Business Plan Writing Companies In India: 10 Steps Of Composing A Good Business Plan
Business plan writing companies in India recommend various templates and business plan writing software. However, even before writing one, it is important to understand steps to composing a good business plan.
They are essential roadmaps for a business’s success. It is a living document that projects 3-5 years ahead and outlines the route a company intends to take to grow revenues. While business plans for an existing company may have a special focus like setting overall goals, reviewing specific operations or evaluating new products whereas a startup business plan is like a blueprint for its information, operations, and success.
Once the entrepreneur decides to write a business plan, it’s time to get all the necessary details on the paper. There are various templates and formats available to write a business plan, however, getting started can be a difficult task to do for an entrepreneur.
The following are ten logical steps of composing and writing a good business plan.
Decide The Objective Of Writing A Business Plan
Business plans are documents written with different objectives in mind. In most of the cases, business plans are written for raising investments from investors. Apart from this, business plans are created for recruitment, plotting against competitors, searching for business partners and showing them the excitement of the company, clarifying the company’s futures to stakeholders or planning scenarios while launching a new startup. Depending upon the objective of writing the business plan its content will change.
Study Various Business Plan
Before writing a business plan it is often recommended to study a few existing business plans. This gives an idea to the business plan writer on different sections to be covered and style of presenting a business story. To study such plans one can take samples from online websites or refer to business plans on various public companies websites.
Public limited companies have to publish their business plans and performance reports for investor’s reference. Another source to check professional business plans is to approach business plan consultants or business plan writers.
A business plan contains information on various business aspects. Some of this information is to be collected from external sources like research reports, news items, information from chambers of commerce, etc. Another recommended source for business information and statistics is the Business World Marketing White Book which is annually published and contain supplementary data for entrepreneurs to use in their business plans.
Put It Down On Paper
While composing a business plan it is important to start putting them down on paper. Many a time’s, entrepreneurs will remember odd details or important points that can make their business case much better. However, it is important to start noting these points on paper so that they don’t get lost in the process and putting the business plan on paper will help connect the dots between each item on the business plan. Business plan writers are usually hired by startups to create a professional business plan.
Prepare Your Rough Business Plan Draft
Once an entrepreneur starts composing a business plan, they should continue doing it as an uninterrupted activity. One should allow all the thoughts to be transformed on the paper first and then start analysis each and every point from business case perspective. Creating a professional business plan is the outcome, however, this activity shouldn’t be distracted by making it a perfection right from the starting point. Rough drafts will also help in inculcating feedback from advisors or business plan consultants from time-to-time.
It’s Research Time
Post drafting the rough version, it is again a time for the entrepreneur to step out in the world and supplement their business plan with external data. All the points on the business plan need to be validated and supported with secondary information. Moreover while writing the startup business plan entrepreneurs also discover a dozen aspects that they were not aware of and will need to step out to research to identify relevant information.
Start Thinking About The Numbers
A professional business plan comprises of two parts: one is the working or strategy plan and the other is a financial plan. Both these documents are interdependent and not substitute for each other.
To accomplish the objective of investment plan a working plan has to be in a function and without funding a working plan cannot be implemented. One of the simplest starting points for creating a financial plan is to start with sales. Further, the entrepreneur can start building the numbers by calculating the expenses to achieve a particular sales level.
Write Final Draft And Finish The Numbers
It is important to take inputs from professionals and experienced mentors while constructing a business plan. Since entrepreneurs have a tendency to fall in love with their business concepts they often overlook basic mistakes in a business plan which when studied by an external individual can be easily identified for rectification. Post receiving valuable inputs from various professionals the entrepreneur should start creating the final draft and finish the numbers to supplement the working plan.
Set A Deadline
One of the biggest challenges of writing a business plan is the amount of time it takes to build one. In certain cases, entrepreneurs start writing it and give it up after some time and in other cases, the activity can continue for months together. It is always suggested to define a deadline for writing a business plan even before starting the task.
Also while writing a business plan entrepreneurs must avoid multitasking other activities since they can easily distract an entrepreneurs focus and attention. Setting a deadline will allow an entrepreneur to remain in business plan building mind frame for the particular period.
Polish Your Plan To Perfection
Good business plans are well composed with details on every important business aspect, neat presentation and precisely to the point. It is important to keep the business plan short and businesslike.
One often gets tempted to fill in pages and show more details than the reader demands. Thus it’s important that professionals scrutinize such plans before submitting to investors. Every business plan should necessarily include an executive summary which provides a summary of the business plan. In most of the cases, the summary is all that the investor will read of a business plan.
Even though it takes time, energy and effort to build a business plan, it is imperative in today’s competitive business climate to have all necessary information available and evaluated before starting up.
With a thoughtfully made business plan preparation, one can enter the business world prepared, ready to run the business and ready to compete. Research and writing a business plan usually seems to be a monumental task however with preparation it can be quite painless and fast. As an entrepreneur goes through the process, they develop knowledge and understand of their business, improving the chance of success and diminish the risk of failures as a startup owner.
Writing an attractive business plan for a business is a straightforward process that can move through step by step to completion. By explaining a business plan about why an entrepreneur cares about the business, it creates an emotional connection with others so that they will support the organization going forward.
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