A business plan :A business plan is simply a plan for a business that serves as a guide in managing a company or organization. A business plan is an elementary business principle for start-ups and is helpful for all types of business. For instance, a business plan for start-ups can be a simple two or three-page document. This document provides essential information, milestones the company wants to achieve, and ways of getting funds to meet the goals. A business plan will be comprehensive with sections such as plans, marketing, and financial data for established companies. The purpose of a business plan is to offer a map for the business. Business plans are either external or internal, and guide your team to be on the same page.
The need for a business plan : As noted by business homework experts, the purpose and need for a business plan vary with business.
Assuming you own and lease a couple of properties. Then your objective is to own more, and this becomes your full-time job. A business plan will help you break down your tasks into more actionable and manageable portions. To transform it into real estate, you will need acquisition and capital injection.
Assuming you own a fully established real estate firm, where you own a couple of different properties. For these properties, you rent them out and manage them with a lean team. Therefore, a business plan for a thriving business will be different. Even if the company is profitable, then your business plan needs a plan for future growth.
Updating your Plan
Once you have a functional business plan, a significant concern is how often you update it with new information and the changing business environment. At times one might require a one-off business plan, for example, a business plan given to a prospective partner or particular shareholder. For other situations, one can develop a business plan for some specific financial year, for example, 2020. Such a business plan will serve as a base for planning the year 2021, then 2022. Approach your business plan as breathing and a living document. Develop a master business plan that you continuously update based on the company’s activities. With a master business plan, you can tailor it to a specific need or request without creating another one from scratch.
Components of a business plan
It serves as the business plan introduction to your readers. Provide meaningful and relevant information such as company expertise and area of focus
This section captures the company’s history and background information. Ensure the story is short and precise. Provide a summary of ownership, accomplishment, and legal status.
Service or product information
Provide details of what the company does. It can include the goods the company produces and sell or the service it provides.
Marketing or sales plan
For sales strategy and marketing, do no provide finer details. Just convey the targeted demographics and how you intend to reach them.
This section will interest prospective investors so that they decide to invest or not. The level of financial information detail varies with the audience.
The summary of your team is an extension of the company biodata. The purpose of this section is to define the company hierarchy together with key players.
Based on the purpose of the plan or the target audience, there are two sections worth mentioning.
It should have a listing of supporting documents.
This section outlines a funding request.