Overview of Business Plan Services
Starting a new business or startup requires a strong foundation and a well-defined business strategy. Many business owners and entrepreneurs still hold the belief that an idea needs only a vision to turn it into a reality. However, inadequate business planning may prevent a business from getting the necessary approvals and licenses successfully. It can also discourage investors from putting their money in the new business due to the owners’ insufficient planning. For these reasons, a new business needs to write a business plan that is comprehensive and covers each aspect of its activities.
Simplifying the Meaning of a Business Plan
A Business Plan is a document that acts as the roadmap or strategic guide for a new company. It defines the business’s strategy for its products or services, method of operations, financial analysis and launch plan. A well-defined business plan improves the business’s chances of not only attracting investors but also gives it the right direction. A business plan also enables a company to identify its risks and lay down the strategy to deal with such risks, the viability of its operations, and marketing plan.
In various cases, a business may require a detailed business plan for its registration and approval from the concerned licensing and regulatory authority. Many regulatory bodies need a robust business plan that defines the where, when, and how of the business and its plans for the next 3-5 years. Through a business plan, a regulatory authority assesses the ability and sustainability of a company to operate in the long run. It also assures that the business will be able to function smoothly and protect the interest of its stakeholders.
For instance, in the case of NBFC registration in India, the Reserve Bank of India (RBI) requires the applicant to submit a detailed business plan. The RBI requires a five-year vision at the time of filing of the registration application to confirm that the business will be able to run a lending business responsibly. Without submitting a thorough business plan, an applicant cannot start an NBFC in India.
Kinds of Business Plan
There various kinds of business plans, and choosing the right type of plan depends upon on the company’s requirements and applicable laws and regulations:
Investor Presentation/ Pitch Deck
This kind of business plan involves the drafting of a detailed presentation about the business model, market research, industry analysis, investment plan, marketing plan, applicable legal compliance, and financial projections to attract investors. This document can make or break a fundraising deal for the business since the investors base their investment decision on how precise and detailed the presentation is.
Business Plan for Internal Planning
This kind of business plan helps the business to design a guide for its internal operations with the help of experienced business plan writers. It includes the details of the company's Board of Directors, mission statement, operational strategy, marketing strategy, risk planning, and financial modelling.
Business Plan for Registration
As stated above, it may be compulsory for a business to submit its detailed word business plan and financial analysis to the concerned authority for its registration. In such a case, drafting an accurate business plan is vital to obtain the license or registration for the business promptly.
Benefits of a Business Plan
Here are the most common reasons why a business needs a well-written business plan before it starts its operations:
To prove the viability of a business
A business plan acts as a guarantee to the stakeholders, i.e., its investors, employees, and partners that the company is capable of running smoothly for the long term.
To define the key milestones
A business plan enables the owners to identify the key milestones which must be achieved for its success. Simply, a business plan helps in determining how the business needs to conduct its activities to run profitably, and know when and where to expand.
To identify the market competition
To write a business plan, a business needs to identify and analyze the existing market competition. With this, the company can easily assess how its competitors are operating, the products and features they are offering, and then draft its strategies accordingly to stay ahead of the competition.
To define the customer base
Knowing the exact customer market is essential before launching any business. With a business plan, a company can identify the precise market it will serve, including the geography and demographics of its targeted audience.
To get approval from concerned authorities
A business plan may be mandatory in some industries to obtain the license from the relevant authority to start a business. A business plan warranties that the applicant is serious and dedicated to setting up and running a successful venture. For instance, the Insurance Regulatory and Development Authority (IRDAI) requires a detailed business plan along with an application for Insurance Web Aggregator License Registration.
To define its business model
The business also needs to describe how it will operate. It means that a business needs a written plan to establish its exact business model and the various channels of operation it will be accessible from. It also includes how it will structure its human resources, technology infrastructure, and customer acquisition process.
To describe the means of revenue
A business also needs a detailed word business plan to define how it will make money. By doing this, the company can get a glimpse of any issues or assumptions related to its revenue model and identify the right solutions for it.
To invite investors
A comprehensive business plan also acts as a proposal to attract potential investors. With a business plan, investors can identify how the business will run in the short and long term, and what will be its financial valuation.
To plan finances
A business plan also includes the financial projections of the business, such as the projected capital of the business, its profits, and cash flow. Experienced business plan consultants can help you identify how and where you may use your capital, and when you may need to raise more funds for your business.
