Four Building Blocks for a Successful Business Plan

Business planning is becoming an integral part of the startup ecosystem. A well crafted business plan   gives shape to budding ideas, showcases the unique proposition of the business and highlights the fiscal potential that might attract potential investors to fund the project. At times entrepreneurs draft or invest in business plans which are limited to being large sized documents filled with architectural theories, sample ideas, the same old strategies and lots of irrelevant financial calculations. Now we know why 9 out of 10 new ventures or business struggle to survive.

 

A business plan is not just a theoretical constant process of drafting ideas, creating goals and defining the workings of a business, rather it a coherent plan that links all the key elements of the business into a real life and achievable platform. It is this business plan which acts as the guide and audit benchmark for the business.

BPlanExperts, having worked with more than 350 entrepreneurs across 55 countries have identified the key aspects of a robust business plan. Our experience shows that a good business plan should create a framework and highlight four key building blocks; People, Opportunity, Business Model and Flexibility. Continue reading “Four Building Blocks for a Successful Business Plan”

Entrepreneur’s Road Map – Idea to Implementation

There are no shortcuts to success. The entrepreneurial journey is extremely difficult and challenging but if pursued with a plan, it enhances your chances of success. We at BPlanExperts.com help entrepreneurs to approach entrepreneurship with a structured approach.The board game format shown above constructs the start-up journey, with each block denoting a step closer to success. Want to play the entrepreneurship game? Let’s roll the dice.

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Business Plan: A structured approach

A majority of entrepreneurs accept the need for creating a business plan however, a few often fail to realize that an effective and comprehensive business plan can lay down a road map to success for their businesses.

While a professionally crafted business plans does not guarantee success, for entrepreneurs with great business ideas, it certainly increases the probability of them crossing the finishing line sensationally.

Often a business plan is used as a sales document with an aim to impress an investor, rather than provide an extensive strategic and operational road map of the venture. This often fails to achieve the desired results, leading to entrepreneurs blaming the vehicle i.e. the usefulness of a business plan rather than the quality of goods being transported, i.e. the content included in the document. A business plan needs to capture the essence of a business and its delivery mechanism to attract investments.

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Common Mistakes in a Business Plan

A business plan can typically have different uses, like to obtain funding from investors, or to increase business efficiency. Irrespective of the use, a business plan needs to be well drafted in order to serve its purpose. From an investment perspective, while a well drafted business plan cannot guarantee funding, it certainly improves the chances of getting funded. It is to be noted that a funding decision encompasses a host of other things, not to mention the requirement of a high quality business plan.

An unstructured business plan not only makes a venture unattractive for external investors, if used as a project management tool internally, fails to provide direction to a business. The question is what constitutes a perfect business plan. Unfortunately, there is nothing called a perfect business plan, it depends on a host of related aspects which when consolidated together completes the jigsaw. External factors also play a very important role in the viability of a business proposition. However, there are specific features within a business plan which are mission critical and these needs to be looked into closely.

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