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Whether you are having a business or planning to build a business, you need a well-thought-out plan to run and build a successful business. Therefore, you have to make a good business plan. This business plan as your guide in running and managing your business. Without a business plan, your business will lose its way. Let's find out more about the definition of business plans, its benefits, and how to make a good business plan in the article below. Don't forget to read until the end of the article!
What is a Business Plan?
A business plan is a document that contains details of business goals and how to achieve these goals. A business plan is a detailed guide including marketing, financial, operational and other points of view. In short, a business plan is a plan that contains business analysis, business targets, market research, goals and other business objectives.
Benefits Business Plan for Business
A business plan is made not only for formality, but also it has so many benefits. What are the benefits? Let’s see in the following below!
- Become a guideline in running a business
A business plan that contains your plans for the foreseeable future will serve as a guideline for running a business so that your business will not lose its way in the middle of the road. This is very important to keep your business growing. A business plan is made so that you can find out what steps can be taken to achieve certain business goals.
- As a basis for making decisions
Why can a business plan be the basis for making business decisions? The answer is because the business plan contains facts and data that have gone through research, so that it can be used as a basis for decisions. In addition, decisions based on data and facts will be more logical and make sense.
- Clarify business goals and focus
In building a business, of course, you have to know the goals and focus of your business, so the business has a clearer direction. If you don't have a clear purpose, your business can't grow. A business plan contains projections of your business in the future, not only that, a business plan usually contains marketing, budgeting and other strategies that will clarify the course of your business.
- Minimize your business failure
With a business plan, you can minimize failures that may occur when running a business. That's because in a business plan, you know the market conditions and weaknesses of your business so you can find out what potential failures might occur and prepare strategies to minimize them. With a business plan, your business will be far from failure.
- Obtain funding or bring in new business partners
The Business Plan is useful to assist your business in obtaining funding from investors. Not only that, with a business plan, it will be easier for your business to get business partners. Why? Because your partner will know the goals and direction of your business in the future. Investors will not invest carelessly and cause them to lose. Therefore they will tend to provide funding to businesses that are directed, have clear goals and well-thought-out plans.
Types of Business Plans
Before starting to discuss business plans further, it's good to know the types of business plans that exist. There are various types of business plans, including:
- Strategic Business Plan
A strategic business plan is the most important business plan, containing various plans, goals and ways or strategies to achieve these goals. This type of business plan is more complex and more specific than the others because it is prepared comprehensively and involves all parts and functions in the business.
- Startup or General Business Plan
The general business plan is usually used by startups or MSMEs who are targeting funding. Usually, in this type of business plan, details regarding your business finances are in the spotlight because investors need to know your business financial plan. In this business plan, you can explain in detail about your business budgeting in the future, what the funds will be used for.
- Growth Business Plan
In a growth business plan, it contains planning with a more specific focus or goal, namely a business development plan in the future. This type of business plan describes business development plans in the next one to two years. Growth plans are usually made quarterly. At the end of each quarter, the company can review the goals achieved and goals missed during the period.
- Operations Business Plan
Finally, the type of operations business plan relates to business operations or things that will be carried out by the business and is usually used by external parties as a guide. Operations business plan contains a discussion of planning and regulations regarding the operation of a business.
5 Steps to Create a Business Plan
After knowing various types of business plans, then the next step is to know how to make a good business plan. There are 5 steps in making a business plan, including:
- Conduct market and competitor research analysis
The first step in preparing a business plan is to conduct market research and your business competitors. It is very important to identify the target market for your business. In addition, competitor research is also very important. Why? Because with competitor research, you can find out the gaps of competitors and use them as an advantage that your business can use. Research is very important for businesses in developing strategies
- Create a business description
Try to make a detailed description of your business, such as background, vision and mission, organizational structure and business goals. You can also include a section that explains your business profile at the start of the business plan starting from the business name, company name, date of establishment, organizational structure. Make an attractive business description so you can “sell” in the eyes of those who read your business plan.
- Know your business SWOT
SWOT or the abbreviation of Strengths, Weaknesses, Opportunities and Threats is an in-depth analysis of your business. By analyzing SWOT, you can find out and evaluate the strengths, weaknesses, opportunities and threats in your business.
- Create timelines
Don't forget to make a timeline that will describe when each of your business plans will run. Usually the timeline is made quarterly each year. At the end of the quarter an evaluation will be carried out.
- Make budgets
In making a business plan, budgeting is very important. Especially if you aim to get funding from investors. Budgeting is made to know what your business funds will be used for.
Well, if you already know the meaning, benefits, types and steps in making a business plan, hopefully it can be useful to be your guide in making a business plan. In addition, when building a business, don't forget to prepare an online payment system that can provide various payment channels for consumers. Faspay can be the only payment gateway option that provides the most complete payment channels. Register Faspay now!
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