Slide # 1

Slide # 1

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts Read More

Slide # 2

Slide # 2

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts Read More

Slide # 3

Slide # 3

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts Read More

Slide # 4

Slide # 4

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts Read More

Slide # 5

Slide # 5

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts Read More

Follow by Email

Sunday, October 12, 2014

BUSINES PLANNING VS BUSINESS PLAN

busniss plane

When a businessman starts a company, he or she wastes hours to get his business plan right.. And them there are several who have made it big without even bothering to write a business plan / here l will like to stress that business planning is essential and business plan is just a outcome The more prepared and planned you are the better chances of success .so let us understand the key ingredients of business planning;

Research

When you want to start a venture, it will be like darkness to a child. You have the fear of the unknown, and uncertainty about what will happen. The best way to overcome this is to do a research on your idea – and the best way to do research is not Google or hiring survey filling agents’ it is best done by spending time with your potential customers, viewing them, interviewing the, speaking to experts and taking notes (on a writing pad or on iPad – does not matter).

Validation

In simple words, a business plan is English + Mathematics – you put your strategies in words, and base them on certain numbers. At every step of writing a business plan, you have to take assumptions – because you are predicting the future of your business, so make sure you keep validation those assumptions. For example, if you assume 10 colleges will use your product, then speak to at least 100 principals and try to get a written order from 10of them! The results will help you proceed in the right direction.

Representation

Once you have the basic research and validation done, then it is a matter of converting them into the right representative numbers, words and figures. You can use various templates, ppts, excel software’s etc. Available on internet or also provided by various banks for load applications or venture capitalists as investment applications. Start filling in the details and keep improving continuously. It is like writing movie script or software design document – try to break the big problem into smaller ones; for example, finance plan can be made separately as revenue plan, expenses plan and then integrated.

Summary

Business plan will be a wasteful document if you do not summarize the key action points and next steps. If you are presenting to investors then next steps could be raising finance hiring team, increasing advertising spends , building new product versions etc. And do remember to take a look at the key metrics as per your business plan – these could include sales performance, reduction of bugs in your software etc. Typically, you should not spend more than a month to prepare a basic draft of your business plan , and once ready, take a look at it least once a month to see the areas of improvement. You can take further inputs from your team members and mentors to improve your plans. Finally, there is no better judge for your business than yourself!


Please review these articles also …

0 comments:

Post a Comment

Thanx for your valuable openion.