What is a Business Plan?
Jan 21, 2024
Why Create a Business Plan?
A business plan is an essential document to convince potential partners to join you in your project. It is a reference document to present yourself effectively. However, don't forget that it should also be considered a dynamic working document that evolves over time. If your initial projections materialize, great! Record them in your business plan and base future forecasts on actual results. If, on the other hand, your projections were too optimistic, adjust them based on real performance. The business plan also allows you to test various scenarios.
How to Write a Business Plan?
Writing a business plan is a crucial step in your business project. It is advisable to entrust this task to a specialist, such as an accountant. A business plan is essential for all your stakeholders. It should address key questions to clearly understand where you intend to take your business. What legal structure do you plan to establish? Who are your customers? How will you reach them? What competition will you face? What are your financial needs and expected performance?
What Does a Business Plan Contain?
A business plan can be tailored to fully align with your project. However, there are certain mandatory sections and key elements that will structure and make it more easily understandable.Start with an introduction of your company;Specify the goods or services you intend to sell;Include your market research and the strategy you plan to implement;Detail your financing plan, including a financial projection table that combines your needs, investments, and anticipated performance;Precisely describe the economic interests of the project.
Our Advice
As a critical document for the success of your project, it is highly recommended to engage an accounting firm to draft a quality business plan. Our accountant provides an opinion on the assumptions made, their numerical translations, and more generally, on the viability of the project. This opinion from an independent professional is a pertinent and essential argument in the decision-making process of financial partners.
