The business plan that is often criticized is a significant step in setting up a business from the moment you are looking for a banker, an investor, an incubator, a partner, but it can serve as a benchmark as you move forward. and constant updating makes it possible to better identify the points that need to be improved. How to use it wisely?
The business plan allows you to think about the company’s strategy and the direction you want to take during the development of your business. It must adapt to changes in market development and competition that will cause you to redesign a new development plan. This will allow you to analyze what you can change, the forces that you need to trust, but also the risks at the moment T. It will have to take into account the risks that will arise in the short, medium and long term. sigt. It turns out to be an essential tool to help manage the business so you can see if your business has opportunities to develop or what it needs to do to anticipate a crisis.
The business plan models presented to creators are abundant and follow a pattern that is not questioned. In reality, it is the project manager who brings his added value, but also the product or services or services he offers. In connection with a development of the company, the lived history of the manager and his partners is added to the business plan.
The essential and significant summary (summary)
This is an important summary to present your project as part of a business creation, but also for entrepreneurs who want to raise funds. It allows you to remember the essential points if you want to see how you can develop their business towards exponential growth!
You must be able to present your analysis to your partners, but also to the investors who have supported you so far. It is located at the top of your business plan and should not exceed 2 or 3 pages and provide an overview of your project / company.
Some basic elements in the development of the business plan
Include your business history
It is always relevant to go back to the creation of the project because it shows the path you have traveled, the successes, but the difficulties and obstacles that you have been able to overcome so far, and it is time to appreciate the past. way:
- How was your project born? How did you come up with the idea?
- Why did you choose this idea?
- How far have you come from the start? What stages have you been through?
- What is the current situation?
Introduce your team and its development
In a business development, it happens that one or more employees leave the ship, so it is necessary to be clear and explain the reasons: skills, human relations … You may have hired employees and it will be necessary to discuss their competencies and their added value and whatever the cause
Introduce your products or services
With regard to your offer, it is absolutely necessary to see if your product lives up to an expectation and if it risks becoming obsolete due to the environmental, economic or technological development.
Find your competition
And yes, the landscape of competitors is constantly changing and therefore to locate them and know their strengths, but also to pay special attention to participants (direct competitors: presentation of their products, their positioning, their strategy as well as their strengths and weaknesses and indirect competitors) .
Highlight your customers
Your product meets a real market need, but everyone knows that consumers have not sworn loyalty and therefore can go to your competitor without any worries and the internet opens up all possibilities for them.
Details of opportunities and risks
It is quite simple in this part to define the essential points that will condition your success and those that on the contrary can lead to the bankruptcy of your company. Identifying the risks and identifying them shows that you have analyzed all possible contingencies and that you have thought about the risks you are likely to face.