There is no shortcut to climb the ladder of success; one needs to set a vision and then deploy adequate skills to reach the target. Prior to commencing a business, an entrepreneur must have a robust business plan. It is a roadmap to a remarkable future that guides an entrepreneur in each stage of the business. A business plan can either make or break a company’s structure as it builds the foundation of an organization. During the inception stage, a company should seek a consulting business plan to cover all the essential aspects such as funding, prospective growth, expenses, pay rates, marketing strategies, equipment costs, qualifications, training, etc. A business plan is a constant reminder which redirects a company towards its financial goals, thus minimizes the prospect failure or loss. It gives a competitive edge to business and gears it up against any possible threat. This write-up will evaluate the role of a business plan in making a new venture successful. What is the need for a Business Plan? Every business requires a plan, regardless of its size. Whether you run a full-fledged start-up or a well-established conglomerate, it is indispensable to count on consulting business plan. It is a potent tool that layout a concise picture of your business’s operation strategies, goals, future progress and potential challenges. Thereby business plan provides insight into your company’s growth and also acts as a contingency plan in case of an emergency. Here are some significant reasons that justify the need for having a business plan: Optimum Allocation of Resources: With a plan in hands, a company can strategize and allocate resources as per the priority. It helps the company to diligently distribute the roles and responsibilities amongst the members, which are a perfect fit for their skills. Attract Investors and Raise Capital: Mostly, businesses require operating capital to get off the board. Any investor big or small demands a business plan from the company before he/she seals the deal. Often investors’ lookout for the financial stature of the company in the business plan. In case a company do not meet the prerequisite and seems to be unstable, then the investor may not invest in the same. Active Management: Business plan is a gateway to a good management system. It enables a company to set specific objectives, track the progress to ensure its accomplishment. Hence, it bridges the gap between the business goal and course of action that the company must take. Reality Check: During the initial stage, business aspirants are more prone to stimulate with emotions and get driven away by self-doubt or exhaustion. It is at such times when a business plan reinforces by navigating to the right path. Writing a business plan is a daunting and time-consuming activity, yet it is essential to sustain in the corporate world and survive the start-up phase. Key elements of a Business Plan One has to face various challenges in the outset of an entity; an explicit way to curb the losses and sail through is to have a business plan. Following are the fundamental components that every consulting business plan should include: Executive Summary: As the idiom of “first impression is the last impression” emphasizes the importance of having a solid first impression; likewise, all businesses must strive to create an impactful executive summary. It is the pivotal part of a business plan that demonstrates the mission of a company along with an accurate description of its services and products. A new venture must entail a concise executive summary in the forepart of its business plan. Detailed Description of the Company: After writing the executive summary, it is essential to elaborate on the company’s long-term and short-term objectives. The best practice is to put down a detailed description of the target audience and the ways in which your company will cater to their needs after incorporation. Examination Report of Competitors: It is crucial to be a step ahead and monitor the strategies of the opponents to defeat them. A consulting business plan always draws a clear comparison between your prospective competitors and your business after extensive market research. Thereby, prepares a competitors' report that highlights the strengths and weaknesses of your opponents. Details of Products and Services: The preliminary purpose of a business plan is to apprise about the products & services that the proposed business will offer to its customers. When an investor or shareholder looks at a business plan, he/she accentuates on its products & services. Hence, it’s imperative to include the details of services and products in a business plan. Roles of Management and Organization: Incorporate the qualification and experience brief of the managers and Directors in the business plan. Also, one should specify the role and responsibilities of each member to discard any conflict in the operational stage of the business. The business plan must illustrate a diagram that showcases the chain of command in a company. Sales and Marketing Plan: Despite having a remarkable range of services and products, a business can fail, if it has a poor sales strategy. Therefore, it is necessary to create a master plan for sales and marketing. Mention various methods of sales strategies and add a monthly sales target in your plan. Request for Funding Clause: A business requires an ample amount of capital to run a venture successfully. If a company have a shortage of money, then it can choose to raise funds. A business plan should