To create a Business Plan, several steps are required
Creating a Business Plan is certainly not a trivial matter. To understand this statement, however, we must first know what a Business Plan is and what it is for. Once we understand this, we can venture into the stages of its construction.
Business Plan: what it is
We have already talked about Business Plan other times. Therefore, we know that it is generally understood as the tool that comes to the aid of anyone. Who decides to put into practice a business idea, evaluating its economic and financial feasibility. In other words, it is a document that allows you to evaluate whether this business idea can work or not.
Business Plan
In addition to the two general purposes that the doctrine on the subject attributes to the Business Plan (the internal one – to guide strategic planning and business management – and the external one – of communication -), there are also others, just as important as they are more subtle to understand. One of these is the purpose of monitoring, monitoring, supporting, implementing, and forecasting a possible corporate crisis. The regular updating of the Business Plan ensures that this document results in a continuous monitoring report of the company’s performance situation in all its dimensions. If you want to try to avoid and/or know how to manage the possible onset of any corporate crisis.
The phases of the Business Plan
It is evident that its drafting must be as precise and calibrated as possible to the business model. Also, in this case, the doctrine lists exactly 9 essential steps for this document to produce the desired results. And achieve all its purposes, allowing the company to carry out its work safely and profitably. The phases in question are:
- Executive Summary: Being a summary, it should ensure that all the page numbers relating to each component section of the document are correct. It is necessary to take great care in the drafting of this part. Since those who will read the model will rely on this to decide whether to proceed further or whether, instead, to discard the plan.
- Project Description: This Section describes the reasons that led to the realization of the business idea and the objectives to be achieved. It is, therefore, necessary to identify the product and/or service you want to offer as well as its characteristics and strengths compared to the competition. In the same way, it is advisable to help yourself with diagrams and videos to be able to explain yourself better.
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- General Company Presentation: This Section provides a high-level overview of the company and the business in which it operates. Specifically, this part of the model must include the Company name, type of legal entity, ownership, significant activities, Mission of the company, Objectives of the company, the main characteristics of the sector in which it will operate, and the strengths and key competences most important of the company.
- Market analysis (swot analysis): Section in which the strengths, weaknesses, opportunities, and threats of the market you want to operate are studied, evaluating the average profitability, economies of scale, and the bargaining power of suppliers.
- Strategy: Section in which it is necessary to explain how the company will compete in the chosen markets by describing its positioning strategy to those of its main competitors
- Marketing plan: In this Section, we define all the components of the marketing strategy.
- The organizational structure (company team) The section describes the people behind the business.
- The operational Plan Section describes how the business operates on an ongoing basis and the capital. And expense requirements related to business operations.
- Financial plan Phase in which a reasonable estimate of the company’s financial future is drawn up. Some documents, more than others, are essential to include. Such as the one on initial and capitalization expenses and the one on the 12-month profit and loss projection.
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