Write a business plan
How to write a business plan: In order to run a business successfully, each and every business has to go through this prerequisite step. It is one of the crucial steps that help in achieving the objectives and goals set for a business. Hence, every business man should know beforehand how to write a business plan or how to make a business plan effectively and structurally. In order to understand how to write a business plan or how to make a business plan properly, one has to go through a set of steps that should cover the proper presentation and the target audience for whom you are writing for.
Below are the steps must be taken into account while writing and thinking about how to write a business plan or how to make a business plan:
1. Business Plan Structure
The first step in how to write a business plan or how to make a business plan tells you how to order and structure your plan and how to write a business plan or how to make a business plan as per the business plan format. It must be understandable, readable and clear so that no one has to face any difficulty in getting the gist of it. Business plan structure in how to write a business plan or how to make a business plan should include the length of it, summary and language.
2. How to approach
At this stage in how to write a business plan or how to make a business plan according to the business plan format includes the research on the market, calculation on revenue forecasts and the target customers’ who are going to purchase your products and services. Be honest and realistic in offering them high quality services and jot down the weaknesses if any at this step of How to write a business plan or how to make a business plan.
3. Business Objectives
In this step of how to write a business plan or how to make a business plan, it summarizes what a business should do and what all are the goals and objectives of running a business successful. It should not be listed long, rather a single slide or a few paragraph. Business Objectives in how to write a business plan or how to make a business plan must give information about the short, medium and long term objectives.
4. Skills and Experience
This is an important step in how to write a business plan or how to make a business plan as per the business plan format where your skills and experience is evaluated and judged if you are qualified enough to start a business. Skills and experience in how to write a business plan or how to make a business plan lists all the relevant skills, education, and experience and training time to run a new business effectively.
5. Target Customers
Target customers in how to write a business plan or how to make a business plan plays an imperative role in understanding the mind set of people, their taste and choice. Customers are the backbone of any business; therefore, it is highly essential that a business man should have a thorough understanding of type of consumers, age, gender, location, income wise as they have a huge impact on the revenue generation of any business. Hence, it is one of the crucial steps in how to write a business plan or how to make a business plan who are going to consume your products and services ultimately.
6. Market and Competitors
How to write a business plan or how to make a business plan includes these steps to showcase every risk involved in running a new business and take remedial actions accordingly. Market and competitors in how to write a business plan or how to make a business plan tells you about the market you are going to work with. It represents an examination or a thorough conduct on market research, market overview, and its competitors.
7. Sales and Marketing
Sales and Marketing in how to write a business plan or how to make a business plan indicates the effective measures to be taken to increase your sales and adopt smart strategies to publicize your products so that it can reach to maximum number of people. This step in how to write a business plan or how to make a business plan follow some techniques to reach to their target audience are advertisements, leaflets, broachers and many more.
8. Operational Plans
Operational Plans in how to write a business plan or how to make a business plan demonstrates the number of staff needed, place where you are going to operate your business and the details of suppliers. This whole step in how to write a business plan or how to make a business plan involves the execution of all the steps which has been listed earlier and get ready to hit the ground running.
This step in how to write a business plan or how to make a business plan is all about finances. For example if the business is already running, then one needs to show the cash flow in that particular period of time, profit loss statement and also creation a one year forecast on money needed to run a business.
Appendix in how to write a business plan or how to make a business plan includes every further detail that has been referred throughout the business plan such as market research and overview information, forecast on cash flow, resume and other details of senior management and other important information.
Business Plan Outline
Business Plan Outline is a strict template that every company needs to follow and is different for every business. Business Plan Outline should be structured in such a way that business plan outline should answer each question of investors whether they should invest in the business or not. Business Plan Outline is designed to get funding for a new business; therefore, business plan outline must be promising enough to convince them.
Business Plan Outline contains a set of steps that needs to be taken care:
1. Executive Summary
In business plan outline , this is the most important step to be considered. Executive Summary of business plan outline must be attractive enough that it should be able to impress investors for their business. If they find it fascinating, then only they will dive into the rest of the sections of business plan outline. Hence, one should focus on it meticulously before start writing the business plan outline. Information about yourself, what you are going to sell, profit loss statement and how much staff, money it is required to start.
This step in Business Plan Outline introduces the company whether it’s new or the existing one and with its management. Few steps in business plan outline will vary depending on its existence. Some key questions one needs to answer here for the new start up in business plan outline is information about the stakeholders, where the company is registered and data about the legal structure, location and management team.
3. Products and Services
This step in business plan outline is very crucial as it indicates what all products and services a business is going to sell. What the target audience is, what their need, taste and choice. As this step in business plan outline will help investors to build confidence. They will get to know how long this business would work, how crowded and profitable would be the market is.
4. Market Analysis
Market Analysis is one of the imperative steps in Business plan outline. Before commencing a new business, they should examine the market thoroughly how much competition is there in the market and how much it is required to sustain you in the market. Business Plan Outline allows you to determine which segment of the market you have to target.
In business plan outline, steps which have been mentioned above are a bit descriptive, this is the step in business plan outline where things are started to get interesting. Basically strategy is one big step where it is explained and given the view of the market, how things would work in this competitive market and gives the reason why and how the strategy would work. Marketing plans, risks involved, pricing, competitive edge everything is taken care in this step of business plan outline.
This is the step in business plan outline where company actually starts to operate. It normally starts with the personnel plan followed by the key assets, IP and then suppliers. At this step of Business Plan Outline contains all the information about how much staff is needed to get the job done, identify any kind of operational risks that might be able to arise on asset side or information about suppliers.
7. Financial Plan
This is one of the most crucial steps in business plan outline where sponsors or funders intend to see the current performance of the business. Business Plan Outline document lists all the sources and funding that will be using to start a new business. Along with those important assumptions, sales forecast and cost structure in business plan outline also plays an important role which identifies financial forecasts for the business for a particular year.
