An excellent business plan is like a light that guides you through each crucial step of managing your business, believe the management assignment help experts online. You’ll require a business plan as a blueprint for how to run and grow your business. It presents a way to think through the vital elements of your business.
Business plans also allow you to acquire new funding or bring in new business partners. The investors want assurance whether they’ll see a return on their investment. Your business plan is the weapon you’ll use to persuade people that working with you — or investing in your organisation— will be the best choice.
This is the reason management students are encouraged to learn how to write the business plan. In fact, there are many strategic planning assignment help resources that students can refer to while writing the business plans.
Now, let’s delve into the structure of a business plan.
- Executive summary
This section includes a brief and formal explanation of what your organisation is, and why it’s going to be successful. Within one page, the summary should include the mission statement, the description of the market environment and the industry, an explanation of why it’s unique as well as its competitive advantages.
The summary should also mention the financial potential and anticipation of risks. Briefly mention the core team and the stage of the business, particularly if you’re starting your business from scratch. Finally, the capital that’s requested should be concise and clear.
- Company description
Present your company description to describe what your company does. Elaborate in detail about the problems your business resolves. You need to be specific and list out the consumers, or businesses your company plans to serve.
You must explain the competitive advantages that will allow your business to succeed. Discuss if there are experts on your team. Explain if you’ve found the perfect location for your office or store. Your company description is a section to highlight your strengths.
- Industry Background
Provide past and recent data about the shape, size, trends, and critical features of the industry you’re attempting to get in. What’s the industry? What’s the outlook of the industry? Who are your competitors in this industry? What are the industry’s barriers to entry? Elaborate on all these aspects.
- Market analysis
You’ll require a solid understanding of your target market and industry outlook. Competitive research will help you find out what other businesses are doing and where their strengths lie. In your market research, look for themes and trends. What are the successful competitors doing? Why does it work? Can you do it better? This is the part where you answer these questions.
- Management summary
This section requires you to introduce your team and the description of how are they going to work together to meet the business objectives. You must remember that every business is a risk, particularly when there are no precedents to evaluate.
That’s why the knowledge and skills of the team to work together as a capable unit, is one of the first elements that would be evaluated by possible investors. It’s best not to include friends and family, regardless of their love and trust in us.
- Operations plan
Emphasise on the daily business activities and the strategies that will support those activities. With the use of graphs, charts, or tables, you can highlight complex information like your breakeven point, your manufacturing and distribution process or your sources of supplies.
- Marketing plan
This part involves a detailed strategy of how are you going to sell your product or service. Emphasise on the opportunity that your business is offering, and the costumer’s buying behaviour as primary considerations of a successful marketing strategy. This has to be followed by determining the value that each consumer is bringing to your business.
- Funding request
If you’re seeking funding for your business, this is where you’ll highlight your funding requirements. Your objective is to properly explain how much funding you’ll need and how you’ll use this funding.
Mention whether you want equity or debt, the terms you’d like applied, and the span of time your request will cover. Provide an in-depth breakdown of how you’ll use the funds. Make sure you mention if you need funds to buy materials or equipment, pay salaries, or cover the specific bills until revenue maximises. Always incorporate a vivid description of your future strategic financial plans, like paying off debt.
- Financial plan
This section focuses on the present and future projections of your business financial performance. The capital requirements should highlight how much money you need, and how are you going to use the money. Specific assumptions in terms of growth or internal components of your business have to be backed with concrete evidence and expert opinions.
You also need to present the income statement as the forecast of your business for the next three to five years and the balance sheet prepared by your accountant. Also, include a cash flow statement elaborating whether your company is successfully turning its profits into cash.
Winding it up,
The structure of your business plan matters a lot when you’re trying to convince a new investor or a new partner. Make sure you remember the structure and use it to your advantage.
