Find a complete business plan example to start your business! Get ready-to-use market strategy guides, marketing, operational, and financial plans to help your business get more focused.
In today’s digital era, businesses are increasingly growing and becoming more dynamic. This certainly brings major changes to a company and its employees. To be able to survive in today’s business, entrepreneurs and companies are competing to find innovative ways to do business planning as well as possible. By doing structured business planning, this can anticipate various risks, changes and challenges that may occur in the future and maximize existing business opportunities.
In a business there are four aspects of business that you need to know, namely the production process, marketing, financing, financial planning and market research. These four aspects actually need to be analyzed and planned properly in order to produce a good Business Plan. In a Business Plan there are various elements such as types of services or products, processing, number of activities carried out, business competition and expected profits.
Planning a business without a clear guide is like exploring a road without a map. That is why a business plan is very important for every entrepreneur or prospective entrepreneur. By making a good business plan, this will be a plus point in attracting investors or banks for your business. A business plan is a document that contains detailed information about business goals, strategies, and operational plans in detail and is used as a guideline for achieving success. The Business Plan document not only helps entrepreneurs understand their vision and mission, but also becomes an important tool for securing funding from investors in the future.
What is a Business Plan?
There are several definitions of business plans from several sources, Entrepreneur Magazine (2020) states that a Business Plan is a business plan that serves as a “road map” that helps businesses plan for the future and anticipate various obstacles that may occur on their journey. Making a good and accurate Business Plan can be a long-term investment for a company.
In conclusion, a business plan is a written document that contains information about the goals, strategies, and operational plans of a business going forward. This document includes information about the products or services to be offered, marketing strategies, market analysis, organizational structure, and existing financial and financing projections. A business plan can be likened to a roadmap that helps business people understand the direction of a business going forward.
The importance of a business plan lies in its ability to provide a comprehensive overview of the business, both for business actors and external parties such as investors.
Reasons Why Companies Need to Design a Business Plan
According to research conducted by Abdullah in the Indonesian Management Journal (2020), a Business Plan is very important because it is a basis for managing a business. Here are some reasons why a company needs to design a Business Plan
Meeting Funding Requirements
Do you know that a business plan is very important to make because it is one of the main requirements in meeting bank requirements in a loan application. The bank itself regulates that the Business Plan is part of a marketing strategy.
Investor Assessment
The reason why business people must design a Business Plan is because this document is one of the assessments of investors, both formal and informal venture capitalists. A Business Plan is a basis for an investor’s decision to invest in a company.
Preparing Business Alliance
Business Plan can be used as a document to form an alliance, merger or business acquisition between small businesses and large companies. This document can reflect how prepared small businesses are to collaborate and meet the expectations of large companies.
Winning Small Business Contracts
Small businesses often need a business plan that can demonstrate a commitment to long-term business sustainability.
Attracting Quality Workers
In facing increasingly tight business competition, Business Plan plays an important role in preparing quality workers through long-term goals and visions and missions stated in the Business Plan. With this document, it is hoped that it will be able to convince workers to have a strong long-term vision and strategy.
Team Motivation
Business Plan is important to motivate workers to have focus in achieving the company’s long-term goals. This document is able to describe how a business is headed and what steps need to be taken to achieve it.
Benefits of Business Plan
There are various benefits of a Business Plan that you should know, including:
- Planning Tools: Helps business people to plan every aspect of business operations in detail. With this detailed aspect, business people or a company can focus on planning how to anticipate problems and how to overcome them.
- Increase Funding Opportunities: Presenting a clear, detailed and professional business plan can attract the attention of investors and partners. Investors use this document as a reference in measuring the business potential of the investment they provide.
- Directing Business Development: Directing the company towards long-term goals and helping to identify potential obstacles. A Business Plan can be used as a reference to ensure suppliers are interested in a product’s business, make it easier for consumers to know the advantages of the product, and create interest in the benefits they will get.
Business Plan Example
The following are several examples of business plans that are often used as references by business people:
- Business Plan for Startups: Emphasizes market analysis, product strategy, and growth plans.
- Business Plan for SMEs: Focus on local marketing strategies and financial management.
- Business Plan for E-commerce: Details online strategy, including SEO and digital marketing.
If you are looking for a sample business plan or business plan example, you can find various templates that can be customized to your business needs. Many sites also provide sample business plan pdfs that can be downloaded and used as a guide.
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Important Components in a Sample Business Plan
In compiling a Business Plan there are several components that you must know. All of these components are important to create a good and professional business planning document. These components include
· Executive Summary: A brief overview of the business.
