The business plan It is fundamental in the development of a company since it is a document that reflects the basic and essential objectives of said organization. Of course, these purposes have a business and business focus.
If you have no idea what a business plan, This article may interest you!Next, we will mention all the relevant information of this business project, for example, what are its components and how it should be structured.
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What is a business plan?
While it is true, a business plan is a document in which projects a new business venture, focused on a good, a service or a company as a whole. Likewise, the company relies on the content of the plan and thus be able to evaluate the characteristics of this project in its future presentation.
The document is even made long before making an investment or starting a business. Remember that this plan will be like a vision of the business as it includes the objectives to be achieved and what will be the strategies and resources to carry out this entire project.
The business plan collects all the necessary steps for the development of the defined goals. Therefore, through this document, the company’s environment can be studied through analysis and evaluations that yield results about the fulfillment of the objectives set in the project.
For this, it is important that the business plan encompass variables that make up your goals and the resources that will be essential to get you started and to achieve all of those purposes. In short, the business plan It is a dynamic project in which it is described how the operation and development process of said undertaking will be during a certain period of time.
Components of a Business Plan
Now, since we know the concept of business planIt is important to mention that this document works as a roadmap that allows us to face opportunities and obstacles. These can be expected or unexpected, the truth is that, you have to be prepared for everything and for that, it is the business plan.
An enterprise that has a good business plan, you will be able to circulate successfully through the competitive environment of that business. Of course, each plan must have certain components that will make it successful.
Next, we will present a list of the components that a business plan.
- First, it should reflect the overall vision of the company.
- Detailed description of the business model.
- Products and services to offer and how is their production process.
- Money flow statements, describing all possible income and expenses.
- Identification of the executive management and management team.
- Finally, financial projections of the aforementioned income and expenses, as well as other factors.
Within the guidelines that are marked within the plan, the different alternatives that the business to start up can be found. All with the idea of studying its economic or technical viability. That is, it is asked whether the achievement of objectives is possible from a financial point of view.
Indeed, the composition of the roadmap may contain different alternatives that guarantee the analysis and the economic or technical feasibility study. For example, setting goals and meeting them successfully will translate into long-term benefits. Only if the company has the necessary resources to start the business, does it of course include human, technological and economic resources.
It is important to mention that the development of a business plan is essential when making a new service or product or when looking for new business goals. Obviously, the plan is responsible for seeking external financing or, failing that, having the approval of the company directors to start the project in question.
Structure of a Business Plan
Of course the business plan it should offer a clear picture of what the project will be. It is a document that contains valuable information about how the business will look in the future. In addition to, what will be its possible long-term benefits.
Therefore, if you want the business you want to start to be successful, you must make sure that you plan everything in advance and have a good structure of the business plan. If you don’t know what the anatomy of this document is like, Do not worry!, We will explain it to you below.
Just keep reading!
While it is true, a good business plan It must cover all the main aspects and factors that make up the venture. Likewise, the document in question is responsible for grouping the operation of different areas of the company.
Although we already know the concept of business plan, it is very frequent that it is confused with the marketing plan. Remember that they are two tools that operate in different ways. Even the marketing plan is one of the aspects included in the business plan.
To make it simpler, the business plan It encompasses a company planning document on its operation in a certain period of time. Whereas, the marketing plan only forms a small part of the business plan.
Let’s say that the business plan focuses on having a broad and general vision of the company. Instead, marketing focuses on strategies to generate income and increase sales. So that you can differentiate a little more between these two tools, below we will present a list of how the business plan.
- Legal and commercial structure. It refers to the constitution of the company and the commercial and fiscal procedures.
- Company administration structure. It is constituted by Statutes, administrators of the company and their corresponding functions.
- Marketing plan. The company indicates how it intends to execute the necessary strategies to increase revenue and sales.
- Economic structure of the company. It refers to competition, let’s say it is a global approach in which the environment, the market and the object of the company’s activity are analyzed.
- Human resources management. It focuses on the selection and formation of salary policies.
- Sales planning. It corresponds to the sales systems and the management of collections and payments.
- Financial and accounting plan. He is in charge of the valuation of investments and projects, the management of capital stock and liabilities, and also, cash flow management.
How to make a business plan?
For many entrepreneurs it can be a bit difficult to develop a business plan and even more so when they do not know exactly how long it should be. Well, one page is enough, the important thing is that you raise the essential factors that will ensure the growth of your project, such as planning objectives, strategies and much more.
However, a recommendation that you can take into account is: organization is the key to developing a good business plan. Likewise, below we will mention 5 fundamental steps for the elaboration of a business plan.
It is important that, before officially starting your business, you visualize what this undertaking will be like in the long, short and medium term. You must know where you want to take your business to set the plan.
Once you’ve visualized your project, be sure to determine what your business mission will be. That is, you need to know what you will do to reach your initial vision and what it takes to achieve it. Let’s say that the mission applies as a motivation for you and the partners you decide to work with.
Once again, organization is the key. Of course, having a mission and vision, the business will run on its own, however, the company must have certain objectives that it can achieve and thus guarantee the growth of the association. One of the important elements to establish these objectives is to keep a specific and detailed list of them.
With regard to strategies, we refer to the methods and means that you will use to achieve the objectives of the company. This can be through different channels such as a marketing plan, sales strategies and other alternatives.
Finally, you have established the objectives and you already have the strategies. Now, you need to make sure you know what steps you will take to ensure your business gets up and running. An aid to this is to create a short-term action plan in which you determine daily tasks that help you reach your final goal.
Business Plan and Marketing Plan
If you notice, we mentioned earlier that, the business plan and the marketing plan they are two tools that operate in different ways. However, these instruments have a common goal: effective growth and comprehensive development of a company.
As we well know, the business plan It contains information related to the constitution of the company, accompanied by its vision and mission. In conjunction with, its guidelines and the way in which it will decide to operate to achieve the objectives set.
On the other hand, the marketing plan It contains the strategies and tactics necessary to meet the sales volume and of course, increase the business income.
To conclude, if you want to know more about this interesting topic, we invite you to enter the next link. There you will find a book in PDF format called “Business plan. Tool to evaluate the viability of a business. “
Thanks for reading! We hope to have provided information of interest about the business plan.
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