According to some relevant research, 7 out of 10 businesses fail within 5 years because of its lack in strategic planning and execution. Business plan is an important document to a company’s success as it will provide an in-depth understanding about the market and customers, financial projections, sales and marketing strategies, and many more. In addition, it also covers information about your company, its products and services, unique selling proposition, management team, and the competition. Showcasing that your business concept is worth pursuing is one of the main reasons why a business plan is created as it gives you the opportunity to have a closer look on your goals or objectives.
A business plan allows you to prove a potential investor or a financial institution that your business is feasible and you have all the strategies to make it happen. It is also important to keep in mind that a business plan is not a fixed document but ideally, it undergoes constant updates depending on the changes in the business and the market. In addition, the business plan will be read by diverse people including investors, bankers, customers, employees, etc. therefore, make sure that you use a language that is easy to understand and won’t lead them into confusion. Before launching your business, make sure that a business plan is properly documented so you will be effective in running the business. You might consider looking for professional guidance from a reliable Business Plan Consultants in Dubai to help you further in developing a winning business plan. Although you have the best business plan ever, ensure that proper implementation should take place in order to succeed in a highly competitive market.
A business plan can vary its length depending on the purpose and where you are sending it. However, you want to make sure that you do not miss crucial information about your business. Whether its aim is to seek for funding or find an investor, list down beforehand the important elements of your business plan and match it with the standard template, if applicable. The most common sections of a business plan include the following:
- Executive Summary: Introduce your company, industry, products and services, target customers. It also answers what motivated you to establish the company along with its future goals.
- Mission and Vision Statement: This section includes the overall organizational goals and objectives. A mission statement implies who you are and what you can contribute while your vision states how your company will evolve in both short and long term.
- Products and Services: This part of the business plan is essential as it will highlight what you do and what you are selling. Be creative in demonstrating what makes your products and services unique from the competitors along with its cost, features, advantages and benefits.
- Marketing Plan: Illustrate the strategies you have in mind on how you are going to spread the word about your business. Make sure that you conduct an in-depth market research about your customers, direct or indirect competitors, market or sector, distribution, advertising, sales strategy, etc.
- Operational Plan and Management Team: Include the location of your business, logistics, and the details of your management. Show a hierarchical chart of the company and how the operations will take place.
- Financial Management: This is the part of the business plan where investors and bankers will spend more time looking at because they are concerned about the financial health of your company. This will include cash flow analysis, profit and loss statement, break-even analysis, etc.
Hire a professional Business Plan Consultants in Dubai today to ensure that you will have a strong and compelling business plan.