Business Plans

A business plan can be defined as a written summary of a proposed project, and includes information about opportunities, plans, strategies, processes, business requirements, and financial details. The business plan aims mainly to:

1. Draw the path that will be taken to achieve the business goals and aspirations of an entrepreneur. Just as one needs a map to help find the way to an unknown destination, an entrepreneur needs a plan to help determine the direction that should be taken to start and run a business
2. Attract business funding. Any person or entity interested in financing a given business will be interested in knowing what are the qualitative and quantitative goals, and what are the plans that the entrepreneur intends to achieve, in addition to knowing all the resources necessary for the business, how to secure them, and what are the expected financial results (profits)

A business plan is a dynamic document that should be reviewed every once in a while, but it does not guarantee that your  business will succeed. If well written and carefully thought out, a business plan will play an important role in the success of a given business.

What does the business plan consist of?

There is no specific format for all business plans. Regardless of its structure, a business plan usually includes the following components:

• Description of work and strategies
• Marketing strategy and plan
• Sales targets and sales revenue forecast
• Administrative structure and human resources costs
• Business model development and process flow
• Financial plan
• Executive summary of the business plan (written at the end of the preparation of the plan but at the beginning of the document)
• Supporting documents