A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
It’s a document which gives clarity and acts a blue print. It helps entrepreneurs in taking the big decision of leaving their jobs and starting own company. It helps entrepreneurs in understanding the financial viability of their idea, before investing money and testing waters.“NEVER TEST THE DEPTH OF RIVER WITH BOTH FEET WARREN BUFFET” perfectly holds good for start-ups when you are starting its better to have clarity on all details of your entrepreneurial journey with foreseeing problems and your financial requirements.
We write Business plans in Excel format the reason being it’s easier to make changes as all sheets and parameters are interlinked. This helps in giving clarity of best scenario, worst scenario and what’s minimum required.
A good business plan is vital in setting up a successful business. A business plan creates a written outline of a new business venture, and evaluates all aspects of the economic viability of the business venture.
The Benefits of a Business Plan:
Business plans help companies to define the enterprise objectives and scope of operations, products and services, and operational strategies. They can also begin to analyze the competition, forecast the sales, profit, and cash flows. Since business plans are summaries of operations and give inputs on future performances, lenders and investors demand to see them as tools for evaluating requests for financing.