Why you need a business plan

[jijo.thomas]

They say writing a business plan is the first step in starting a business. But how important is it really? And why should one do it?

I asked a Silicon Valley VC who heads his company’s India investment team to weigh in. Here’s what he said:
“Plans are good, but ideas come to us in many forms, sometimes it’s just a simple conversation with a potential entrepreneur that takes off. In that case, the plan is just a formal piece of paper.”

Point being – Don’t view the business plan simply as a marketing tool to woo potential investors. Rather, irrespective of whether you are seeking funding or not, take the time to put together a business plan. Why? Because it will serve as a road map for YOU as you get the pieces of your business together. (as they say, putting your thoughts down on paper crystallizes them.)

A well-drafted business plan that factors in strategy, description of products or services, market analysis, management team, funding, break-even analysis, and opportunities and threats, will give you a realistic understanding of what to expect. As a side effect, it will also impress potential investors who will see the organized thought process behind the idea. Of course, expect to make slight changes to the plan as you go along.

 

[ketan.bhanushali]

Not only in a business
oine require plan for every thing

 

[jijo.thomas]

Yes thats true but whats the perfect plan

 

[prachee]

yes business plan is very very necessary .for everything planning is the most important step

 

[jijo.thomas]

One of the major stenght of any successful Business is its people the First strategy should be to get the right person for the Right job and then work on the blue print

 

[anonym137]

One of the major stenght of any successful Business is its people the First strategy should be to get the right person for the Right job and then work on the blue print

nicely said, sir

 

[anant1a]

Thre Business Plan is written Document prepared by Entreprenuer or company
that describes all the relevant external and internal elements involved in starting new Venture.

The Business Plan answers the questions like

Where am I Now?

Where am I going?

How will I get there?

Potential Investors, Suppliers and even Customers will request or require Business Plan..

 

[jijo.thomas]

What could be the main reasons for business in US doing much better Compared to the businesses in India. To start a Business in India the Average Investment is $8500 and in US is $10000, Comparing the Economy the Investment is much Higher in India also in India the first strategy is to get an Own property hoever in US its on Rental So whats the Ideal plan for Indian business

 

[jijo.thomas]

solid strategic plan delivers the following benefits:


You focus your time and energy on activities that are most likely to achieve your goals.

You know how to allocate resources.

You put a solid strategy in place to set your business apart from the competition.

You can communicate your plan to employees, and hold them accountable for results.

You can track the results of your efforts and make mid-course corrections to get back on track if you need to.

You can adapt your plan to create a second business plan to raise investment capital or get a business loan.

 

[varunkohli.jim]

hey friends i totally agree with you all that a plan is necessary but dont you all think that in todays fast moving and changing era if we only plan and plan when we would implement it.......
it may be possible that the plan you have chosen is innovative but the point of time you go for implementing it may be implemented by anyone else........
what would you do for that???

 

[jijo.thomas]

Yes, Correctly said plans needs to be implemented and its not necessary that only the best plans work, whats important is the application of the plans, A success of any business lies in its people and the success needs to be shared with the employees as they constitute a begger part of it.

 

[jitenmazee]

They say writing a business plan is the first step in starting a business. But how important is it really? And why should one do it?

I asked a Silicon Valley VC who heads his company’s India investment team to weigh in. Here’s what he said:
“Plans are good, but ideas come to us in many forms, sometimes it’s just a simple conversation with a potential entrepreneur that takes off. In that case, the plan is just a formal piece of paper.”

Point being – Don’t view the business plan simply as a marketing tool to woo potential investors. Rather, irrespective of whether you are seeking funding or not, take the time to put together a business plan. Why? Because it will serve as a road map for YOU as you get the pieces of your business together. (as they say, putting your thoughts down on paper crystallizes them.)

A well-drafted business plan that factors in strategy, description of products or services, market analysis, management team, funding, break-even analysis, and opportunities and threats, will give you a realistic understanding of what to expect. As a side effect, it will also impress potential investors who will see the organized thought process behind the idea. Of course, expect to make slight changes to the plan as you go along.

Yes there is a need of a business plan before staring any business. First we should know about strong points and weak points which is very crucial for the success of any business and then should take consideration of future benefits and threats of that business.