How people start a business? If you listen to most of the successful businessmen, you will find that they came across a situation where they could not find an effective solution to a need or a problem and they decided to take it on their shoulders and the result is that what they are today. Did they do a business plan? Of course they did. Business plan need not have to be in a finely bounded document or in the form of a stunning presentation. Rose is a rose by any other name. People prepare business plan on a single piece of paper or even on the reverse of an envelope. But the benefits of preparing a business plan in a structured manner far outweighs the cost and effort.
So what should be the format of a business plan? Many a time the first time entrepreneurs are stuck with the business plan template. I would like to warn you that it is a very dangerous generalization that you unnecessarily forcing on your business idea. In a business plan please understand that one size doesn’t fit all, not at all. Each business plan is like a piece of art, meticulously built from scratch. So never get stuck with a template, but rather build it from scratch either on your own or take the help of business consultants. In summary, the only template for a business plan is not having any template. Last but not the least, if there is a good template for a business plan, then why so many businesses are failing irrespective of following the business plan templates that are sold at $15 or so.
The purpose of a business plan is to help the entrepreneurs and other stakeholders to visualize the business much before building the business itself. Business plan enables the business owner to have a 360-degree view of the business so that he is well prepared and makes an informed decision to invest on the business. The entrepreneur may not be investing 100% on the business rather he seeks investment from angel investors or friends and family or financial institutions.
Fhyzics Business Consultants helps both entrepreneurs and existing businesses to develop full fledged business plans and validate them. For any questions related to our business plan services, please feel free to reach out to us at cs@fhyzics.net
About Author:
Venkadesh Narayanan is the Principal Consultant at Fhyzics Business Consultants Pvt. Ltd. with over 25 years’ experience in business consulting, business analysis, process improvement, supply chain and new product development. He is a mechanical engineer and an MBA worked for several organizations in India, USA and Canada prior to joining Fhyzics. He is a former Indian Civil Servant [IRAS 2000 Batch] and served in Ministry of Railways, Government of India. You can find some of the videos of Venkadesh Narayanan on various topics in our YouTube Channel Business Analysis Digest and also feel free to connect with him through LinkedIn.
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