A Business Plan (BP) can be defined as a document that describes an organization's current status and forecasts / plans for the growth in the times ahead. This can be from a quarter of an year to several years in the future.
Main Features of a Business Plan The main motive of a business is profit. Business men don’t rush into business unless they forecast their weaker areas first. A strong plan can either sustain a business or can ruin it. Business Plans is a simple representation of balancing and gaining edge over the weaknesses of a business with the strengths.
The Strategic Mind behind BP If you fail you might be Heart Broken, but if you never tried you are doomed. Working with strategies is the primary scope in Business Development and for Business Managers. Learn to strategically place yourself out of scenarios. You are never the main concern. You are just the representing medium.
Editable BP – make BP in revisions as you go in depth, make it finalized when you are sure about zero loopholes
Make another BP as a Plan 2, so that anytime you can seek in more resource (handy but a tough trick)
A Simple plan that shouldn’t fail Apart from working on strategies and conventional ways of drafting a BP, a simpler way to provide BP is working on information. This is what makes a simple plan more effective and interesting Simple they say is always the best
So How to work on a simple Business Plan ? Work on These lines:
Vision of organisation (or whatever ur plan is)
Goal of future
Clients, Users, Target market
Edge of you / ur team / company
Barriers to achieve the target
Better serve clients..how ??
Ad more to target..possible ??
Adding new customers / users / target market share
Starting of the plan dates
Vision of organization Know organizational vision Where company wants to go ? Will the organization fully supply you with resource ? How can you plan accordingly and what a company needs to do to attain goals
Future Goals Make Futuristic but realistic goals. Dream in night, jot down in day how you vision the part of business. Where do you want to go. Answer is this possible ? If yes How
Clients, Users, Target market Probably most important feature of the business. Understand whom to target and how. Know a users mind and you know business. If you provide Baby food to a teenager probably this wont sell.
Increase in Target Always Increase target. That’s why is a business plan, grow the business. The best way is dividing targets quarterly During 1 st phase it is least say 20% of total growth Increase a bit in second phase based upon your calculations The third phase is the highest increase Remaining of target comes in last phase (where you also analyze the present BP to formulate for new financial year)
New Segments of Scope Is there a new market ? Are their any growth in certain sectors ? How can these be trapped ? Are there any specific strategies ? How do you plan to grab a new target market ? Answer these questions in this section.
Accountings Financials and Accounting facts to be dealt with. This might also take into account project costs. The best way to calculate project cost is upon hours you have to give in.
Time Management Manage the time based upon estimation, take into account flaws, limitations and resource. Always remember to add 15% - 20% time leeway due to unknown factors.
The Last Words Have a business plan that is simple to grab user / reader attention. The simple rules and information can make a killer BP to turn heads and maximize business. Thanks And Regards Amal Krishna Biswas Image Courtesy: veer