BUSINESS PLAN A business plan is a guide, a roadmap for your business that defines goals and details how you plan to achieve the ...

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BUSINESS PLAN
A business plan is a guide, a roadmap for your business that defines goals and details how you plan to achieve the goals. It is about 30-40 pages description of how you want to build your company or organization. In the business plan, you need to explain what the customers you want to target via which marketing channels, what will differentiate you from competitors, who the management team is, how you are likely to make a profit, and what the milestones are for achieving your business plan.
Types of business plans
One page business plan
A one-page business plan means that the business is described in very concise language that is direct and to-the-point.
A one-page business plan serves two purposes;
First, it is a great tool in introducing the business to non-partners, such as potential investors. Investors have very little time to read detailed business plans, therefore a simple one-page plan is often a better approach to get the first-hand information. Later on, a more detailed plan will be recommended, but the one-page plan is great in giving the summary of the contents of your services.
The simple one-page plan format also great for the early-stage companies that would want to outline their idea in a broad way. This helps one to keep the whole idea at a glance.
The Internal business plan
The internal business plan contains details that outline what is needed when presenting a plan externally and focuses on the finer details of the contents of the plan. The plan also focuses on the occasional schedule review.
They are management tools that are used to guide the growth of both starting and existing businesses. They help business owners think through strategic decisions and measure progress towards goals.
External business plan
External business plans are done by outsiders to provide information about a business. Its main purpose is to convince investors to fund their business and also to support a loan application. It may be used to recruit or train and absorb key employees.
External plans emphasize on the team that is building the company, investors invest in people rather than ideas, so it's critical to include biographies of key team members and how their background and experience is going to help grow the company.
Reasons why we write a business plan
1. Clarity
A business plan gives investors an opportunity to invest and give you the direction of what you want to do thereafter.
2. Gain a Deep Understanding of Your Market
It gives a clear understanding of the market even before they actually set up their business.
3. Organization
A business plan not only helps one financial preparedness but also help them to stay organized be on track. The business that lacks plan is easily taken off track, but one that has a plan they remain focused in attaining its long term goals.
4. Foster Alignment
Writing a business plan gives the stakeholders