have a separate section of request for funding and specify the amount of money needed.Financial Goals: It is an extremely pivotal section of a business plan. Financial goal reveals the anticipated revenue for the first year and annual project earnings of the succeeding second, third, fourth and fifth years of business. Different Types of Consulting Business Plans in India There are various business plans that differ on the basis of nature and size of a business, which is as follows: Annual or Operational Business Plan: This type of business plan layouts the internal operations of the company and specifies objective, goal, procedure and deadlines for the next one year. Lean Business Plan: A lean business plan entails the strategy, execution, tactics, and business essentials in a simple format. This plan mainly regulates internal management and is not accessible for outsiders. External Business Plan: As its name suggests, this business plan is solely for outsiders. An external business plan is an ideal choice for the entities who seek funds for their business. It is like a formal document, similar to a loan application that serves the purpose of raising capital. It is like an extended version of the lean business plan. Strategic Business Plan: This type of business plan monitors the internal activities of a business. It integrates all the key elements, such as the business vision, mission statement, success factors, and strategies for attaining the long-term and short-term goal. See Infographic: What is the need of Business Planning? (Info-Graphic). Benefits of Hiring Business Plan Consultants Preparing a business plan might seem to be a tedious task; however, a professional consultancy firm can ease the process: Organize & Arrange Information: An experienced consultant accumulates the company’s data and segregates the plan under a suitable heading as follows:Title: mentions the title to the planSummary: an executive summary that gives a brief of the company’s vision General Description: an overview of the companyProducts & Services: description of the products & services offered by the businessOperational Plan: details of the activities that will be operated dailyManagement: roles and responsibilities of the management team in handling the business matters.Finance: prospective revenue and request for funding clause Create Executive Summary: A business plan consultant can frame an effective executive summary that precisely describes the vision and nature of the company in a nutshell. The expert deploys investigation and analysis skills to create an enticing executive summary. Saves times and Cost-effective- Every penny spent on a business plan is worth it. A company with a limited budget may feel the services of a consultant to be a costly affair. However, it is also futile to spend hours researching for the best business plan and makes more sense to hire a consultant. A reliable consulting business plan provider can facilitate you with tailored service at moderate prices. Moreover, what's the point in cost-cutting; if your business plan isn't capable enough to help you secure the funding? Present the business in the best form: The principle motive of a business plan is to seize the sight of customers and investors. A consultant holds the expertise to depict the peculiarity of a company through an exquisite business plan. The plan should be powerful enough to overthrow the existing competitors. It must demonstrate the qualification & commitment of the members to gain the support & trust of prospectus customers. Scrutinize the potential market: A legal consultancy like Enterslicewill not only help to develop a business plan but also conduct comprehensive market research to find the potential market for your business. Our team matches the product or service of a business to the needs of its target audience. We provide a better understanding of your customers with accurate research. Our consultancy can resolve these customer relates queries:Is it a viable market for selling your products & services?What is the average age group of your potential customer of a market?What is the alternate supplier of your product in a market?What is the standard of living of the majority in a potential market? Identify Investors: Lastly, the biggest perk of a consulting business plan is that it helps in identifying potential investors for the business. Generally, investors analyze the adequacy of capital, collateral projections and conditions to lend their money and make an investment in new business ventures. Similarly, the traditional lenders, Banks follow a certain set of guidelines like Risk Management Association before lending funds for a business. A consultant apprehends the requirement of lenders and thereby creates a stable financial report in a business plan. Conclusion A business plan is a potent tool that every new venture must possess. Our services are not confined to writing a business plan for your business. We also offer a (PPT) PowerPoint presentation slideshow to underline the key aspects of your business plan, which you can use to drive more investors. In case you have already written a business plan, our team can edit or rewrite it for you. We can create a professional business plan, formatted in a way that investors desire. With a customized business plan, you can adapt to the dynamic corporate arena. Consulting business plan is the first step towards assured success, so look no further than Enterslice. Also, Read: Starting a Consulting Firm Need Business Plan Consultant?.