What is a Business Plan?

What is a Business Plan?When we start off with any kind of business, we definitely chalk out a business plan, but we all fail to define properly- What is a Business Plan? According to my analysis a business plan is a document which has the apt details of the nucleus aspects of a business one is planning to start up with. The business plan answers all the relevant questions like what, when, where, whom, etc.

There a some do’s and don’ts which are to be kept in mind while chalking out a business plan. A maximum of 11 slides is what a business plan must be composed of. If the no. of slides increase or decrease, it reveals that the entrepreneur either doesn’t know how to express it or fails to find the answer s to the questions.

Here are a few don’ts while framing a business plan:-

– Always put the value plan slide before the market slide.

– Exponential growth has to be displayed. That doesn’t really mean that we project any impracticable stuff. Cock-and-bull story of the matter can easily be identified.

– While giving the presentation its always good to be a good listener. Just to keep on talking, makes the session boring, the presentation session must be made interactive.

There are a few terms which one has to keep in mind while knowing- what is the Business Plan, the terms being mentioned as:

Strategy: the term refers to why and how the business plan will execute pertaining to all the influential factors, particularly the competitors, consumers, technologies etc.

Marketing: usually assumed by most of the people as advertisements and sales promotion. The term marketing has a lot more to it. Building of Personal Relations is the most important feature of this term. Market research, product development and positioning of the product in the market are the other important aspects of marketing. Knowing how to market your product is an important answer to what is a business plan most importantly equipped with. Marketing answers the questions like what the business will sell, to whom it will be sold, when, how and by whom will it be sold.

Marketing Plan: this term refers to the detailed needs of the business and how the needs shall get fulfilled. It is supposed to be a major part of the Business Plan which definitely defines the consumers and how the product will make its way and reach the maximum number of consumers. The more the number of consumers, the better is the business.

Sales: the business deal between the product and the consumer needs to be conveyed well an integral respond to- what is a business plan made of. Sales describe the revenue that the business is going to generate and the targets and goals it is going to set in monitory terms.

Sales plan: it’s about penning down how the sales are to be achieved and how much the sale is to be targeted. Well I am sure we are now aware as to how a business plan is to be set and most importantly “what is a business plan”.

Find out more about Writing a business plan and read about Writing a marketing plan