1 / What is a business plan?
The Business Plan is one of the most important reports that investors and business owners want to know when they decide to invest or use it for business administration process.
The Business plan is a plan to describe business process of the enterprise in particular period It reflects all the contribution and building factors of the business process of the enterprise.
The business plan focuses on clarifying the business idea. You should express the business idea: what demands of customers that are your products able to solve? What are differences in your products compared with products selling on market? What makes customers want to buy your products more than other competitors? What is potential for developing product in the future? How is the development speed of market?
The business plan should clarify: What is target and reason for the success of project? Who is the project owner? What is the future of project? Why would project succeed?
In other words, the Business Plan expresses clearly the business targets (on revenue, profits, market penetration, etc.) that need to be achieved in the short term, long term. And how to build business strategies, human resources strategy, marketing strategy and financial strategy in order to achieve planned target.
2 / There are two main contents that the Business plan should tend to:
Firstly – Feasibility of the project. The feasibility is reflected in the clarification of Business Ideas, Market Analysis, Competitors analysis, research on development speed of market; qualifications, skills, experiences of the management team; entrepreneurial spirit, team connection ability, teamwork skills… These are extremely important content that the Business Plan needs to clarify to convince and attract investors.
Secondly – scientific and professional. The Business plan is required high specialized in business and finance. Planners need to have deep knowledge in business, able to support enterprises in consulting and improving business strategies, human resources strategy, marketing strategies and financial strategies. These are the core values that help an enterprise achieving its mission and vision as expectation.
3 / The methods to build Business plan:
Now, building Business plan of Vietnamese enterprises have not been really professional. Most of planning is based on subjective estimates or past data, numbers.
The planning method for future bases on past data that has the advantages: Easy to apply, suitable to enterprises that have operated, have the database of the past; But the disadvantages: not suitable to the trend of fluctuations quickly of the market as well as demands, hobbies, emotions… of the customers. The demands, hobbies, emotions of the customers in the future are not the same present or in the past. Base mainly on the informations of the past will make business plan become unprogressive, lack of innovation, products and services of enterprises are not really different, outstanding – the most important factor to obtain advantages of competition and determine the success of enterprises in the marketplace.
In consultancy process for hundreds of Startups, EDUBELIFE found that building the business plan of enterprises still depend on subjective factors, not really scientific and difficult to convince investors. This is also one of the important reasons why Startups with good business ideas are still very difficult to mobilize capital.
With the experiences in successfully consulting for hundreds of FDI & Vietnamese enterprises, building business plan and financial plan as well as the experiences in training, mentoring on modern business thinking methods such as Design thinking, Business Model canvas, EDUBELIFE is always willing to share and accompany with enterprises in building this important business plan.