A business plan can typically have different uses, like to obtain funding from investors, or to increase business efficiency. Irrespective of the use, a business plan needs to be well drafted in order to serve its purpose. From an investment perspective, while a well drafted business plan cannot guarantee funding, it certainly improves the chances of getting funded. It is to be noted that a funding decision encompasses a host of other things, not to mention the requirement of a high quality business plan. An unstructured business plan not only makes a venture unattractive for external investors, if used as
It is interesting to analyze how entrepreneurs react to certain business terms like operations strategy or business model. In my experience, the outcomes range from absolute distain to an extended discussion around the “nuts and bolts of their business”. Again, it is difficult to generalize, but the more mature a business, greater is the evolvement from “a brilliant idea to sustainability” with an acceptance towards the importance of planning and structuring. At that point in time, a so called fashion statement becomes a necessity and creating a business model a reality. To be fair, structuring a business model is a difficult task
The key step in scaling up your venture is to acquire external funding. While newer and more affable avenues of funding are opening up the competition among fund seekers are also rising exponentially. Let me be very categorical here, investors whether it’s a bank or a private investment houses like venture capitalists or angel investor are in the business of investing. It has become almost impossible to raise funding just on the idea itself. A lot of factors play before a successful investment deal is made. Not all ventures qualify for all kinds of investors. Your business plan and financial projections and
There are no shortcuts to success. The entrepreneurial journey is extremely difficult and challenging but if pursued with a plan, it enhances your chances of success. We at BPlanExperts.com help entrepreneurs to approach entrepreneurship with a structured approach.The board game format shown above constructs the start-up journey, with each block denoting a step closer to success. Want to play the entrepreneurship game? Let’s roll the dice.
Over the years of our working with entrepreneurs, we have noticed that while there is generally a robust understanding about the start up process and funding requirements, things seem to taper down when it comes to scaling up of the business. While a valid argument is that entrepreneurs seldom get time to think about the “next-step”, in essence it is essential to plan for expansion early in the business life cycle. A robust business plan where key milestones and triggers are well defined goes a long way in supporting this process. Typically, most start up enterprises goes through a series
Business planning is becoming an integral part of the startup ecosystem. A well crafted business plan gives shape to budding ideas, showcases the unique proposition of the business and highlights the fiscal potential that might attract potential investors to fund the project. At times entrepreneurs draft or invest in business plans which are limited to being large sized documents filled with architectural theories, sample ideas, the same old strategies and lots of irrelevant financial calculations. Now we know why 9 out of 10 new ventures or business struggle to survive. A business plan is not just a theoretical constant
“Ideas are easy. It’s the execution of ideas that really separates the sheep from the goats.” – Sue Grafton We often hear that an idea can change the world. It’s true, it can. However, an idea alone does not mean anything. It’s the execution that really counts. Over the years, we have helped several startups and entrepreneurs right from the ideation phase to implementation. One thing, which we can confidently say, is without the power of execution, your ideas are as good as nothing. Our firm belief and our advice to all entrepreneurs is: Execution is more important than Planning.
“ A killer business plan does not guarantee funding but definitely increases your chances to get funding.” Funding depends on a lot more factors than just a business plan. For example, the management team, business model, risk associated and various other factors influences the decision of an investor. With our experience of working with over 250 entrepreneurs across 40 countries, we can definitely vouch that in today’s competitive landscape having a well-documented business plan is definitely a key to attract investor’s attention. Each investor has specific preferences on the business plan format based on the sector they specialize in or