No matter what business you start, but every business requires proper planning and executing the plans. You need to explain the purpose of staring your business and how does it differ from your competitors. An excellent business plan helps you to serve this purpose. A business owner can design a perfect idea for his/her own business but not the others.
A business plan helps you to provide investors, lenders, and partners to understand the company’s structure and environment. You need not be an MBA professional to design a successful business plan. You can follow these simple steps to develop a successful business plan.
The following are the top 15 business plans to increase your productivity to a great extent.
1: START-UP BUSINESS PLAN
There are three essential reasons to devise a startup business plan. They are:
- To convey their business idea through potential investors
- To design vision and mission for their organization in the long run.
- To get an idea to solve challenges.
Every business requires proper funding to get a fantastic kick start to their business. You need to attract investors to invest their money in your startup. Design a prototype of your product or service so that the investor can have a brief idea about what you do. When you design your product, it must be differentiated from other companies.
Developing a pitch deck is the current trend to attract investors. A pitch deck consists of a couple of presentation slides to display the products, technology, and introduce the team members. Raising funds from an investor is time-consuming and also a challenging process. So, make sure that you design an exciting story within a short time.
Always be clear about the financial projections of your company. This report helps you to determine whether the business is profitable or not. You can get aware of all the cash inflows and outflows and give you an indication of the initial capital required. Financial projections are designed for 3-5 years. Make sure to include the following points in your economic forecast.
- Detailed categories of income and expenses
- Balance sheet
- Miscellaneous expenses
Though financial projection may not be perfect when you execute the idea, you can revise it continuously as you move through different stages of business.
2: INTERNAL BUSINESS PLAN
Let us look at the external business plan before stepping into this plan. An external business plan is a combination of many internal business plans that makes your organization run successfully in the long run. Most of the organizations have an external business plan to plan their missions and visions but fail to maintain an internal business plan. This section helps you to design an efficient business plan.
The internal business plan targets a specified section of an organization. For example, a project requires a marketing section and a developing section to complete it. The head of the respective sections can formulate their internal plans to get the work done within the deadline. But when your plan consists of the work of both the sections, your plan is external.
The internal business plan comprises similar objectives of the external method. But the goals of the domestic business plan are a bit narrower when compared to the external policy as the internal plan focusses on a particular section of the company.
It is crucial to detail the list of actions to take advantage of opportunities and to limit the challenges that a company face. The activities should be adequately listed to avoid confusion. For example, instead of listing the action like to increase the production one can list down appropriately by increasing the production time by 10%, we can improve productivity.
3: STRATEGIC PLAN
A strategic plan is a strategy that helps you to get a brief knowledge of overall goals set by a business. This plan also helps you to set future goals and to increase customer traffic to the company. This plan gives a whole idea of the day to day activities.
Strategic planning is vital for growing businesses rather than startups. A strategic plan helps to know the direction of your company and helps you to mitigate the risk. Designing a strategic plan becomes more challenging when the operations of a company become more complex. This plan also helps you to manage the existing resources and increases the return and revenue from the product. Let us look into the critical components of strategic planning.
- A company can grow when it realizes the current state. Have a vast knowledge of the current position that includes internal operations and also the factors that drive more profit to your organization. A broader business context helps you in this regard rather than the day to day operations.
- When the first step is done, it is time to decide the essential objectives to focus on the future. It is better to plan for five or more years to forecast your business. One can start designing this report with missions, visions, objectives, techniques, and goals. This report also focuses on the ways and means to reach your desired position by withstanding the heavy competition in the market.
- It is not only about the plan and action to reach the desired position. There are many factors like structure, financing that influence your targets and missions. So when you design an idea for a couple of years make sure that you amend for regular intervals of time, say for one year.
4: FEASIBILITY BUSINESS PLAN
A feasibility plan is a business plan that is formulated before the designing of any business plans. This plan helps the existing business to know the consequences when they launch a new product into the market. A feasibility plan also helps a person to understand the consequences when he/she begins a new idea into the market. This plan will make your design thrive.