The Must Haves in a Business Plan

A business plan is very important for the smooth and successful running of a business. Business analytics needs to be done both before and during the process of the business. You must identify possible risks and hurdles that may come in the way of starting a business. A business plan is also important as that…

A business plan is very important for the smooth and successful running of a business. Business analytics needs to be done both before and during the process of the business. You must identify possible risks and hurdles that may come in the way of starting a business. A business plan is also important as that is what will decide the investors that come in. Hiring a business analytics and consultant firm is good to give kick start because one may not have much knowledge on the subject. The consultancy however has years of experience on the same. Yet here are a few things that might help in creating a perfect plan.

• Business description: First of all describe your business ie the product or service you offer. Do not go into a detailed explanation of the same but give an overview of why it is needed, how it's done etc.

• Market and customer analytics: This part of the plan will discuss the market situation of the. Why is it needed in that particular locality? What is the state of the competitors? Probably there are very few or even none servicing that particular product to the consumers. For instance, if you are a clothing store and there are probably just one or two stores in the locality and a lot of youngsters in the area, your shop will definitely work. You must have a USP like it being low cost or having big brands etc, whatever the need of the area is.

• Market entry and marketing strategy: You marketing strategy must be done after a customer analytics. You must establish what your customer base is and who exactly your target audience is. You must have two sets for a target audience ie a primary target audience and a secondary one. This can be established using demographics like age, gender, income and locality. Like mentioned before, a clothing line would be targeted to mostly girls in the age of 14- 25 years. This could have the primary and secondary could be above women among 26-35 and men. How are you going to market your product and make it reach the consumer? Use both online and offline methods like TV ads, hoardings, newspaper columns, social media and engagement.

• Financial analytics: This is a major part of any business analytics. Calculate the cost of start-up, consequent revenue, profits or loss, overheads etc.

• Risk Analytics: Risk analytics is a must that should be covered by every business. A business can encounter a number of risks that could be disastrous for the business. However a pre-analysis of this saves you a lot of trouble later.

Here, all of the above mentioned must be well fitted into a business plan.