To identify and manage risks
A business plan drafted by business plan writers can help a business in determining the potential risks it may face and the right policies and strategies to manage these risks. Many regulatory authorities also require a proper risk management plan to confirm that the business has put in place a well-defined strategy to deal with its inherent risks.
To lay down the HR structure
A business plan not only helps in identifying the right HR structure for the business but also enables the company to hire top talent. Many professionals at high-level profiles ask for a sound business plan before associating with a company.
To lay down branding and marketing strategy
With a plan drafted by experienced business plan writers, an entity can also define its approach to reach and serve its audience. A well-drafted business plan includes the complete strategy to promote the company’s products or services and establish the company’s brand in the market.
Elements of a Business Plan
Each business plan has a unique structure. Carefully drafting a business plan with the right elements as per the industry is critical. Opting for a template business plan or software may result in an inaccurate and inadequate business plan. However, there are certain essential elements of a business plan that must be included to ensure that the document covers each aspect of the business. These elements are:
About the Industry
It consists of a thorough study of the industry, the strengths, weaknesses, opportunities, and threats that exist in the industry and assessment of the existing market players.
It involves defining in detail how the products or services of the business can overcome the existing issues.
It includes a detailed overview of the business, i.e., the idea behind the business, management team, its goals, mission, vision, and values.
It includes extensive details of the market the business will serve.
This section lays down the geographical expansion plan of the business.
Products or Services
The extensive layout of each product or service offered by the business.
It lays down how the business will operate, how it plans to make money, its technology, workforce, client communication, marketing and branding, business process, etc.
It includes identification of the potential risks and plans to deal with them.
This defines how the business will launch its activities.
It lays down the key assumptions and financial forecast of the business.
Business plan for each industry requires extensive market knowledge and writing skills to draft an accurate and error-free document. Even a single omission or error may lead to the regulatory authority or investors asking for a new reply or explanation. This may further delay the registration process or funding for the business, postponing its launch plans and affecting its financial forecast. For instance, in case of a business plan for NBFC registration in India, it is essential to define the loan management process of the business.
The process to Write a Business Plan
To write a business plan for successful registration and fundraising, it is advised to consult good business plan writers and consultants in India. Experienced business plan consultants will apply the right ideology and steps to write a failproof plan for the business. The process involved in writing a good business plan for business registration or fundraising includes the following steps:
Ideation of the Plan
The first step to write a business plan is to understand the basic requirements and objectives of a business. It involves compiling all the information about the business, such as the industry, the company's critical managerial personnel, proposed products and services, technology framework, capital invested, etc. Based on this information, the business plan consultant can carry out thorough research to identify the right elements of the plan.
Industry and Competitor Analysis
After a thorough study, an industry analysis, S.W.O.T. analysis, and competitor analysis are performed. Including a detailed assessment of the industry in which the business will operate is vital to identify the current business trends, growth opportunities and challenges. Such analysis also allows the business to identify its key competitors, the features consumers prefer and how the business can serve the market more efficiently.
Designing Business Strategy
It includes identifying the unique selling points of the business, its business model, mode of operations and business management strategy. A business plan consultant can provide the right insights and inputs based on the practices and policies applicable in the industry and design an accurate business plan for the venture. This way, the business can be assured that it has a detailed plan to conduct its activities profitably and sustainably.
A business plan also involves analyzing the financial requirements and predictions of the business. It includes accurate accounting and financial planning to lay down the Financial Statements, i.e., Balance Sheet, Profit and Loss Statement, Cash Flow Statement, Revenue Projections, and Capital of the business.
Enterslice’s Business Plan Writing and Consulting Process
Enterslice offers business plan writing and consultation services for a wide range of industries for their registration and fundraising requirements. Our business plan writers and consultants identify the unique needs of our clients and prepare a thorough business plan as per the best industry standards.
From a business plan for NBFC registration to a graphical investment presentation, we provide bespoke business plan writing services for it all! Enterslice ensures that the business plan drafting of each of its clients is done in the most precise and customized manner. Here's a brief of what our business plan process includes:
- Thorough discussions to understand your business registration and business plan drafting requirements.
- Assessment of the industry and regulatory requirements.
- Defining the scope of our services.
- Sharing of a detailed questionnaire to get familiar with your business.
- Preparation of the first draft of the business plan/ investor presentation.
- Approval/ amendment of the business plan.
- Finalize the deliverables, including the business plan edits/ additional graphs or layouts.
- Filing of the business plan with the concerned authority along with your registration application.