A business plan according to Wikipedia is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame that these goals need to be achieved. It also describes the nature of the business, includes background information on the organization, the organization’s financial projections, and the strategies it intends to implement to achieve stated targets. In its entirety, this document serves as a road map that provides direction to the business.
Business plans are inherently strategic. You start here, today, with certain resources and abilities. You want to get to a there, a point in the future (usually three to five years out) at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets. Your plan shows how you will get from here to there.
Business plan is very useful to an individual, partners, groups, and corporations that plan to grow their company to the higher level. Business also definitely very important to the business start up who just plan set up business and create a company. Business plan will be their guide, foundations, and necessity to get findings from the third parties like banks and creditors.
Business plan writing can be a great source of income.
Why do we need a business plan for our business?
1. A business plan is vital to helping you get finance from investors, stockholders, creditors, and banks.
If you’re seeking finance for your business, you’ll need to show banks and investors why they should invest in your business.
Lenders and investors will only risk their time and money if they’re confident that your business will be successful and profitable.
A thorough and well-researched business plan:
- shows that you’re serious about your business
- helps lenders and investors to understand your business idea
- shows your predicted profits and income streams.
2. A business plan can help you priorities things accordingly and give you a guide on how to accomplish it.
A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.
Preparing a business plan will help you work out the goals you want to achieve, and the strategies to achieve them. This means you can focus your resources and energy on what you need to do, rather than spreading yourself too thin.
Once you’ve got a business plan in place, it’s a good idea to regularly review and update it to:
- remind yourself of your goals and priorities
- assess whether your strategies are working
- adapt to any new changes in your environment
- make the most of new opportunities as they come your way.
3. A business plan can give you control over your business, resources and your finances.
The planning process helps you learn about the different forces and factors that may affect your success. If you’re already in business, it helps you to step back and look at what’s working and what you can improve on. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.
Writing and researching for your business plan gives you the chance to:
- learn about your industry, market and competitors
- write down exactly where you are in the market and where you’re headed
- identify challenges you may come across and work out strategies to avoid or overcome them
- understand your business finances, including managing cash-flow and determining your break-even point
- set specific goals, timeframes for achieving them and how you’ll measure performance
- make sound business decisions that focus your activities, maximise your resources and give you a competitive edge.
4. A business plan can help you set your business goals, revenue growth, and future expansion.
When talking about business plan it really helps guide you to achieve your business goals, set your revenue and profit grow faster, achieve your target financial performance, and help you with your business future expansion. Business plan is vital to the business that already been established and same vital to the business start-up.
A business plan is not a document you create once and store in your bottom drawer. It’s a living guide that you should develop as your business grows and changes. Successful businesses review and update their business plan when circumstances change.
Set yourself a reminder to review your business plan regularly. If you have a team in your business, holding brainstorming sessions is a good way to benefit from their knowledge – it ensures you’re all on the same page and that you get their support.
You don’t have to start with a blank sheet of paper
To write an effective business plan you’ll need discipline, resources, time and focus. Although the process can seem challenging, it’s very rewarding and gives you a sense of control over your business.
You don’t have to start with a blank sheet of paper. There are many website that offers business plan guide and template where you can used their business plan services in guiding you and helping you building up the business plan for your business. List below are the best business plan guide and template provider where you can access them online anytime and anywhere you want.
LivePlan is straightforward, easy-to-use business plan creation software that walks you through each step of the writing process. This web-based program is great for business owners looking to create plans for startups, strategic marketing campaigns or funding proposals. LivePlan is also a good option for business owners who aren’t sure what type of business plan they need, because it walks you through the process and proposes templates based on your business’s goals.
BizPlanBuilder has both a cloud-based and a download option for its business plan-writing software. This software solution has several industry-specific templates you can review and then add to the document editor to create a plan that reflects your own business needs. While you can create a start-up business plan, this program devotes special attention to financials so you are prepared to present your idea to any type of investor, be that a bank, private investor, angel network or venture capitalist and have the data to back it up.
Based in Los Angeles, California, Go Business Plans writes business plans that serve a variety of business’s needs, ranging from SBA loans and visa applications to plans seeking venture capital funding. Go Business Plans rated well in terms of the quality of its business plans and its comprehensive feature set, which is why we awarded it our Business.com Gold Award.
Wise Business Plans is a business plan service based out of Las Vegas, Nevada. It writes business plans for businesses seeking venture capital and angel investors as well as businesses interested in applying for SBA loans, E2 visas and L1 visas. The plans are high quality and contain market and industry research drawn from a wide range of sources. Its turnaround times are above average, while the cost is roughly average for the services we reviewed.
Business plan writing can be a great source of revenue to all people who want to render their expertise and services to an individual or companies looking for an expert business plan writers in helping their building up the business plan for their companies. So I advise you should learn and hone your business plan writing skills.