A Business Plan Should Replicate a Real Business Situation as Much as Possible
Let’s face it; what is a business without a plan? It is similar to diving into deep waters without an oxygen tank. Without proper planning, your business could go astray in every way possible. Even if you are persistent in your business dealings, there is no way you could stay the course throughout the company’s lifetime. Writing a business plan in India is not required by the law; hence, many entrepreneurs only refer to their Articles of Association to comply with the necessary company operation. There is no definitive rule to writing a business plan, but many successful growing entrepreneurs swear by its advantage.
Plan It Realistically
When you score a business idea, you genuinely believe that it is a great idea. In your mind, it may be right. But, when you begin writing a business plan, you might be discouraged in this writing process. It is because when you ink it on paper, then only you would see the more precise picture of how the business is going to be. That is not to say that a written business plan may hamper your eagerness. But, putting things in a realistic perspective will help you mentally prepare what could come.
Moreover, in India, there are traditional beliefs that might get in the way of your business. Besides this, there could also be industry policies hindering your future business process. Nevertheless, work with a market expert before writing a business plan in India.
Assumptions Vs Ideals
There is no doubt that your original idea is the basis of your business. But if you continue with the ideals of the company, you could get raised eyebrows from potential investors. Put in place the possible assumptions of what your business would face and the available solutions for it. If you can forecast the likely the strength, weakness, opportunities and threats of your business, you could get the upper hand in convincing investors. Be as detailed as you can so that you and your team can be well prepared. These assumptions will result in financial needs to keep the company afloat.
Favourable Cash Flow
After acquiring the financial needs of your company, you can get a better insight into your cash flow. Stable cash flow sustains a company well, even during trying times. Make no mistake that this is a separate financial statement. Throughout your company’s lifetime, this vital document must be part of the business plan. If you have no financial background, get help from the experts to continue writing a business plan in India. It is best if you can sum up your possible or current cash flow into piecemeal information. Any company or corporation will welcome additional funding to expand or to stay afloat. With a healthy cash flow visual, you and investors will have a better grasp of profit and loss.
The Vital Business Plan
Now, the best part is here. Let’s get to what your business plan should comprise.
- Official Summary: Introduction of the company; company name, legal structure, target market and management details.
- Business outline: Explain what the company sells, where does it sell, why it sells such products or services, and the marketing details of the product.
- Industry and market research: Complete this section including the industry policies and legalities. Carry out competitor analysis as well as your SWOT analysis.
- Current and Future Financial Needs: This is where your assumptions will appear. It should display the financial needs for current operation and future growth.
- Company Achievements: If it is a start-up, a compliance certification will suffice (if any).
These are some of the general section to include when writing a business plan in India. Some are straightforward; some may have technicalities. If you begin to become clueless, it is best to seek expert advice and assistance in completing your business plan.