· Market Analysis: Understanding of target market and competition.
· Marketing Plan: Strategy to attract and retain customers.
· Operational Plan: The production process or services offered.
· Financial Plan: Projection of income, expenses, and profits.
Steps to Make a Business Plan
How to make a business plan requires in-depth analysis and mature planning. Here are the steps to create a business plan that you can follow:
Section 1
This section contains an executive summary regarding a general description of the business to be run and the objectives of the business.
- Title Page : The title page contains the business name, logo, and other information.
- Table of Contents : Table of contents to facilitate document navigation.
- Executive Summary : Contains a brief description of the business being run.
Section 2
This section contains important components that a business plan must have, such as market analysis, marketing plan, operational plan and financial plan.
- Description of Business : Explanation of the business, products or services, industry, and business model.
- Description of Industry (Market Analysis): This component is also often referred to as a market analysis which contains an understanding of the target market, competitors and business competition.
- Technology Plan : Plan for the use of technology in business and its requirements.
- Marketing Plan : Marketing strategies, such as market segments, pricing, distribution, and promotion. The core of this part of the marketing plan is to develop strategies to attract attention and build long-term relationships with customers.
- Financial Plan (Rencana Keuangan): A financial plan, including revenue projections, cash flow, and financial statements. Contains detailed information about expenses, revenues, and profits generated by a business.
- Production (Outsourcing) Plan : Production or outsourcing plan, including tools and raw materials.
- Organizational Plan : Organizational structure, management team responsibilities, and shareholders.
- Operational Plan (Operational Plan) : An operational plan that includes the flow of goods, production processes or services offered by a business.
- Summary : A brief summary of the previous sections.
Section 3
- Appendices (Exhibits): Attachments of supporting documents such as team resumes, market data, contracts, and price lists.
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Business Plan Template
For beginners or those who are just starting out in creating a business plan, it is important for you to know that using a business plan template can be very helpful. This template provides a clear and structured framework, so you only need to adjust the content to your business needs.
There are many examples of business plan templates available online that can be used for various types of businesses. You can also search for examples of business plans pdf to get inspiration from successful businesses. Here is a Business Plan Template that you can follow
The Relationship between 5P and Business Plan
In business we often encounter the term 5P, What is 5P and what is its relationship to Business Plan. 5P or 5 Ps of Marketing is an element of marketing strategy consisting of Product, Price, Place, Promotion, and People. These five elements are an important part of the marketing strategy that must be known in compiling a business plan.
5P and business plan are closely related because both are the foundation for running a business effectively. Each element of 5P must be considered in preparing a mature business plan. The relationship between 5P and business plan can help a businessman in determining the direction of the business, marketing strategy, and company operations. Here is an explanation of the relationship between 5P and business plan:
Product (Product)
In the Product element, the company determines what products or services will be offered to their consumers. In a business plan, the product is usually included in the product or service description. This aspect describes the features, benefits, quality, and advantages of the product to be sold.
Price (Price)
Price is a factor that can affect profit margins and business competitiveness. In a business plan, price includes information about premium pricing strategies, competitive pricing, or penetration pricing to attract customers. A good understanding of this element will greatly assist business people in calculating production costs, distribution, and desired profit margins.
Place (Place)
Place in 5P means a distribution channel used to place the product into the hands of consumers. In a business plan, place is usually defined in the distribution strategy section, which is a physical location (if any), online channels, or distribution partners to be used.
Promotion
Promotion in business contains a process where the company communicates products directly to consumers. In a business plan, promotion includes various marketing strategies, such as direct marketing with SPG, digital marketing, advertising, public relations, digital marketing, to promotional events. This element is important to attract consumer attention and establish long-term business relationships. Promotion is very important in building optimal visibility and brand awareness.
People
The People aspect covers all individuals involved in the business process, including employees, management, and customers. In a business plan, people are often included in the organizational structure and human resource management strategies involved in a business.
Conclusion
Creating a good business plan is the first step towards business success. With a clear business plan, you will find it easier to steer your business in the right direction, attract investors, and overcome challenges that may arise. Don’t forget to always review and update your business plan to keep it relevant to business and market developments.
Whatever type of business you run, make sure you start with a solid business plan. That way, you have a roadmap that will guide your business to long-term success.
Start creating your business plan now and make your dream business come true at Telkom University !
Reference
Abdullah, R. (2020). Importance and contents of business plan: A case-based approach . Indonesian Journal of Management, 20(2), 161-173. Telkom University. https://journals.telkomuniversity.ac.id/ijm
Author: Meilina Eka A