In this step of business plan outline, detailed piece of data or backup information has been added which might be required later in the stage. This can be served as a reserve which can be referred by investors to investigate further.
Business Plan Writing
As now we are pretty much aware of what a business plan is how to write a business plan or how to make a business plan and Business plan outline, now let’s delve into the process of actually writing a business plan. This process of writing a business plan helps in achieving the objectives of new business. Let’s first understand the rules of writing a business plan before getting into the elements of achieving it.
Basically there are 3 rules for writing a business plan:
1. Keep it short
In writing a business plan document, business plans should be crisp, short and concise that should be understandable and readable by everyone without any hassle as no one is interested in reading a 100 page document. So, one should keep this point in mind while writing a business plan.
2. Know your audience
While writing a business plan, language should be appropriate that audience will be able to easily understand. Know your audience in writing a business plan study the type of audience and work accordingly.
3. Don’t be intimidated
Writing a business plan may seem like a big task; however, one shouldn’t be much worried about writing a business plan as they are the expert of their business.
Now, when we have understood the rules of writing a business plan, let’s get into the elements that are going to include in it.
1. Executive Summary
While writing a business plan and every rule has been taken care of, one should look into writing the executive summary of business plan as it contains the overview and plans of the business.
In writing a business plan, this step answers few questions like why are you selling the products and services? And how actually you are solving the problems for your market?
This step in writing a business plan deals in actual execution of opportunities for your business. 4. Company and Management Summary: Writing a business plan involves the recruitment process of staff which tells how many people are required to do a particular activity, location where they are going to work, and many more.
4. Financial Plan
This step in writing a business plan plays an important role as all the details of finances comes in this step. Hence, an impressive financial forecast is recommended at this stage.
Appendix in writing a business plan contains all the additional details like product images or any additional information, and then it is used for this purpose.
Business Plan Format
Business Plan Format is nothing but a presentation of a best business plan outline and the presentation of writing a business plan. Business Plan Format totally depends on the size and content of the business. Business Plan Format simply emphasis on certain areas of business plan outline that is placed on certain areas. Business Plan Format presents you with a framework which helps you in the presentation of your ideas and strategies in a logical manner. In other words, business plan format simply provides you aid with the clarification of your ideas and thoughts along with the clarity to investors.
Business Plan Format consist a number of fundamental issues without which every business plan outline is incomplete. Hence, these fundamental issues have been grouped into six major areas that have been considered as pillars of every business whether it is large or small.
1. Sales and Marketing is one of the issues in business plan format which is used in creating any business plan for any of the business.
2. Operations considered being the second issue in business plan format where actual activity of the business is taken into consideration. All activities which have been defines in business plan outline has been executes at this stage of Business plan format.
3. Human Resources in business plan format consist of number of staff required to do a particular activity or how many resources are needed for the successful running of a business. Hence, business plan format contains all the details of staff, venue and equipment.
4. Finance in business plan format is one of the fundamental issues which contain the details of finance and the funds from where a business will get to run their business. Business plan format outlines the details of this step.
5. Information and Communication Technologies (ICT) is one of the fundamental steps in business plan format which contain technical details and information about the business and how it is going to run in long run. Business Plan Format details the information of ICT thoroughly.
6. Information Management in Business Plan Format is one of the crucial fundamental issues which outline details of management, senior management and all the important information that is required for a successful business running.
Business Proposal Examples
Business Proposal Examples are the best part for any business to formalize each and every thing just to make things normal and simple for investors. Business proposal examples are in written format where everything is put under management agreement, provisions and expectations whatever investors or sponsors are having. Business proposal examples have a template where challenge, solutions, deliverables and expected results are noted. In order to impress and allure customers, several attractive business proposal examples are available which people can use for their own business. There are several business proposal examples which are important in any type of business are listed below:
1. Contract Proposal Template is one of the business proposal examples where all the contract information is written down agreed by investors and business.
2. Free Business Proposal is another example out of all business proposal examples which is available free and online, one can refer to it and fill in all the details whatever is applicable.
3. Start-up Business Plan is one of the business proposal examples where proposal is made as per the insights of new business. Everything is listed as per the expectations of funders.
4. New Small Business is another one of the business proposal examples which has been designed as per the size and requirements of new small business.
5. Sample Business Proposals is one of the business proposal examples which showcase the sample example how a business proposal is written and executed.
6. A Business Proposal is one of the business proposal examples where a business proposal is designed according to the needs of business.
7. Business Proposal Examples itself is an example of a successful business where plans are executed and transparent in the eyes of investors.
8. Business Plan Examples are one of the business proposal examples where business plans are carried out in different manner and are selected after everyone’s consent.
9. Business Proposal Template is an example out of many business plan examples where a template is designed of business proposal and refers to that for future reference.
10. Small Business Plan is one of the business proposal examples where proposal is designed as per the size of the business plan and the business.
Example Business Plan
Example Business Plan provides information to finance provider that all the information provide in a plan is relevant and related to business only. This example business plan does not contain any generic information and even example business plan makes them believe that it does not rely on any generic information for the making of any business plan. Finance provider will review example business plan to make sure that it relates to the business. Let’s take Barclays business plan as one of the example business plan to study and what all things should be included in example business plan. There are three further examples business plans in Barclays Business Plan which are vary in their nature.
First example business plan is Airport Café which is quite comprehensive example of fictitious airport café where business is looking to open a new site for it. Second example business plan is Stone Importers Ltd where business is looking on the shortfall of business capital and how to cover it in order to expand it further. Third example business plan is Smith Fuel Efficiency Ltd where business looks for debt finance factor.