To initiate your business, it is fundamental to anticipate the requirement of a formal business plan/model, which should be tailored with an appropriate structure, allowing both the achievement of desired objectives and avoidance of unnecessary costs. Furthermore, it becomes a useful tool, as it can be used to structure the administration of functions and roles and the planning of tasks. For example, it can be used to evaluate the necessity to draw upon banks or possible investors who eventually provide financing – whom undoubtedly would require this document.
At the very least, the business plan must include the following three principal areas:
A strategic plan, which includes a strategic frame with a vision, mission, values and value proposal, the strategic objectives of the business initiative and the tactical plans to achieve these. This also describes the organizational structure.
Financial feasibility with economic viability, which must include the initial investment amount required and possible solutions to resolve eventual problems down the road which surface just as much internally as in the outside environment.
The firm must have a visible image in front of the public.
At allaboutbusiness, we support and help you with the design and implementation of your business plan, as we regard it being of uttermost importance, since it permits an adequately planned launch to your business before the investment process and detects errors on time. Additionally, it facilitates financial backing of banks, which already have the anticipated economic and financial states/conditions of the firm whilst adequately informing about its viability and solvency. Furthermore, it facilitates negotiation with suppliers and captures new shareholders and partners.