Question 1

What is a business plan?

Accepted Answer

A business plan is a written document that describes in detail how a business (typically a new one) is going to achieve its goals. It describes the nature of your business, your sales and marketing strategy, and the financial background of your business. It also contains a projected profit and loss statement. Not sure how to create a business plan? Hire a business plan expert to create one for you.

Question 2

Why is a business plan important

Accepted Answer

A business plan helps you get a clear picture of the business as a whole, prioritize your goals, stay accountable, and manage your cash flow. It also helps you develop a strategic focus for your business and make course corrections to prevent your business from flopping. Hire a business plan consultant to help you understand how a business plan will help your business.

Question 3

Do I share my business plan?

Accepted Answer

Your business plan doesn't need to be shared with a lot of people, but there are certain instances where you need to share your business plan. For example, you may need to share your business plan with potential investors if your business is a startup in need of financial support. Other parties you might need to share your business plan with are bankers, potential partners, board members, and lawyers.

Question 4

What are some key elements needed in a business plan?

Accepted Answer

Whether a business plan is to be shared with investors or partners, the key elements every business plan should have are an executive summary, a business overview, market analysis, competitive analysis, a section on organization and management, a description of your product or service, a sales and marketing strategy, and a financial plan.

Question 5

Why is there a need for a business plan

Accepted Answer

People often believe that a business plan is for startups that need investments or for businesses that need a loan. However, while a business plan is especially useful for new companies, every company benefits from having them. Business plans hold you accountable and in line with your vision and mission. It also helps prioritise your goals and develop a strategic course of action. Any company, from charities for profit organisations should have a clear business plan.

Question 6

How does a business plan differ from a strategic plan?

Accepted Answer

A business plan is the "who" and "what" of a business. It describes the organisational structure, financial plan, market and competitor analysis, and marketing strategy of your business. On the other hand, a strategic plan provides the "how" and "when" of the business. It is a short-term action plan detailing specific activities, who's responsible for those activities, and their due dates.

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