Connect with us

Business

How to write a Business Plan

Published

on

How to write a Business Plan

“There are dreamers and there are planners, the planners make their dreams come true – Edwin Louis Cole”.

Entrepreneurs starting a business dream of achieving success. Their dreams would remain a mere dream without a proper business plan. A business plan is a document that acts as guidance to help develop your business, translating your vision into concrete action. Writing down what you want

What goes into a business plan

The Structure

A business plan is a detailed document that outlines your ideas and how you plan to put the ideas into practice. As mentioned above, the document is what investors or bankers’study to decide if your business idea is feasible. The plan, therefore, should be comprehensive. The following is a standard structure that you can follow:

  1. Cover page with title and table of contents
  2. Executive summary: This gives an overview of your entire plan in one or two pages.
  3. Company description: Here is where you need to talk about your company. Explain the type of company, brief background of promoters/owners, vision and goals of the company.
  4. Structure: You need to explain the proposed organization structure and how the company will be managed.
  5. Business model: The business model you are planning to follow to earn revenue can be explained.
  6. Product/Services: You need to write in details about the products and services you are offering. Describe what is unique about your product/services and how it will attract customers.
  7. Marketing and sales plan: You need to talk about how you will market the product/service and reach out to customers. Sales and revenue targets need to be clearly outlined.
  8. Financial plan: This is the most important section for investors. You need to clearly explain how much funds you need and how you are going to use the funds raised. You also need to explain how finances will be managed, expenses, profits, plan to repay loans, and expected returns for investors. Projections of profit and loss should be enclosed.
  9. Operational plan: You need to explain how regular operations will be carried out. If production is required, plan for production needs to be prepared.
  10. Annexures: Any documents relevant to the business commencement can be attached. This includes statutory and regulatory approvals, land documents, etc.

A detailed plan as per this structure can help you present your ideas in a structured way. This can help you get funds and be a basis to carry out your marketing, operations, and manage your finances.

How to write the plan

Now that you are clear with what the plan should have, here are some tips to keep in mind while writing the business plan.

1) Carry out proper research

This is the most important thing to do while preparing a business plan. You need to research everything related to your business. Understand the industry sector you are working in and the market trends before making the plan. Proper research will help you to prepare an accurate plan. You can talk to experts in this field and analyze competition before preparing the plan.

2) Write the summary at the end

Even though the summary is the first section of the plan, you should prepare it at the end. Once your plan is completely ready, then prepare the executive summary. It will help you make a perfect summary of your plan. Most potential investors decide based on what they read in the summary. If needed, get it written by a professional who is experienced in writing business plans.

3) Take your time to write the plan

Don’t hurry while writing a plan. If you have a meeting with investors coming up, start working on the plan many weeks ahead. Take your time to prepare the perfect plan. The content of the plan and the presentation are both important. Write a draft, review it, make changes, edit it and make a second draft. Repeat this process, as many times as necessary until you are completely satisfied.

4) Include a detailed profile

You need to include a detailed profile of your company and your own profile. The profile should have as many details as possible. The profile of all the promoters should be included. It should list out the qualification, experience, skills, and achievements. Both technical and business experience needs to be highlighted in the profile.

5) Don’t make a standard plan

You may need to present the plan to different people. You can customize the plan depending on who will be reading it. Bankers may need a different type of presentation that focuses on the financials. A venture capitalist is more concerned about your business model and your profile.

6) Be accurate and honest

When you present projections, make sure they are accurate. Be honest while presenting information. Investors are smart people and can detect projections that are bloated up to create a rosy picture.

7) Focus on customer creation

Customers are the key to a business. Your plan should focus on how you plan to create customers and how you will convince them to buy your products. Your plan to promote your product using both conventional methods and digital marketing should be highlighted.

8) Use ready templates

Ready templates are available on the internet. Search for them and use them to create a professional business plan. Ready worksheets to create business projections are available. All you need to do is fill in the data. This simplifies the process of writing a business plan.

A professional business plan is a recipe for your business success.Put in effort to create the perfect plan that can help you achieve your dreams.

Business

Motivate Your Management Team

Published

on

Motivate Your Management Team 1

A management team, typically a group of people at the top level of management in an organization, is a team of people in the top level of managerial leadership of a business or an organization. It may consist of one person at the top level or more than one person at the top level. In this article, we are going to talk about what it takes to become a successful manager of a company and the different types of managers that can be found.

Team members will usually work in teams of two or three people. They will work together to accomplish a specific goal that the organization has set for them. These goals and the ways to reach them vary. Sometimes a management team will work in teams to achieve the same goal but in different ways. Sometimes they will work in teams to solve a particular problem.

When a team begins working, they will usually meet for the first time at their office building or another place where they will gather. They will be given a specific mission statement that they will be working towards. There will usually be meetings on a regular basis so that the team can discuss what they have done so far. If there is anything that needs to be worked out, this meeting will occur to ensure that all questions have been answered.

When it comes to meeting deadlines, there are often things that the team members will need to do in order to meet their deadline. They will have to come up with the proper solutions. Once they have done this, the next thing that needs to be done is to ensure that the other members of the team are aware of what the solution is.

