Have you ever owned a business, company or an organization, or are closely related to any of these in the past. If yes then you must be aware of the number of activities going around to make the business successful. It requires a lot of planning, decision makings, and other relevant steps.

Are you aware of the fact that, now a day any start up needs a proper business plan to work in the future to make profits. There are business consultants who are specifically dedicated to sketching out the business plan, in accordance with the needs and requirement of the company.

Further, in this blog, we will discuss the key features of any business plan,

What are the highlights of any business pan?

Any business plan must consist the following features-

• Executive summary.
• Business model.
• Marketing strategies.
• Competitive analysis.
• Technology & product plan.
• Operations and management plan.
• Revenue plan.
• Financial Projections.
• Business Valuations.
• Investment offerings.

At what point of time the business plan is required?

 There are few reasons behind hiring a business plan consultant for your company, if you are looking to make a business plan for your company, then you must know why and when the business plan and business plan consultant is required?

• Business plan consultant is required at the beginning of every financial year.
• For better growth of your business, you need to forecast your business plan annually, quarterly or even monthly at the beginning of the new fiscal period.
• Whenever you are looking to get the funding, either SEED/ Venture funding, you need to have a business plan
• To cope with the market change, avoid the future hindrances in the business management
• At the time of launching the new product, developing a new product, technology, service etc
• If there is a change in the management at the top or middle level

These were all the basics of the business plan. Hope you have a better knowledge of the business plan requirement.

For any query regarding this, please contact Enterslice.

Business Plan is a very essential to carry business activities in a planned manner. Entities must spend some time to gather information for creating business plan.

While making business plan, there are certain things which must be considered such as “things must be included”, “things not required to be considered”, “financial matters”, and “requirement of additional sources”.

Title page of the business plan will give the executive summary which will describe the complete picture of the business plan.

Description of the Business

Business Plan will first give the business description. In business description, short description of the industry will be given. In business description, present as well as future possibilities will be described. Information will be provided related to various markets such as new products in industry. Such information will either give the advantage to the company or will adversely affect the business.

Things to be considered

· Time duration of business plan

· At what time it should be prepared and executed

· Consideration of goals & objectives

· Determination of financial requirement

· Marketing plan

For effective business plan, sample business plans can be considered.

Components of the business plan

Market Analysis

Through market analysis, we get to know about the market strategies. Entrepreneur becomes familiar with the market aspects through market analysis. With this, target market will be defined and accordingly company can position itself.

Competitive Analysis

For the determination of strengths and weaknesses of competitors in the market, competitive analysis is done. It will provide various advantages. This type of analysis will help in minimizing the barriers which will arise in order to prevent competition in market.

Marketing Plan

Marketing plan include the description of the product design and development to its investors. A proper marketing and development budget will be set for the company to achieve the goals and objectives of the company. Under this head definitive description shall also be given regarding customers, market size, characteristics and growth prospects, sales potential and trends.

Operational & Management Plan

This type of plan is created in order to describe the functions of the business. Business functions are described on a continuous basis. Logistics of the organization will be highlighted under this plan. Various other important information such as responsibilities of management of the company, assignment of tasks to each division in the company, required capital and expenses for carrying out the operations in the company will be included under this plan.

Financial Matters

Inclusion of financial matters is always considered as back of the business plan.

Business plan is used for the development of new business alliances. Under the business plan consultant proper targets are set for new alliances, and also for the purpose of communication with those set business alliances.

A good business plan will help in outlining sustainable competitive advantage to the upcoming investors. In business plan, pricing strategies are included which can directly influence the growth potential of each product/service of the company. In business plan it will be little crucial to include the features of future growth, market share and trend influences.

So now it’s time to roll your sleeves up and go for a good business plan.

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A formal business plan is invariably required by most of the businesses, whether small or big. Generally speaking businesses go in for a formal business plan under three scenarios:-

• Start-ups or established businesses that need loan from banks. The business plan in this case typically needs to focus on the financial plans and projections of the business, market condition analyses and a brief on existing competitors in the market.
• The internal business plan when an existing organisation plans to tap another industry vertical or increase its existing product line etc. In case of small businesses the business plan would be much simpler as compared to that of large-scale companies with multiple products and services and present throughout different geographical locations.
• When looking out for equity financing, new business houses or ones with specialized technology or innovative product and services, may require venture capitalists or angel investors to invest money into the business. This is when they need the business plan to be done with due diligence so that the potential investors are impressed thoroughly to put their money in the business.

How Business Plan consultant can help you?

