A business plan is a road map for every business that determines how the business will run in the present and future. It is the guideline for the management that determines what to do and what not while running the business and participating in a market competition. Every business, small or big, requires proper business planning, no matter what the business manufactures or sells. Lack of proper planning and implementation of that plan is the lifeline of the business. In this highly competitive market, even the MNCs can lag behind in a local market and lose customers to a local business due to a compact planning.

Who is Responsible for a Business Planning?

Basically, people who are responsible for running the business need to plan for the business. They may be company head, departmental heads, business management assignment writing experts, or anybody. Top management may create a core group where they can even invite senior employees and workers. It may be a group of experts or just the business owner. Sometimes, the management appoints external consultants for the same. Business planning team can be varied in nature depending on the business type, size, and market.

Need of Business Planning

The need of Business planning is everywhere, even if it is a small retail shop. It provides the necessary pathway that the owner should follow and direct their subordinate that ultimately helps to achieve the target.

The need of business planning for a start-up is as follows:

Start-ups of any types require a comprehensive business planning which helps the entrepreneur to understand the uncertainties and break them down into meaningful pieces for proper and effective action. Such uncertainties can be in any area of investment, sales target, competition, raw material procurement, e-commerce, human resource, and many other aspects. A start-up voyages into uncertainty where every single step is troublesome. Stiff market competition, especially from the recognized brands make their journey more risky and expensive. But, a proper business plan can provide necessary input on what to do and how to do staying within the budget.

The needs of a business plan for an existing business are as follows:

For an existing business, the need of business plan is equally obvious but may be due to different reasons. That may be for adopting a new manufacturing process, floating a new product in the market, penetrating an existing market, expanding into a new market, starting e-commerce, product procurement from a new source, recruitment of skilled people, and so on. For an existing business, a strong business planning method can provide a competitive advantage that can drive faster development and better innovation.

In modern concept, the conceptualization of business planning has been changing abruptly. It is no more a paper document but plenty of computerized tools are used to implement a business plan. It helps to track the process closely and spot the deficiencies immediately.

Selecting the Tight Kind of Business Plan

This is a vital aspect of planning. Sometimes, some business houses go to much serious in various departments even through their existing plan is working in perfect order.

So, while plotting the business plan, a few aspects should be considered first: the goal of the plan, the employees who will be directly affected by that plan, remote stakeholders who will also be affected. Though there are several common components found in nearly every business plan, like marketing strategy and sales forecast, business plan presentations can be diverse depending on the people who will be directly and indirectly affected by the plan.

Business plans can also vary significantly in structure, presentation, and detail. Plans which are used mostly for internal strategic planning or management control can use informal tone and style but if it requires a wider circulation professional tone may be required. As such, business planning is always situational. It needs to be flexible and up-to-date.

Types of Business Plan

There are three types of business plans in focus:

  • External or standard business plan: This type of business plan is meant for all, especially external stakeholders.
  • Internal business plan: This is meant for internal people who are directly responsible for running the business and who need information for making a business strategy.
  • One pager: This is the most popular type of business planning documentation. All future goals and strategies are mentioned in a single page that helps all to review the entire plan quickly. This type of business plan can be given to anyone, internal and external stakeholders.

Undoubtedly, the business planning process is an important part of any business. Lack of proper planning can spoil the business strategy and expensive company resources. For this, the planning is to be done systematically which can be accomplished with the guidance of professional people only who are providing Business strategy assignment assistance easily.

Business planning is now an important part of management education all around the world. Thus, BookMyEssay has also been providing professional assignment help to the students need writing help for business plan.