Business Plan Development Essay Sample
To start a new venture, the very first and necessary job to do is business plan development which will eventually act as a “road map” to guide and direct the future of a business/ venture.
Developing a business plan has become an inevitable part of a business which always has its influences on the daily decisions and assist with the directions for expansion, diversification, and future evaluation of the business.
Most of the eminent leading Singapore university which provides educational programs like business administration, business development, entrepreneurship management, business management, business skills and management and others. These all courses in common provides profound information & knowledge as well as crucial skills of writing business plan and also assignments relevant to it like a draft of Restaurant business plan essay, Entrepreneurship business plan assignment or report writing on “What is business plan in entrepreneurship?” etc.
However, if you are a student of some business field wanting to write assignments on “business plan development”, you can take help from the below free developing business plan sample.
What is a Business Plan?
A document, describing the business or business idea is called a business plan. The business plan includes all the necessary details of the business such as its products and services, how it (will) earn money, leadership and staffing, its operations model, financing, team members, mission and vision and many more details essential for its success.
What is the Need of a Business Plan?
Business plan act as the sound basis for the investor to rely on the business as well as to determine its feasibility before funding it. This is also one reason why a business plan is needed for getting a loan too.
Apart from these, there are imperative reason demonstrating the need for writing a business plan-
- Planning: – Writing a business plan is a significant exercise for explaining the thoughts and can assist with understanding the extent of the proposed business, just as the measure of time, cash, and assets it will need to get started.
- Evaluating Ideas: – If one has multiple ideas in his mind, he can develop a rough business plan for each which will help in focusing the time and energy on the ones which are associated with the highest chance of success.
- Research: – While writing a business plan, one will make numerous researches for the ideal customers and competitors and eventually the information will help to make more strategic decisions.
- Recruiting: – The business plan is the most fundamental and easiest way to convey the mission and vision to potential new hires, along with help building their confidence in the venture most especially when the business is in the early stages of success/ growth.
- Partnerships: – When one wants to collaborate with some other company or organization with a clear view of the vision, audience and growth strategy will help them to determine if your business is a good supplement for theirs- especially when they are so much above in the growth statistics than yours.
- Competitors: – There are numerous business plan rivalries offering prizes, for example, mentorships, awards, or investment capital. To discover significant rivalries in your industry and region, attempt Googling “business plan rivalry + [your location]” and “business plan competition + [your industry].”
How to develop a business plan?
The business plan should always be in a systematic manner easy to understand and influence the investor or some existing company intending to collaborate with.
There are two main things one should care about while developing a business plan-
- Using a proper format
- Filling all the sections of the business plan with a calm mind and accuracy
Although the task or formulation of a business plan is not so easy, with a proper format and methodical approach will make it smooth.
Here are the stages for business plan development-
- Teamwork- A group of people working together on the same task.
- Forming- Learning about each other and team requirements along with the challenges, expectations, and the overall structure of the team.
- Storming- Discussion of the ideas of all members. Carrying out debate, critique, and confront each other and making decision to get on the same plane with optimized success rate.
- Norming- Team starts to function and work together. Clarifying responsibility and roles.
- Performing- Supervision and making appropriate decisions.
- Adjourning- Breaking up of team after completion of the task.
Structure of Business Plan
Before writing a complete business plan, one should refer to a fundamental outline of the business plan. The very first step of writing a business plan is to start with a structured outline and key details about what is to be included in each section.
An outline is a very important element for a business plan development.
This is a business plan outline sample-
- Executive summary
- Company description
- Market analysis
- Organization and management
- Service or product
- Marketing and sales
- Funding and request
- Financial projection
What does an effective business plan include?
Every business needs a written business plan which eventually helps to build up as well as make strategies to attract investors, as well as for the success of the organization.
Now that, when an appropriate outline is available, here are some essential things that are needed to be filled in those sections progressively.
A good executive summary is always appreciable in the business plan. The main motive of an executive summary is to distil everything which follows and provide potential investors with a prominent abstract of the business which coaxes them to read further about the business.
These are some important things an effective executive summary should include briefly-
- Business concept
- Goals and Vision of business
- Description of the product and its uniqueness
- Target market
- Present financial state
- Required money
This section comprises of the answers of two primary question i.e. “who are you and what’s your plan to do?” This section will cover the necessary information about why someone bet investment in a specific business. It should all in all convey the principle of the business, ideals, cultural philosophies.
These are some elements that this section must consist of-
- The business structure (sole proprietorship, limited partnership, general partnership, or an incorporated company)
- Nature of the business
- About the Industry
- Business’s vision, mission, and values
- Background information on the business or its history
- Short- and long-term goals/ objective of the business
- About the team, alluding key personnel and salaries
This a true fact that a market is capable of making business as well as breaking a business. One should choose the right market for his business which consist of plenty of customers who will perceive and want the product, this way the business will get a head start on success in the market.
Market analysis is a key section of the business plan.
Here are some components which are to be researched well and included in the business plan-
- Size of the potential market
- Ideal customer profile
- Relevant industry trends and trajectory
- Informed guesses
- SWOT Analysis
- Competitive analysis (cost leadership, differentiation, segmentation)
Product and Services
The products and services will be highlighted eminently in most of the areas of the business plan, but it is essential to make an individual section providing the key details of the product and services, for the interested people. If the number of products is more, each may have a few lines description and if there are few products, then they should be described with more detailed information.
Marketing and Sales
The marketing plans and efforts are directly proportional to the ideal customer. The plan should be covering the current decisions and the future strategies showing a strong relevance with the ideal customer’s needs and want.
Marketing plans should focus on-
Along with that, the logistics and operations functioning implemented to transform the ideas into reality.
Some components covered in the planned operation are-
- Shipping and fulfilment
The goal of this section to clearly explain how much this business requires for over the next 5 years and how will it be utilized.
It should be specified that the funding is required in the form of equipment or materials, pay salaries, etc. The description of future strategic financial plans such as paying off debt or selling the business is also included in this section.
The financial projection is added up with the financial request that will show and convince the investor that the business is stable and will be a financial success.
For an established organization, this section must include balance sheets, income statements, and cash flow statements for the recent three to five years.
The appendix is used to provide supporting documents or other materials. Some general components that are included are-
- Credit histories
- Product pictures
- Letters of reference
- Legal documents
- Other contracts
3 Rules to Make Business planning easier
Before starting writing a business plan, one should take care of the three rule of easy business planning.
- Keep it short
- Knowing the audience
- No need to intimidate
Importance of Business Plan Development
A business plan helps to identify clear, ponder the next steps to be taken for the business. It helps to reduce the gap between the business idea and the investors giving a clear concept of the plan. Whether it is a business plan for a new business or for growing an existing company, it acts as a comprehensive guide and provides information to help start working on the next phase of the business.
A business plan helps to simplify the strategy, recognise potential roadblocks, select the needful resources, and assess the viability of the idea or extension plans before getting begun with the establishment.
Overall, the business plan provides a solid foundation for the growth of the business.
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Business plan development is a crucial step for building a business/ venture. The business plan should be designed following the appropriate steps and format. It will ultimately lead a business to increase growth and success rate.