Source | Entrepreneur : By Baishali Mukherjee
A business plan is the groundwork of any business and it is extremely important to learn to draft a plan efficiently. A good business plan can potentially steer you through the phases of preparatory and eventual business transactions. One can use the business plan as a roadmap for how to construct, operate, and grow new businesses.
Business plans can even help get finance or new business associates. Your business plans should be able to persuade people into thinking that working with you or funding your company is a smart choice.
- Plan Should Meet Requirements
Vinat Pillai, Co-founder of Dekkho, a disruptive new-age video streaming service, feels that there’s no hard and fast rule about writing a business plan, though it is important that your plan meets your requirements.
“Starting a new business is not easy. However, it is wise to be prepared for the challenges – and try to get ahead of them. One key move in preparing for the challenges is drafting a solid business plan. Technicalities and standard information that a business plan includes are easy enough to figure out. You just need to focus on your basic needs,” he elaborated.
- Build Your Vision
The secret to a successful business model is having a clear vision of what the owner wants to achieve as a company. “Before you write a business plan, it is recommended to figure out three to four essential strategies that will facilitate you to achieve that vision,” advised Pillai.
Creating the vision for your business is also connected with the mission statement. The mission is about the ‘why’ you’re doing what you doing. “Once you completely comprehend the why, then you will have to classify ‘what’ and ‘how’ you are going to do it. The next part is the ‘who’ you want as clientele and the ways by which you are going to deal with them,” he added.
- Clarify Your Business Model
Tejal Kamdar, an independent business development consultant, said a high-quality financial model must be incorporated along with other details in an official business plan. “Hiring, pricing, sales, cost of acquisition, expenses and growth are some of these elements. The model must be amended and rationalized as the realities of business unfold,” he explained.