Let’s start by defining what a Business Plan is:
According to Draier, a business plan is a document that describes an entrepreneurial project in all its aspects. It’s a road map that indicates the business project from a holistic approach. A business plan encompass the goals, the strategies to reach the goals, the resources to utilize and the expected results (production, commercial and financial).
“The Business Plan in simple words are the What, the How, the When and Why of the Business”
The entrepreneur must realize, that a Business Plan can be developed with severals on mind. Whether is to enter in a business contest for seed money for your new business; or to persuade investors to invest capital in your project; to request a business loan or to develop new relationships with Partners or Suppliers, but fundamentally for the entrepreneur itself.
A Business Plan is fundamental, because this is the place where your Mission and Vision, business goals are laid out and how you as an entrepreneur are going to execute those ideas.
When you are writing your own Business Plan, think of it, as a dynamic document which you can share in written with others. Here you will explain your market analysis, the business itself, planning and business projections, and the actions to take to make your business a reality.
“An entrepreneur or business venture without a Business Plan, is like sailing without a clear destination. Therefore, you will have no way to measure your success and to take the corrective measures along the way.”
Here are the 11 main topics your Business Plan must include:
1. Business concept or business idea.
2. Business model.
3. Market Analysis
4. External Market forces and its influence in your business.
5. Resources availability.
6. Access to qualified labor and/or business professionals.
7. Technology used to produce the goods or services to offer.
8. Business Networks.
9. Financial Resources.
10. Opportunity Analysis.
11. Schedule and deadlines to implement your business.
Typically, a Business Plan must contain:
• Executive Summary
• The Market and its context.
• Products and Services
• Commercial Plan
• Operational Plan
• The team (skills, experience and strengths)
• SWOT and risk analysis
• Financial Plan
• Support documentation and data.
Also, according to Maria P. Aguado the Business Plan must consider the strategies below:
- Marketing Plan
- Production Plan and Purchasing Plan.
- Organizational Plan and Human Resources.
- Financial and Economic Plan
So, if you have are just about to start a new venture or you already have an up and running business and you do not have a Business Plan, this is a moment to bring it up to the top of your priority list.
A little bit of investment in time and money can open a whole new opportunity for your business that you perhaps have not even considered.