A business plan consultant will work hand-in-hand with the team of the business to prepare a plan that is relevant and practical after considering factors like:-

• Industry statistics
• The demand and supply opportunities in the market
• Profile of potential customers
• The competitive landscape – direct and indirect competitors
• the products and services of the business house
• revenue model of the business
• sales and marketing plans
• financial projections
• details of the top management and employees
• SWOT analysis of the business
• Details of the investment plan, their compensation, exit strategy for investors etc.
• Additional information like accolades, licenses, agreements etc.

Choosing the right business plan consultant is hence highly critical for not only defining an achievable goal for the business but also a practical approach to achieve the same and impressing external and internal audience simultaneously.

What are the things to be considered before hiring a business plan consultant?

A business house, small or big, planning to hire an external business plan consultant needs to ensure the following:-

• First and foremost is that the consultant should be certified to do the job.
• Second important parameter worth considering is whether the consultant has relevant experience in the particular domain or not. For example, a business looking at attracting investors will require more clarity on financial points like budgets, overheads, fixed costs, cash flows, sale forecasts, assets, projection of growth etc. And larger the business, the scale of funding is also going to be substantially higher which would require specialized skills for writing the business plan. However, if funding is not the primary objective and it is more to do with strategizing sales and marketing, the consultant needs to be experienced in that particular domain.
• Checking the credibility of the consultant is another important thing to do. What has been their record in creating successful business plans in the past? Are their previous customers satisfied with their work? Checking up on the business plan consultant website is good to understand his approach towards work.

Conclusion

It is essential to understand here that the growth or success of the business is largely dependent on the business plan. Hence if the consultant is not ready to collaborate and handhold with his client, it would not make sense to hire his services. From defining the mission statement to formalising the exit strategy for investors, the consultant needs to on the same level as the business. This relationship also needs to be dynamic as the business plan is not a static document. The plan requires constant review and should evolve as the business grows. An annual review of the business plan where the consultant is involved too helps in conducting a structured gap analysis and update the same if decision is taken to the same effect. Drafting and writing the document too requires expertise and cannot be treated casually.

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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:-

• An executive summary which is basically a summarization of the entire plan.
• Mission statement that defines the reason behind the existence of the business
• A description of the business
• Analysis of the particular industry and environment
• Analysis of the Strength, weaknesses, opportunities and threats to the business
• Analysis of the market, potential customers and the existing competitors.
• Detailed plan of operations, sales and marketing strategies and financial plan.
• Summary of the management team
• 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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It is said that a good idea only when nicely planed turns out to be good venture and a good idea if not nicely planned may turn out into a disaster. In order to start a business, certain pre planning is definitely required.

What is meant by business plan?

A person who establishes the business or proposing to establish a business, if asked about his/her business plan, then it may happen that he will write it on a piece of paper about his business plan and yes is nothing but a business plan. But then the next question is has he/she covered all the aspects of business? Yes he may be and yes he may not have covered all the aspects of business.

 A business plan should contain all such essentials in such a manner that after reading it, the reader get to know exactly what the business is all about and are engaged into.

It shall include following:

• Business Description

It is the short description of the business outlook, future plans, market dependency, present scenario, trend , possible change in trend and its impact on the business, induction of any new product or such other development.

• Potential competition

In order to stay competitive, knowing your competitors is very important. Analysis of strength and weakness of competitors, and finding the loophole in it and looking for potential of development in it.

Competitive strategies usually fall into these five areas:

• Product
• Distribution
• Pricing
• Promotion
• Advertising

• Market Strategies

Clearly defined market strategies, next steps, the target market and at present position of the company in the market are of great importance. Business Plan main aim is to create a development budget that will enable the company to reach its goals.

• Financial Goals

What is the goal of company in coming years in terms of finance? It can be framed in short term and long term goals basis. As Financials of any company is the back for it and the most vital reason to run a business is nothing but to run the business profitably.

• Promotion Plan

The promotion strategy shall include every marketing tool utilized in the communication effort. This may includes Advertising, Packaging, Public relation, Sales promotion, Personal sales etc.

• Costing budgeting and cash flow of the company

Take into account all the expenses and profit sourced areas to run the business. The cash-flow statement is one of the most critical information tool in business, helping in reaching out to the fact that how much cash will be needed to run the business and survive in the market, when it is going to be required, and from where the company will be able to manage safely.

Design & Development Plan

The product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.

Operations & Management Plan

How the business functions are going to run. It shall include the details of the logistics of the organization which shall include various responsibilities of the management team, the tasks assigned to every division within the company.

