Definition: A business plan is a plan that describes the nature of a business, sales strategy, marketing, and financial history, and also includes profit and loss forecasts. A great business plan will help you know all the directions of a successful business and have good profits for your business in the long run.
For a successful business plan to succeed, you need to plan ahead, which should be based on the guidelines that are in the business plan. In a business plan, you ask a series of questions, the answers to which are the same success solutions as the plan.
A great business plan is a roadmap that you can plan for the future of your business and be on the path to success.
How does the content fit into the business plan?
A business plan should be placed in folders with the name of the business, brand name, address, contact number, emails, website and date written on the cover.
You do not have to spend a lot of money on binding and coating for the proposal cover, it just has to look completely professional and it is very easy to read and it is also well arranged.
Be sure to put the title and logo on the front page and also design quick information in the form of a table so that readers can quickly access the information and data they want.
In this section, you should state the purpose of presenting this business plan and tell the reader exactly what you want, for example, do you need a sum of 500 million to renovate the factory? Are you spending 250 million to expand the production line or buy equipment? And how these costs are returned to the company’s capital.
The executive summary should be very brief and concise so that the main elements of the business plan are easily tangible.
Business Plan Competitive Advantage
Financial requirements for investment
Current business position
Achieve important achievements after the implementation of the business plan
A business plan usually begins with a brief description of the business. Try to write from the perspective of the plan. Do the necessary research in the plan so that you can analyze the various markets related to the business plan. Present your observations based on valid and reliable findings. If necessary, you can write data sources in a footnote. Keep in mind that this data is very important for businesses because they want to invest based on your data.
Explain the product and service description in the business plan in a few paragraphs or pages, depending on the complexity of your business plan. When the reader reads the plan, the description of the plan should be clear and unambiguous, ie there should be no complications in it, and your idea in the business plan should be short and concise.
Every business plan wants to know what your business is affiliated with and what suppliers you want to introduce to them.
Market analysis helps you to present your prospects. In addition, you can perform pricing, advertising, supply and demand strategies based on the analysis you have done.
By analyzing the market, you identify the target community and its structure and focus on it. So you will push the plan towards sales potential. Always remember that no one will get a 100% market share. You need to measure about 25% of the market and plan for the competition according to this 25%. You also need to define your strategy well so that the employer can make a significant profit with this strategy.
Spatial strategy for a business product is very important, how to differentiate a business product or service from competitors, and also how to price a product or service is the most important decision in marketing that pricing for small businesses is one of the most difficult tasks because no specific formula for pricing Does not exist. In addition, product pricing is mainly determined by the manufacturer. The price must cover all fixed and variable costs, as well as the percentage of profit. Different companies price their products based on supply and demand in the market.
Finally, the promotion strategy includes all the ways that the market leads your product or service. To be successful, advertising strategy must include public relations, sales promotion, product or service delivery.
To analyze competitors, we must know its goals well.
Weaknesses and strengths of competitors in the brand
Weaknesses in the production cycle of a product or service
The first step in analyzing competitors is to identify direct and indirect competition in your business. That should check the present as well as the future.
Once you have grouped your competitors, you need to identify their strengths and weaknesses to begin the analysis. Everyone determines the target market based on the analysis they do and plans the business plan based on the competitors’ findings.
Operations Management designs the blueprint for how the business operates. That is, it determines the responsibilities of the team and determines the capital and costs in each department, and based on this plan, you can carry out the business plan operation.
The financial components of a great business plan
After defining the product, service and market analysis and competitors, you should do financial analysis. In fact, the main pillar of your business plan consists of three financial parts.
Cash Flow Statements
The financial statements report shows the cash from the business.
Be sure to ask the business for the final balance sheet and quarterly statements Report financially so you can have a proper analysis of your future strategy.
As you know, to achieve the goal, you need a smooth path, and a business plan can show you this path more clearly. When writing a business plan, you realize the weaknesses and you can better cover the weaknesses of your business. And to be successful, you need to plan ahead to save time and money.