Failing to Plan is Planning to fail
You all will agree on the importance of planning in advance. It becomes more crucial when it comes to starting a business venture. Considering the time, energy Money and our aspiration attached no one wants to see it dream business crashing down A business plan gives you a holistic view to your business path, its future & course of action in due time. It also provides a Plan B in case of things go against you.
So after understanding the importance of a business plan lets Understand some nitty-gritty.
What is a Business Plan?
As the name suggests a Business Plan is a Plan which contains a detailed review of different aspects of business Like, Product, Finance, Marketing, Human resources It also provides a systematic understanding of business and its problems, Future prospect, SWOT analysis, and different analysis.
In short, it tries to predict its present and future course of actions
How should a business plan make?
Although there is no standard procedure to make a business plan, as it depends on the nature of the business and its specific requirement. However, the following points should be taken while preparing a business plan
Business Idea
- Mission and Vision you carry
- What are your Product / Services
- How your product /Services make a difference in society
- Who will be your customers
- How much Capital will be required
- Which form of business you will choose
- From where you will arrange your capital
- What will be your sources of income
- What will be your expenses
- The projection for at least five years
Who should make it?
You better know your dream and hence you are the best person to make a business plan for your venture. However, as you can’t be an expert in everything you should take the help of an expert, do some research and then make an informed decision
Role of a Business expert?
As discussed above experts advise can add a lot of value and practicality to your business plan. As an expert deals on a daily basis to the business situation where you may be a novice, He can advise you and provide various information which can make your business plan more practical and error-free+. Generally, we may be over-enthusiastic and overconfidence about our Idea and in that condition, we may ignore some crucial real facts and economic conditions
An expert uses his experience and may critically examine your idea and offer valuable advises to do a due correction
Business Plan Viability Check. What is it?
Every year thousands of business Ideas are tossed in the market, Some make history and some become itself a history. Why The answer is many of them are not viable at very starting and some of them become unviable with time
So what is viability?
Viability is practicability of a business plan which is measured on two basis
Business Viability or general viability:–When a business plan carries some basic miscalculation or misunderstands the social requirement, It is prone to fail and maybe it will never take off, how much efforts you can put it
Financial Viability:- Financial viability checks whether this venture can make a profit or will prove a white elephant after some time In financial viability Projected Income & expenditure is checked and the projection is analyzed on different parameters