Business plan should be concise and touching on most of the important aspects of the business, at the same time it should be drafted in such a manner that the reader without getting bored , gets a fair idea about our the business engagements.

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We need to understand the need of the business plan, when the business is a small scale then you may not need a business plan. But when you like to expand your business or you want a potential growth in your work environment then the business plan is a must do work. A good business plan is one that guides and improves the day to day decision making of the business operators, such that the business prospers into a profitable, going concern for the current owners/investors.

We need a business plan in order to have a path to follow to your success. No general goes to war without a “plan”. No serious business person goes into a venture without a clearly defined strategy. A well-written business plan will include achievable milestones or KPI’s (key performance indicators) to enable you to “sign off” mini achievements along the way. You are seeking to document your strategy to help your internal team understand it, You are seeking a bank loan or investment and other circumstances.

What is a basic structure of a business plan?

There is a basic structure that is required for a good business plan:

Executive summary

Business overview

Description of products and services

Industry overview

Marketing strategy

Operations plan

The Financial plan, these parts are crucial to making the readers of it understand your future business in a full way. A plan should cover all the important matters that will contribute to making your business a success. These include the following:

Basic business concept:

This is where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success.

Products and services and their competitive advantages:

Here's your chance to dazzle the readers with good, solid information about your products or services and why customers will want to purchase your products and services and not those of your competitors.

The background of management team and key employees:

Having information about key personnel is an important but often misrepresented portion of a business plan. It’s not a long and detailed biography of each person involved but an accurate account of what they've done and what they bring to the table for this specific business opportunity.

Financing needs and working capital:

This is based on your projected financial statements. These statements provide a model of how your ideas about the company, its markets, and its strategies will play out.

Other special circumstances:

If you are participating in a government program or some other special program, you might be required to provide a business plan consultant as a filing requirement.

The start-up business plan is not just a document that will bring you investors and funding. It’s also a great way for first-time entrepreneurs to help them declare their vision and plan for their company. Having the business plan in your hands will force you to think and develop your strategy even further. The business plan will serve you as a guideline to track your progress and hold yourself as a CEO more accountable about your future steps.

Business Plan

When planning a new venture it is important to plan out everything in detail and prepare a detailed written plan stating the main objectives, goals, organizational structure, policies etc. to achieve such objectives. This intricately laid out written document is known as a Business Plan.

Business plan provides a roadmap for better management and growth of organization. Business plan provides a much required support in an organization’s formative years as well as in case of any expansion plans and new ventures. It helps in following manner:

To check whether the business idea is actually feasible enough to be executed in the current business conditions.

to prepare an effective work flow for execution of plans

To impress and secure funds from prospective investors.

Why is Business Plan Required?

Many wonder if there is an actual requirement for hiring professionals for preparation of business plan or to prepare an actual business plan at all. The answer to such a question is yes. When exploring a new area of operation it is important to do proper research and preparation on our part. It prepares us in dealing with uncertainties in a better way.

Business Plan helps in persuading the investors to understand your vision and securing investments for such future ventures. A compelling business plan is the key to success as the investment package is in direct proportion with the feasibility of such business plan.

While the plan is in the development stage the factors that are to be kept in mind are:

If the plan is in sync with the organization’s visions and main objectives.

As the business plan is a sales document, it must be precise still effectively reflect the complete business strategy to achieve its goals in an effective way.

While preparing a business plan various factors are to be kept in mind like;

Thorough Market Research

Preparation of marketing Strategies

Identification of target audience

Staffing on management and official levels

Goals, long term as well as short term

Obstacles that the business might face.

Why hire a consultant?

In order to develop a detailed and effective business plan a lot of time as well as expertize is required. Expertise can be found in house but time is one luxury which budding entrepreneurs do not have. All the time that they have is invested in business development, market analysis and identifying the right partners.

In such scenarios, Business Plan Consulting plays a key role in taking over the business plan development part through their professional expertise in such field of work.

Hiring a professional business plan consultant has following benefits:

Customized Business Plans: They understand your business needs and help in development of customized plans.

Experienced Service ensures quality: As the consultants professionally provide such services, they have expertise in development an enticing business plan.

Extensive market Research: They have team of experts who first understand the insights of your business and conduct market research on the basis of that. This helps in development of a more viable business plan.

• Consultancy Services: business plan consultants not only help in just development of business plans, sometimes they also provide additional consultancy services or can even help you connect to prospective investors.

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