A Document for Setting and Pursuing Business Goals
A business plan is a document that outlines the business goals, the strategies to reach them, and the timeline for doing so, typically when launching a new business. It provides a guide for achieving the goals by analyzing the market, financial and operational aspects of the business. A business plan can help in discovering business opportunities and difficulties and securing funding or loans from investors or lenders.
Who may need a business plan?
A business plan is a valuable tool for anyone who wants to launch a new venture, whether it is a traditional or a startup business. It helps to define the goals, strategies, and feasibility of the proposed enterprise.
Additionally, existing organizations and companies that aim to expand their business and introduce a new product to their portfolio may benefit from preparing a business plan before initiating development and production. A business plan can help them assess the market potential, risks, and opportunities of their new product.
The relationship between business plan and business model
A business plan is a comprehensive document that outlines the objectives, strategies, and feasibility of a new or existing venture. A business model is a component of the business plan that describes how the venture creates, delivers, and captures value for its customers and stakeholders. A business model is often revised and refined multiple times until it reaches the optimal state.
The relationship between business plan and financial forecast and cash flow
A financial forecast and cash flow statement is a section of the business plan that shows the projected income and expenses of the venture, as well as the internal rate of return and the break-even point. This section is often mistaken for the entire business plan, because it attracts the attention of investors with financial expertise.
However, a crucial point is that without completing the other sections of the business plan, this statement and its figures and numbers will be nothing but baseless guesses.
Talks about the business plan
Some investors dismiss the business plan as a mere number-crunching exercise and a product of the business owner’s imagination. They argue that the market dynamics and environmental changes are too unpredictable to rely on a static document. This is not entirely wrong. Our experience shows that the financial analysis of the project is only as good as the underlying business foundation. Without a solid business foundation, the financial analysis is just a baseless speculation.
We believe that a comprehensive business plan, prepared by experts in this field, offers a different perspective on the business and helps to refine and validate the value proposition of the business or product. It also helps to define the market entry strategy based on the different market segments, target customers, pricing, and other marketing mix elements. These factors, along with the business operationalization steps and the business risk analysis, will help to enhance the rationality and credibility of the business plan.
From this perspective, the business plan that is prepared with the seriousness and involvement of the business owner and the experts in this field will help to guide the business as a comprehensive plan.
The output of our business plan preparation service
Conducting several meetings with business owners to perform a thorough analysis and achieve the following outcomes:
- Project team and competency list
- Value proposition canvas
- Business model canvas
- Marketing strategy
- Market analysis
- Customer segmentation and target market selection
- Marketing mix
- Organizational strategy development
- Business risk analysis
- Financial analysis of the project
