Updated: 23/03/22
A company's business plan is a essential project to define the company's objectives, the actions and strategies to be followed in order to achieve the goals set out and all the necessary information, from the activities that comprise the business to the analysis of the sector in which the company is located.
If you are thinking of setting up a business, you should start from scratch, creating a business plan, which will be the basis of your business plan. basis of the main idea of the creation and success of your new company.
Your company's business plan needs to have 10 essential steps, which we discuss below:
Executive summary
The executive summary consists of summarising the business plan on one page, where the description of the business, what we are going to offer, whether goods or services, the team of professionals, the investment, the profitability of the business, etc. will be included.
2. Description of the company, mission, vision and values
In this second step it is very important to describe the company in a more extensive and detailed way, the activities to be carried out, the business structure, etc. In addition, the following elements are to be defined, which are previously named in the executive summary:
- Vision: this is what we hope to achieve with the business we are going to set up.
- Mission: This is the one that will define the path we are going to follow to achieve the vision.
- Values: This is the philosophy on which the company is based.
3. Target Audience
In order to create a successful business it is necessary to define the target audience. Knowing your audience is essential to reach them and make the project succeed. Therefore, it is necessary to define the age, sex, social status and location where they are located in order to reach them.
4. Market and competition analysis
It is essential to analyse the market and the competition around us, since offering a product or service always has competition from other companies. The analysis will allow you to discover the competition, what volume they have, how you can differentiate yourself from them, and thus create a differential value proposition that will be successful in the market.
5. Product or service
It is essential to define the product we are going to offer and what needs we are going to satisfy for the target group.
6. Objectives
Objectives are the goals we want to achieve with the business, it is essential to use the SMART method, which is about making objectives specific, measurable, achievable, realistic and timely.
7. Marketing plan
It is of utmost importance to promote the company in the sector, to make it known and to reach the public through the creation of a Marketing Plan.
8. Financial plan
In this step, the initial investment to be used to set up the business must be defined. It consists of all the necessary accounting data and analysis related to the financial part of the project.
9. Logistics and human resources plan
The Logistics Plan consists of which processes and personnel are necessary for the creation of the company. As for the Human Resources Plan, it will define which profile is the right one to occupy a certain role in the company and thus lead the project to success.
10. Annexes
The annexes will include all information that has not previously been included in the business plan.
The business plan is a necessary and essential document for the creation of a project, as it will be the presentation letter of the project and will give us an idea of whether the business will be successful or not, approaching a professional will help to make the least number of mistakes.
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