NEED AND IMPORTANT PRINCIPALS OF WRITING A BUSINESS PLAN

A business plan is a written description of your intended business

A business plan is a written description of your intended business. This is where you put down what you intend to do and how you intend to do it. Sometimes you may also add ‘why’ you want to do it too.” Mr. Amit Goyal director of Freshco Prints (P) Ltd, one of our participant has shared that “business planning has helped him in clarifying the thoughts/ ideas and synthesizing a successful plan of action.” It has provided a road map for achieving the goal and aided in scheduling implementation. Moreover it is also a good document to evoke stakeholder’s interest.

We need to take care of some important principals of writing a business plan as it is a document written at a given point of time therefore should also specify its limitations. It has to be based on facts and should be defendable. Written in a simple but effective way and reflect a true picture. The design of the business plan depends on the kind of venture envisaged and what the plan should accomplish. Following can be the important principles of Business plan:

• Impress with CLARITY
• Convince with its OBJECTIVITY
• Create INTEREST
• SIMPLE and understandable by technical layman
• Written in one CONSISTENT style
• Based on REALISTIC assumptions

One should also specify the scope of business plan clearly. Preparing Business Plan has a purpose to address queries of each stakeholder and therefore it should have all these elements in it. Primarily it should be able to clearly articulate what the venture is all about, it must try to view from customer’s and investor’s viewpoints too.