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Do you have a business plan? If not, go for one immediately.

It is very vital to draw out a business plan, as it helps to outline the basics of your business, products, and services.  It is a process of written description of your new or existing business plan, which contains documented information that describes your plan from the start to end. This document also acts as a roadmap for your business to achieve the target goals. However, every business doesn’t necessarily need a business plan; it entirely depends on your project.

To get an in-depth idea of the business plan, you need to check out its different types:

Lean business plan

No business works without basic strategic planning. A lean plan is all about management of strategies, tactics, activities dates, deadline and cash flows. It is easy to make and is also very efficient because it doesn’t include summaries, description and detailed information about your organization, which on the other hand can be very time to consume. Lean Business Plan brings in details about explicit strategies, millstone, budget allocation and deadline in order to speed up the process of a specific task.

Elements of Lean Plan:

  1. You need to brief on few lines, about what we are going to offer to the target audience and the long-term goal. This gives a clear idea of your planning and purpose.
  2. Set plans to execute your strategy. This includes marketing decisions such as budget, channel, promotions, advertising, website, and social media. Other tactics under this also include product or services pricing, launch dates, delivery of packaging.
  3. Make sure you concentrate on the specific list of assumptions, plan measurement of performance and task responsibilities.
  4. Essential facts like company forecast, spending budget, and cash flow.

Standard business plan:

The standard business plan is a set of documents which assist us to present a business plan to the bank, investors, vendor, partner, and employees. It usually starts with a summary which includes your vision and mission, product and services, target market, plan, implementation, milestones, goals, management team, financial forecasting, and analysis.

 

Following components contribute to the most effective business plan:

  • Executive summary
  • Company description
  • Market analysis,
  • Organization and management,
  • Service or product
  • Marketing and sales
  • Milestone
  • Funding request and cash flow
  • Financial projection.

Startup business plan:

The one major aspect that differentiates a startup plan and the lean plan is the start up cost which includes office set up, legal expenses, logo, website, signage, and asset required such as starting inventory, vehicles, equipment, office environment etc.  Startup business helps us to identify our strength and future goals. It also helps us to build standard business plan in order to execute ourselves to get sufficient funds. There are several components/template to build a startup plan.  

One page business plan:

One page plan is a quick overview what your business, target market, business offering, and sale forecast is all about. It is also called as elevator pitch which includes,

  • Summary
  • SWOT analysis
  • The problem you solving
  • Solution to the problem,
  • Your targeted audience,
  • The competition
  • Sales channel,
  • Marketing activities,
  • Your team
  • Your business model
  • Milestones
  • Partners and Resources

So, are you ready with your business plan? We are the business consultant who provides Business from scratch services in Chennai.  

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