Why do you need a business plan?

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First of all, a business plan is needed by the business owner himself as the main document, which will outline the work for the next year, two or even five years.

For example, if you want to open a bakery, hairdressing salon, coffee shop or children's clothing production, the business plan should at least answer the following questions:

What needs to be done to start a business?
What products or services will you sell and to whom?
What price should you set for goods or services?
How long will it take to get into the black?
What will be the approximate bangladesh telegram number database expenses in the first year?
What tasks need to be completed to make the business profitable?
What types of business plans exist?
For yourself - they are made for use only within the future company. At the initial stages, the plan can be used to assess the prospects and risks of the business. Such plans are drawn up in any form.

Anti-crisis - a plan is drawn up for investors or creditors to obtain financing to exit a pre-bankruptcy state. The purpose of such plans is to convey to the future source of financing how to exit the crisis and offer several strategies for further business development.

To attract investors — is drawn up with the purpose of attracting external sources of financing to the project. For investors, the plan should include precise figures with the volume of investments, a description of the goals and objectives of the business, its main advantages and differences from competitors, an indication of profitability, payback period and return of all invested money.

To approve state support , a plan is needed to participate in a competition for small businesses to receive financial support from the state. There are many such competitions, in different industries and for self-employed citizens. To receive a subsidy, you need to draw up a business plan, the requirements for its execution are usually listed in the list of documents for a specific program. If you draw up a plan that does not follow the proposed structure or miss something, the application for subsidy approval may be rejected or sent back for revision.

For a bank loan , a plan is needed so that the credit institution approves the requested amount for your project. Different banks may have different standards for drawing up a business plan, so you should first find the methodological recommendations of a specific organization. If you are going to request a loan from several banks at once, draw up a business plan according to one of the international standards.

If investors and creditors do not have a preferred business plan standard, choose one of the generally accepted ones. Among them: a plan from UNIDO, one of the UN divisions; from the EBRD, the European Bank for Reconstruction and Development; from KPMG International, an international audit and consulting company.