Business Plan
Business Plan Design, Business Plan Outline, Business Plan Format. Business Development Plan
What is a business plan?
A business plan is a formal statement of a set of business goals, the reasons why the goals are believed to be attainable, and the plan for reaching those goals. It will generally contain background information about the organization or team attempting to reach those goals.
Overall, business plans are decision-making tools. There is no fixed format or content for a business development plan. Rather, intended goals and audience determine business plan format and content.
A business plan represents all aspects of business planning process; declaring vision and strategy alongside sub-plans to cover marketing, finance, capital expenditures, operations, human resources as well as a legal plan, when required. There is no specific length expected in a business plan. Thus, for example, it is not necessary to develop a 35-page document if the plan can be accomplished in 12 pages.
Why does developing a business plan make sense?
Developing a well-thought-out and organized business plan dramatically increases a person’s odds of succeeding as an entrepreneur.
Running, starting or buying a business without a business plan is like traveling across the country without a road map. A person can probably go a long way using just senses and relying on basic instincts. But operating in such a manner leaves an entrepreneur wide open to the risk that something will get in his/her way (like a competitor) and he/she probably won't see it until it is too late. And just imagine all of the opportunities that are just waiting to be grasped, but without a road map (i.e. business plan), the chance that these opportunities will be missed are significant because of the increased probability that a wrong turn will be taken. There is an old saying that “people do not plan to fail, they fail to plan.”
What types of benefits are provided by having a business plan?
The benefits of having a business plan include:
- Helping clarify a person’s vision and whether or not to forge ahead with an idea.
- Determining if a product and/or service has a sufficient market to support it and whether or not it will be profitable.
- Providing an estimate of start-up costs and how much will the you need to invest or finance.
- Convincing investors and lenders to fund the business.
- Defining the target market (who the customers are or will be) and how to best reach them through strategic marketing actions or expanding market coverage or reach.
- Defining the business’s objectives and the programs necessary to achieve those objectives.
- Helping the business make money from the start by developing effective operational strategies.
- Understanding the risks involved and anticipating potential problems so they can be addressed and solved before they become disasters.
- Setting a value on a business for sale or for legal purposes.
Does the ICBC provide business plan design services?
The ICBC itself does not perform business plan outlines services, but it does offer a network of professionals that offer business plan development. Also, the ICBC provides education and training on developing business plans.
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