A business plan is a written statement or document that gives
detailed description of a business or a division, mentioning its objective and
goal and the method of achieving the same. In fact before starting the
operations of a business, defining the business plan is a pre-requisite for
various reasons, getting the right kind of investment being one of them. The
business should be reviewed annually for understanding gaps and shortfalls, if
any.
Preparing a business plan requires specialized knowledge of
the domain. In order to prepare an impressive and winning business plan – a
plan that is realistic, practical and achievable – it is important to hire
experienced and premier business plan
consultants so that a viable plan is drawn up.
What are the reasons for preparing a business plan?
Commercially, business plan is prepared to reach out to two
types of audiences – the internal audience or external audience. Business plans
that are prepared to impress and attract funding from banks and even investors
are the ones that focus on external audience. These plans are also good to
portray when companies are put up for sale or when looking out for new
alliances. Business plans are prepared for the internal audience which mainly
constitutes of employees and the management, in circumstances when one needs to
explain and share certain business goals with them.
Formal business plans are given shape in case of starting a new
business, or looking for a financier or looking to grow the business.
Constituents of a business plan
In general, a typical business plan comprises of all or few
of the sections below:-
a.
An executive summary which is basically
a summarization of the entire plan.
b.
Mission statement that defines the
reason behind the existence of the business
c.
A description of the business
d.
Analysis of the particular industry and
environment
e.
Analysis of the Strength, weaknesses,
opportunities and threats to the business
f.
Analysis of the market, potential
customers and the existing competitors.
g.
Detailed plan of operations, sales and
marketing strategies and financial plan.
h.
Summary of the management team
i.
Achievements and milestones, in case of
existing businesses.
What are the major steps involved in Business Plan?
The different stages that a typical business plan consultant
will work through during making a business plan include:-
·
Researching and
analysing the current model; the industry, the market conditions, competition
scenario, production and operation capabilities of the organisation and overall
industry, demand and supply conditions for the particular product or service
etc.
·
From the
findings of the above step, the consultant will collaborate with the business
owner and management team to plan the next course of action.
·
Once the
plan is drafted, it is put down on the paper so that concerned parties can
review it.
·
On
reviewing, there will be points that would require editing and reformatting.
After much to and fro and detailed discussion, the final format gets ready and
then the formal business plan is ready for the external and internal audience.
The business
plan consultant’s job is highly complex. Every business – new or old –
needs a plan made by a professional.
Hiring a consultant who is certified to do so
is the foremost parameter to check for a business. Also getting to know about
their previous record and experience helps determine if they are the right
people for your type of industry, business, product etc. Checking with few of
their past customers will help you decide if the business plan consultant is the one that can give proper shape and
definition to your business goal.
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