A business plan describes how your company will start implementing its business concept in practice. Use the plan to describe issues such as your company’s products and customers, and the market situation in the industry. Also prepare financing and profitability calculations and sales volume and cash flow calculations.
Update your business plan regularly and utilise it constantly in developing your business activity.
A business plan is a written plan presenting your company’s business concept. It describes how your company will implement its idea in practice. The plan describes issues such as your core competence, your company’s customers, competitive situation, and risks to your business. It also includes calculations of your company’s profitability and financing.
The business plan forces you to analyse your business concept. It reveals potential holes in your idea and helps you repair them. The plan also helps you make decisions related to your business activities and correctly target your measures.
The business plan allows providing your company’s financiers, partners and other stakeholders with an overall picture of your company and enables them to evaluate the company’s operating conditions. It is usually necessary to prepare a business plan when you are applying for a start-up grant or funding for your business activities.
The business plan will help you in establishing your company as well as later as you develop your business. Update your plan regularly and keep returning to it as appropriate.
You can determine the scope and contents of your company’s business plan based on your needs. Nevertheless, make sure it includes certain basic features. For help in preparing the plan, contact the business development company from your region, for instance.
In your plan, describe your business concept, or what you are selling, for whom, and how.
Tell about your competence, strengths and knowledge of the industry. Describe your company’s product and compare it with your competitors’ products. Define your product’s image and price level.
Describe your customers and their consumer habits. Explain where you will find customers and how you will reach them.
Describe the market situation in the industry. Tell how your company will enter the market. Analyse your competitors and consider how your company will stand out from them.
Determine what kind of premises, which tools, and how many employees you are going to need. Explain how you will organise your company’s financing, insurances, accounting and marketing.