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All the Ws of a Business Plan

All the Ws of a Business Plan

A business plan is a written description of the future of your business and, more importantly, how you will get there. It is a document describing what you will do to make your company profitable and how you will achieve it. It defines both your business model and strategies to make that business model work and, more importantly, profitable.

All the Ws of a Business Plan
All the Ws of a Business Plan

Normally, when a business idea comes up, you know what resources and capabilities you had at the start of your business and where you want to go within a given period of time, usually 3 or 5 years. Where to start? How to arouse investor interest? In fact, how can you get your business off the ground? Everything seems so easy when you have the idea and concept that makes great money. This is how to make these dreams come true and get enough money to keep the business going for many years.

All the Ws of a Business Plan

Writing a business plan is creating a map that will guide you to where you started making money with your first business idea. In a very basic structure, your business plan is a mix of strategy and plans. It includes finance, marketing, personnel and products. Think of it as the foundation of your new business.

What are the reasons why I need one?
• To search for investors.
• Applying for a loan.
• To make improvements to your current job.
• To grow your existing business.

All of these types have different accents and a different structure.

WHAT IS a business plan?
It is a tool or document that describes a business opportunity or idea, work team, operational and marketing execution strategies, business risks, and economic viability of your business. A well-written document guides you in turning an idea into a viable business.

All the Ws of a Business Plan
All the Ws of a Business Plan

It can also be defined in another context when the business plan becomes a key tool in the analysis of a new business opportunity, diversification plan, internationalization project, acquisition of a company or an external business unit, or even the launch of a company. a new product or service within the existing business.

To summarize, the business plan becomes an indispensable tool both for the development or launch of a startup and for the analysis of new business investments. So even if you have an established business, you will still need a business plan as you expand and develop that business.

All the Ws of a Business Plan

A business plan is never completed and should be reviewed from time to time at least once a year, but certainly when major changes are expected in an existing company. This means that every plan must adapt to changes effectively and efficiently and help keep the project going.

What is the purpose of a business plan?
Many entrepreneurs think they only need a business plan when they are looking for investments or the bank is asking for it. However, the act of business planning, when properly completed, enables the entrepreneur to conduct a thorough market research that will provide the necessary information to design the best possible.

In addition, the business plan will develop strategic measures for all functional areas that will enable them to achieve the goals for the new business.

Once the business plan is written, it will serve as an internal tool for evaluating the company’s management and any deviations from the planned scenario. To propose adaptations to the agreed business model, if necessary, in order to obtain up-to-date information for the day-to-day management of the company. This will include drafting the necessary changes and processes to get the business back on track.

So let’s dive a little further into the concepts behind business planning.

REASON for the Business Plan
• Why do you want your business plan?
• Why are you writing the plan now?

WHAT’S A Business Plan

• In which period do you intend to realize your projects?
• What is your business model?
• What is your Value Proposition?
• What are your products or services to offer?
• What positioning do you plan to develop to compete?
• What are your success measures?
• Which markets do you plan to enter?
• What market percentage do you anticipate getting?
• What margins do you think are possible?
• What kind of income do you think you will get?
• What are the costs of expansion?
• What are the costs of acquiring new customers?
• What do you want to do with your job?
• What strategies do you want to undertake – finance, marketing and planning

All the Ws of a Business Plan

WHERE OF BUSINESS ACTIVITY
• Where will your products be sold?
• Where is it based? Local, central, virtual etc.
• Where are your products produced?
• Where are your distribution channels?
• Where will they be sold?
• Where is your market?
• Where will it be

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