in a drawer "magically" happen. A business plan is a guide to follow and a permanent working tool for the entrepreneur.
What is the basic structure of a business plan?
A business plan should include the following:
a) Analysis of the industry and competitors
b) Market analysis and customer
c) The business model of the company with its main advantages and disadvantages
d) Business Strategy
e) Production strategy
f) Economic and financial analysis to describe the sources of financing for the company
g) A section dedicated to the proper organization of business and the team of people that make up
h) risks to be faced by the business
The Seven Deadly Sins of developing a business plan
1) Believe that the plan is the business itself
2) Think that we should not do anything to ensure compliance with the provisions
3) Make a poor (or unreal) market research
4) Write the plan only by compromise and without conviction
5) Use data outdated or unreliable sources
6) Prepare the plan without involving people who will implement or more experienced
7) Build an unrealistic plan that does not serve as a basis for decision making
Is it necessary to hire a consultant to put together a plan?
While not essential to hire a consultant to put together a business plan should always have the support of an experienced person. The more people participate in its preparation, the better. This provides a greater variety of views on current problems and potential of the company.
Hire a consultant or go to an institution that provides assistance to entrepreneurs can be an excellent way to achieve a more professional plan, useful and, most importantly, avoid the seven deadly sins.
always good business plan and not everything that is said to wind because so is not going anywhere!