How To Make Business Plans for Small Business in India
Business Plan….It is building a Blueprint for Success
Planning Your Business – You are thinking about starting your very own business, but you’re looking for a little guidance to ensure you’re headed in the right direction.
Why It Is Important To Prepare A Business Plan?
Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it’s an invaluable road map for launching and growing your business.
In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially.
What should you include in your business plan…
What Are The Critical Components Of Winning Business Plan
At the top of the page, right under your business name, include a one-sentence overview of your business that sums up the essence of what you are doing. This can be a tag line, but is often more effective if the sentence describes what your company actually does.
Describe the problem you are solving in the market. Every business is solving a problem for its customers and filling a need in the market.
This is your product or service. How are you addressing the problem you have identified in the market?
Who is your ideal customer? How many of them are there? It’s important here to be specific. If you’re a shoe company, you aren’t targeting “everyone” just because everyone has feet. You’re most likely targeting a specific market segment such as “style-conscious men” or “runners.”
How is your target market solving their problem today? Are there alternatives or substitutes in the market? Every business has some form of competition and it’s critical to provide an overview in your executive summary.
Provide a brief overview of your team and a short explanation of why you and your team are the right people to take your idea to market. Investors put an enormous amount of weight on the team—even more than on the idea—because even a great idea needs great execution in order to become a reality.
Highlight the key aspects of your financial plan, ideally with a chart that shows your planned sales, expenses, and profitability. If your business model (i.e., “how you make money”) needs additional explanation, this is where you would do it.
If you are raising money to start or grow your business, you need to include the details of what you need in the executive summary. Don’t bother to include terms of a potential investment as that will always be negotiated later. Instead, just include a short statement indicating how much money you need to raise to get your business off the ground.
Milestones and traction
The last key element of an executive summary that investors will want to see is the progress that you’ve made so far and future milestones that you intend to hit. If you can show that your potential customers are already interested in—or perhaps already buying—your product or service, this is great to highlight.
You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company. In that case, you can dispense with details about the management team, funding requirements, and traction, and instead treat the executive summary as an overview of the strategic direction of the company, to ensure that all team members are on the same page.
What To Avoid In Your Business Plan
- Place some reasonable limits on long-term, future projections. (Long-term means over one year.) Better to stick with short-term objectives and modify the plan as your business progresses. Too often, long-range planning becomes meaningless because the reality of your business can be different from your initial concept.
- Avoid optimism. In fact, to offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits. Few business plans correctly anticipate how much money and time will be required.
- Avoid language or explanations that are difficult to understand. Do not ignore spelling out what your strategies will be in the event of business adversities.
- Don’t depend entirely on the uniqueness of your business or even a patented invention. Success comes to those who start businesses with great economics and not necessarily great inventions.
TCF Consulting Services – Mumbai
Whether you are a start-up business needing to attract venture capital or a successful operation that is planning for the future, a written document outlining your goals and action plan is a vital tool to accomplishing your business objectives.
In today’s competitive environment, a well-developed business plan is no longer a luxury, but an absolute necessity. Whether you are a start-up business needing to attract venture capital or a successful operation that is planning for the future, a written document outlining your goals and action plan is a vital tool to accomplishing your business objectives.
Their professionals have written business plans for a variety of industries. They work closely with financial sources to develop marketable plans that give you an edge with venture capitalists. Of course, one of the most important functions of a business plan is accurately forecasting a realistic income statement for your business. Using a variety of techniques, our professionals will help you develop sales, expense and cash flow projections, as well as identify critical capital needs. This process will first identify the feasibility of your business plan, as well as the potential areas of weakness that may need to be addressed. This vital tool can give you a critical edge in an ever-increasing competitive business environment.
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TCF is exclusively affiliated to The Chugh Firm, USA and is a team of dedicated Chartered Accountants (CA), Certified Public Accountants (CPA) having an intricate understanding of the complexities of your Business Consulting, Tax Advisory & Complaince, Payroll Management and Accounting needs.
In India TCF has its presence in Bangalore, Chennai, New Delhi, Mumbai, Chandigarh and Ahmedabad and in USA it has presence in Los Angeles, Santa Clara, Edison (NJ), Atlanta and Washington DC.
The team comprises of dedicated Chartered Accountants (CA), Certified Public Accountants (CPA) have an intricate understanding of the complexities of your Business Consulting, Tax Advisory & Compliance , Payroll Management and Accounting needs. They regularly assist our clients on issues regarding Tax Advisory & Compliance, Regulatory Compliance, Accounting and Payroll Management.
They strive to provide effective and efficient services for every client, whether the client is a small business or a multinational corporation. Many of our clients started with us as businesses in emerging industries and stayed with us as they grew into market leaders.
Eucliea Consulting – New Delhi
The Framework Validation Model is an unique method developed in Eucliea Consulting. The model helps identify the bottlenecks that is impeding improvement. The model isolates all the assumptions that are being used by the company to address a specific area (like assumptions related to sales of a product), verifies if the assumptions are valid, using statistics, and then holistically look at the validity of all the assumptions to arrive at the bottleneck of the system. The model then provides the solution that will help in improving the performance of the company.
Eucliea is a strategy consulting company started in 2013 that helps small and mid-sized company’s improve their performance.
The founders of the company have extensive and varied experience behind them, and between the founders, collectively they have over 100 years of experience.
Eucliea consulting have developed its unique delivery model, called the Framework Validation Process, developed after extensive testing with several cases over the last decade.
The top management has been aptly handled by the 4 dynamic professionals: Mr. Prasun Deb, Mr. Kaushik Chattopadhyay, Mr. Anupam Sen, and Mr. Rishi Uberoi.
Business Plans are critical to the success of any new venture. Entrepreneurs should dedicate time to create them, regardless if you’re searching for investors. Business plans serve as the framework for your company and provide benchmarks to see if you’re reaching your goals. In my experience, they are key to helping you think through your business and keep you on track.
SME Joinup looks forward to get you connected with the top business plan guidance and insights providers for small business in India. All you have to do is fill up form mentioned below, also you can give us a call on 8378977112 or email at email@example.com.
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