Sometimes, the team members will meet at different times. This is very common for people who will have different duties and who are not always available at the same time. They can meet at random times but it is very rare for there to be meetings that occur during the night. Sometimes these meetings are held after lunch and sometimes they happen after dinner.

When the team members meet, they will need to be organized. They will need to take all of the necessary items and papers to the meeting and not leave any behind. The meeting will begin with a presentation that will be made by the team leaders that will describe what they have done so far.

After this presentation, the team members will then have to sit down with the other team members to discuss what they have discussed. This is often a very productive way to get everyone talking about what they have accomplished so far.

To be a good manager, you must be able to organize yourself and your team. This is also necessary in order for you to be able to motivate your team.

One of the ways that you can motivate your team members is by encouraging them to get things done that they want to do. By doing this, they will be able to get excited about what they are working on. The excitement that they will feel will motivate them to work even harder and to complete the task as soon as possible.

Another way that you can motivate your team members is to give them rewards. In this case, they will know that there is something for doing a great job. They will know that if they have good performance, there will be a reward for their hard work.

It is also important for you to provide support to your team members. by helping them find jobs and making sure that they are able to find employment. This will encourage them to be self-motivated and to perform better on their jobs.

When you provide support to your team members, they will feel valued and respected. This will allow them to feel as though they have an employer who is willing to put in a lot of effort in order to help them get what they want out of their jobs.

Continue Reading

Business

The Income Approach Vs Real Estate Valuation

Published

on

The Income Approach Vs Real Estate Valuation 2

The Income approach is only one of three main classifications of methodologies, commonly referred to as valuation approaches. It’s particularly popular in commercial real estate valuation and other business valuation. The key difference between the three methods is that the Income Approach relies on the idea of income as a measurement rather than an absolute number.

As with all three different types of valuation methods, the underlying assumption is that price is determined by cash flows. This means that in order to determine the value of a particular asset or business, there must be an exact amount of money spent. When an individual or firm makes a purchase, they will pay money for the product and they will make payments for the privilege of continuing to use that product over time. These payments are called “cash flows.”

Real estate appraisals are based on this simple concept. There are many realtors who work at the level of measuring the net worth of a home or building by considering the current mortgage and interest owed on that loan. The appraiser uses these numbers as the basis of his or her opinion about the fair market value of the property.

On the other hand, when the method you choose is the income approach, the appraiser focuses instead on the income earned by a person or entity. This can be based on both sales volume and earnings of each employee. A company may use the income approach to calculate the value of its inventory and accounts receivable based on the income earned by the company or group of employees.

The basic concept behind the approach is that cash flows should be considered as the basis for making decisions about what kind of business or service is right for a person or group. These cash flows include the income earned by employees, purchases made by the company, and the sales volume of goods or services produced by the company. The income model is often used to value homes, businesses, real estate, and other valuable assets. in order to determine their fair market value.

The primary difference between the realtors’ method of valuing the home and that of the income approach is that the former considers only one way that the value is going to change in value over time. While realtors look at the home’s market value to determine if they can sell it and the approach works out the value of the home by using the current sales price plus the future sales price plus some percentage of the gross value of the home, the income approach values the property only by the amount of money paid out over time. on monthly or annual payments. The difference in the two approaches is that the realtors use the gross value of the home as their basis and the approach uses the net cash payments.

Because of this difference in the valuing models, some people prefer the income approach over the realtors’ approach. Because realtors’ models involve an element of forecasting, they aren’t as helpful in determining the fair market value of a property, and they are not very useful in making long-term financial plans. On the other hand, the income approach can be very helpful in helping you decide if your home or business is worth buying.

While tax benefit of the income approach can also play a part in determining its value, it will not be nearly as large as the tax benefit of the realtors’ approach. In addition to providing tax benefits, the approach allows the person or organization to buy a home or business that is under-priced because it may increase their tax benefit. in the long run. Because this is not the primary reason that most realtors use the approach to value properties, it is not as well known as the realtors’ method, but it can be very useful for some people who don’t want to invest a large amount of time in planning their future, so they may want to consider it.

Continue Reading

Business

How To Create A Leadership Philosophy

Published

on

How To Create A Leadership Philosophy 3

A leadership philosophy describes an individual’s values, beliefs and principles that they use to guide a business or organization. Your leadership philosophy can be based on your personal traits and beliefs or it can be based on what you believe is best for the organization you work with. In order to improve your management style and leadership style, you need to understand your leadership philosophies. It can either help or hinder you.

Your personal philosophy, or personality, is largely influenced by your personal beliefs and character. It helps guide you and keeps you on track. If your personal philosophy supports the goals and mission of the organization, it will motivate you to pursue those goals. If it doesn’t, it can hinder you from achieving your goal. Your personal philosophy can be as varied as your own personality and beliefs.

A good leadership philosophy can be created through the development of personal values, goals and dreams. Through this process you will discover that some personal values are important and others aren’t. You can make the difference and decide which ones are more important than others. Once you have a firm foundation established, you can move on to finding a way to achieve your objectives.

