Framing an Effective And Compact Business Plan
Time to write down business plan
Building a business from the start, taking tiny steps, require dedication and patience and also involves a lot of planning. Once you have a business plan reviewed and ready to be implemented with ideas on how to make it effective, it’s time for writing the business plan down.
Rules to follow
There are certain ground rules that one needs to follow while writing the business plan. First and foremost is that a workable business plan should be short and crisp. A pointer-based business plan looks promising and neat to understand and comprehend best. A business plan with truck load of information and writing, will never be read in the first place. For example, a business plan of 200 pages will definitely not be eye-catching and acceptable for an investor who is trying to understand the business model. Moreover, a huge business plan is difficult to constantly review and update. Another important aspect of writing a business plan is usage of appropriate language. Little will be understood of a business plan with technical jargons. Hence, it will mar the purpose of writing it down for people who will share expert inputs or be keen to invest on the project.
Things to exclude
Any classified financial information or projection directly related to the business must be avoided from getting included in a business plan. Also, any information regarding potential investors must be dodged, or for that matter any plan B must also not appear in a lean plan.
Things to include
A business plan should start with a summarized plan talking only about the basics rather than touching any specific details. The shorter the better. Next, the actual product is described along with an elaboration on the solution it will provide to the market. Also, a brief about the target market will complete the total aspect of the product and its service. Now, how to cater to the target market will mark one’s sales and marketing plan and will also cover a portion of the after-sales service that is operations and distribution. Here, one should also mention if the targeted market is already catered, if there is a competitor then how is one’s business model different and, in a way, better than its competitor. The next phase marks an important aspect of business continuity that is hiring the right resource, with a specific skillset who will be able to handle the operation well. It’s worth mentioning about the preference for a desired location to setup the office. The reasons highlighting the preference can be mentioned in brief pointers for better elucidation.
Without a financial forecast a business plan is incomplete. So, a business plan can be concluded with the financial forecast, containing a rough idea about the cost of production and the rightful value of the end-product and the value that it is going to create for its target audience.
Unconventional Alternative to Raising Fund for a Business
– Kathakali Basu,