As I mentioned in my previous blog titled Four Essentail Elements To Establish Your Own Business, the Business Plan occupies the third place, it is of vital importance to define the vision and the type of business. The Plan will allow us to present the goals together with the sales strategies of the business, in order to achieve its development and obtain the projected profits in the budget. Which is why both documents must be completely aligned.
To begin, it is necessary to define what a Business Plan is. So I will present the definition published at https://www.entrepreneur.com in its Business Plan Article. Which defines it as follows:
A written document that describes the nature of the business, the sales and marketing strategy, and the financial background, and contains a projected profit and loss statement.
Definition that clearly presents the elements that make up a Business Plan. Therefore, the first step in developing an effective business plan for the company is to carry out an analysis of the sector and the level of competition in the market. In this way, business growth opportunities and their viability can be more accurately assessed. Information that will be very useful when determining and subsequently obtaining the necessary resources to start it, either through investments or financing. As well as it would help define the promotional plan to compete according to the market and target audience.
As previously mentioned, the Business Plan is a formal document, a guide where the nature of the company is described in detail, so it will be necessary to establish a vision that shows its main objective and specifies what we want to achieve, or what we want to become in the future. In addition to establishing a mission, which must present who we are, what services or products we will offer and the benefit of these for our clients. Therefore, it will be necessary to describe each of our services and products in detail in the plan. In this way, our clients or future investors will more easily understand the purpose and values of our business.
In the same way, it will be necessary to include additional information about the company, such as its organizational structure, with which the team of professionals who will be in charge of executing the plan will be presented. In addition to its financial structure which will detail the capital, the type of sales, its income and expenses, along with other financial projections that are required to maintain or expand operations. Without forgetting to certify in this, the legal structure of the business in the state.
A Business Plan, in addition to presenting its main objective and structures, must show its short, medium and long-term goals together with different sales strategies, in order to achieve the projections and financial gains, established in the budget. Goals that must be precise and periodically evaluated for greater effectiveness. Therefore, in addition to establishing a promotional plan to reinforce sales and achieve goals, it will be necessary to include a contingency plan, to establish and measure possible risks. Action that will provide us with greater strength in the market.
In conclusion, a Business Plan is a fundamental element not only to start and operate a company. It is also a great tool to search for new growth alternatives, such as the launch of a new product or service, and to search for financing or investors in an expansion project.
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References:
Business Plan. www.entrepeneur.com https://www.entrepreneur.com/encyclopedia/business-plan
Millán.M (2021). Cómo hacer un plan de negocio en 8 pasos [How to make a business plan in 8 steps] www.lanzadera.es. https://lanzadera.es/como-hacer-plan-negocios/
Sanchez Galán.J. Plan de Negocio. [Business Plan]. https://economipedia.com https://economipedia.com/definiciones/plan-de-negocio.html
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