1. What is a business plan and how it helps?
- It is the face of your business; It helps to attract clients, investors and strategic partners
- It is a living document; You should review it after any change in external or internal factors
- First step for fine tuning your ideas for practical implementation into a functioning business
- Acts as a ‘How to’ guide for running your business
- Helps you map options for best and worst case scenarios
2. How to develop a business plan?
- Know your business: Research your market, product / service, target customer
- Create your identity: Company/ Business mission,vision
- Structure your thoughts: Write your business plan
3. Key features of a good business plan
Think about the following before and after you’ve written every section:
- Description of your project and product
- Marketing Plan: Product, customer profile, distribution channel and proposed location, pricing, promotion and advertising.
- Operational Plan: Production, location, Inventory, Credit, Payables
- Management and Organization: Competitive strengths, Legal form and structure
- Startup Expenses and Capitalization: Estimating Pre Ops, Contingencies and unforeseen
- Financial Plan: Recommend using professional help for Income Statement, Balance Sheet and Cash flow
- Appendices; Advice on appending useful written materials to Business Plan
- Refining the Plan; Advice on how to create a plan specifically suited to the applicant’s business
Note: Business plan Guide is attached in Infopack
4. Who will develop a business plan?
- The entrepreneur may use professional help however we strongly advise the entrepreneurs to do it themselves
- Technical advice from private sector experts / Govt. institutions, listed on SMEDA’s website.
5. How SMEDA can help
- Provide guidelines and explain how to develop a business plan. Refer to a related pre-feasibility
- Refer to government institutions, private sector experts / institutions, secondary resource materials, SMEDA website www.smeda.org