Personal philosophies need to be examined in terms of their relevance to the organization’s mission. Your leadership philosophy needs to be based on whether the organization or the leader wants to help people or just help themselves. If it is the former, then your personal philosophy should focus on providing the resources needed to make it happen. If it is the latter, then your personal philosophy should focus on helping those who need it most.

Another part of your personal philosophy should look at the individual needs of the organization. If the organization is looking to help the underprivileged, your leadership philosophy should be focused on assisting them in getting a better education so they can get a better job and earn more money. This is a prime example of a personal philosophy that would not benefit the organization in any manner.

Leadership is a process, not a person. Leaders need to be willing to change and adapt in order to get the job done right. Leaders should always try to learn from the past mistakes and try to improve on the mistakes that they made. have made and this is not possible if a leadership philosophy doesn’t allow them to grow and change as individuals in the organization.

Your personal philosophy should be aligned with the values of the organization in which you are working with. You need to create a vision that your organization has. Your vision can be anything from the improvement of the organization to the success of the employees. Your vision can be a company motto, mission statement or a corporate image.

Leadership isn’t about being the leader of all or nothing. It is about bringing in the right people to make the organization the best it can be and growing it over time. There are a lot of people who are qualified to lead an organization but don’t get the opportunity because they don’t have the right leadership philosophy. The more qualified individuals you can hire, the higher your chances of success and the better results you will see.

The best leaders aren’t the ones who walk into the building and are the leader but are the one who goes out of their way to show the organization how they feel. They do something that no one else in the room is doing. They give their time and effort in order to make their organizational goals come true. They work hard and are willing to do the work, but not do it for others, they do it for themselves and they don’t let anyone else take advantage of them.

Creating a leadership philosophy can be a good idea to help you in building your leadership team. When you create a good leadership philosophy, it creates a level of respect and integrity within the organization.

Developing a personal philosophy can be very beneficial to an organization. It can be the thing that gives your organization a sense of self worth.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2020
2020 Global Banking & Finance Awards now open. Click Here

Latest Articles

Motivate Your Management Team 4 Motivate Your Management Team 5
Business2 days ago

Motivate Your Management Team

A management team, typically a group of people at the top level of management in an organization, is a team...

The Income Approach Vs Real Estate Valuation 6 The Income Approach Vs Real Estate Valuation 7
Business2 days ago

The Income Approach Vs Real Estate Valuation

The Income approach is only one of three main classifications of methodologies, commonly referred to as valuation approaches. It’s particularly...

How To Create A Leadership Philosophy 8 How To Create A Leadership Philosophy 9
Business2 days ago

How To Create A Leadership Philosophy

A leadership philosophy describes an individual’s values, beliefs and principles that they use to guide a business or organization. Your...

How to Build an AI Strategy that Works 10 How to Build an AI Strategy that Works 11
Technology2 days ago

How to Build an AI Strategy that Works

By Michael Chalmers, MD EMEA at Contino Six steps to boosting digital transformation through AI In the age of artificial...

Leumi UK appoints Guy Brocklehurst to property finance team as Relationship Manager  12 Leumi UK appoints Guy Brocklehurst to property finance team as Relationship Manager  13
Business2 days ago

Leumi UK appoints Guy Brocklehurst to property finance team as Relationship Manager 

Multi-specialist bank announces the appointment of Guy Brocklehurst to its property finance team Guy Brocklehurst has joined London-based Leumi UK...

Three times as many SMEs are satisfied than dissatisfied with COVID-19 support from their bank or building society 14 Three times as many SMEs are satisfied than dissatisfied with COVID-19 support from their bank or building society 15
Banking2 days ago

Three times as many SMEs are satisfied than dissatisfied with COVID-19 support from their bank or building society

More SMEs are satisfied (38%) than dissatisfied (13%) with their COVID-19 banking support Decline in SMEs using personal current accounts...

Tax administrations around the world were already going digital. The pandemic has only accelerated the trend. 16 Tax administrations around the world were already going digital. The pandemic has only accelerated the trend. 17
Finance3 days ago

Tax administrations around the world were already going digital. The pandemic has only accelerated the trend.

By Emine Constantin, Global Head of Accoutning and Tax at TMF Group. Why do tax administrations choose to go digital?...

Time for financial institutions to Take Back Control of market data costs 18 Time for financial institutions to Take Back Control of market data costs 19
Top Stories3 days ago

Time for financial institutions to Take Back Control of market data costs

By Yann Bloch, Vice President of Product Management at NeoXam Brexit may well be just around the corner, but it is...

An outlook on equities and bonds 20 An outlook on equities and bonds 21
Investing3 days ago

An outlook on equities and bonds

By Rupert Thompson, Chief Investment Officer at Kingswood The equity market rally paused last week with global equities little changed...

Optimising tax reclaim through tech: What wealth managers need to know in trying times 22 Optimising tax reclaim through tech: What wealth managers need to know in trying times 23
Investing3 days ago

Optimising tax reclaim through tech: What wealth managers need to know in trying times

By Christophe Lapaire, Head Advanced Tax Services, Swiss Stock Exchange This has been a year of trials: first, a global...

Newsletters with Secrets & Analysis. Subscribe Now