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A business plan is a written document that provides a detailed overview of the business, its vision, mission, objectives, and strategies. It provides detailed information about its present state, where it wants to reach and how are they planning to reach there. In other words, a business plan presents the company’s roadmap for achieving its goals. It presents the written roadmap for finance, marketing, operations, HR, and other departments. A business plan can be used by both startups and existing companies. It also presents the competitive analysis of the firm and its internal and external environment analysis. There are various business plan consultants in Dubai that provide professional business planning services for your needs. 

Why a Business Plan? 

Business planning is an essential first step toward a successful business. While the list of benefits of a business plan is unending, below are a few reasons why business plans are important. 

  • To Raise Funds for Business

A well-written and comprehensive business plan come in handy while trying to raise funds for expanding your business or running it smoothly. While you can give a brief description of your business, it is not always enough for the stakeholders. They often demand a properly curated business plan to check the financial performance, assets, liabilities, marketing strategies, product line, brand value, and other facets of the business before investing in it. Your business plan should reflect the current position of your business, the potential for success in the future, and a roadmap for its survival in the long run. The assessment of all these factors helps the stakeholders decide whether they can provide funds to your company or not. 

  • To Make Better Decisions

Having a business plan in place will help you identify the problems in your strategy and make amendments. It will help you focus on the right areas for your business. A written business plan helps you plan and execute new business ideas. It also helps you focus on solving management issues, human resource problems, and financial problems. Most businesses fail due to a lack of funds for operations. If you already have a business plan, you can manage your cash inflows, outflows, and investments to ensure business continuity. 

  • Early Identification of Weaknesses

Any unidentified business weakness can result in huge losses. A business plan helps you identify the potential pitfalls and weaknesses in your business at an early stage and take measures to resolve them. You can also show this business plan to other people to take advice on the potential issues and how to resolve them. Identifying the drawbacks at an early stage can save the business from big losses and help improve its sustainability. Along with this, it also helps you identify potential business opportunities and customer segments for your products and services. You can be proactive and bank upon these opportunities. 

  • To Communicate with Stakeholders 

One of the most important tasks for a business is to communicate with its stakeholders. Stakeholders are the people who have direct or indirect growth in the company and its business. It includes customers, promoters, shareholders, suppliers, banks, etc. These stakeholders need business-related information from time to time. For example, a bank may need a business plan to evaluate the creditworthiness of the business before extending a loan. Similarly, customers might want to understand the quality of the products and services and the customer reviews before making a purchase. Having a written business plan makes it easier to keep your stakeholders satisfied and establish frequent communication with them. 

Types of Business Plans 

Business plans can vary depending on the purpose for which they are made. Given below are some popular types of business plans. 

  • Start-up Business Plans

As the saying goes, “well begun is half done”, a start-up business plan is an integral part of building a start-up. Having a detailed business plan helps the business stay on track and provides direction to the employees for the achievement of business goals. A start-up business plan should consist of all the steps and activities in detail. It should include a section that describes the company, its potential customer base, marketing strategies, sources of funds, projected cash flow, product information, and the likelihood of profits. The business plan can be used to raise funds from the market and establish trust among potential investors. 

  • Internal Business Plans

Internal business plans are the business plans that are developed to meet the needs of a certain group of people within the business. For example, it could be developed to help the finance department evaluate the feasibility of the project or for the marketing team to evaluate whether the marketing efforts and strategies of the company are on point. It helps the internal teams of the business decide whether a certain project or business will be able to fulfill the needs of a particular business department. These plans should be detailed and should be focused on the internal team for which it is being made. There are various business plan consultants in Dubai that can help you in business planning

  • Strategic Business Plans

A strategic business plan lays out an overview of the company’s policies and strategies. It clearly states the mission, vision, and purpose of the business and the different models and strategies that will be adopted by the company to achieve its business objectives. Every company follows a different structure for a strategic plan. Vision, mission statement, critical success factors and measurement techniques, strategies for meeting the goals, and the schedule of implementation are some of the integral elements of a strategic business plan. Such business plans are really helpful for communicating with stakeholders and investors. You can also take the help of top business plan services in Dubai for making strategic business plans. 

  • Feasibility Business Plans

Feasibility business plans are those plans that are made to determine the feasibility of a project before taking it up. A feasibility plan answers the following – 1.) who will purchase the product/service, 2.) can the business be profitable? Post analysis, if the evaluator finds satisfactory answers to these questions, the project is considered to be feasible for taking up. Feasibility plans generally include a description of the need and benefits of the product/service, the amount of capital required, and the target audience. Business plan consultants in Dubai can help you with making feasibility plans. 

  • Operations Business Plans

An operations plan is a business plan that is focused on the internal departments and the employees of the company. These plans consist of operations-related information about the company. It clearly specifies the methods of implementation that will be used and the timeline for completing each activity or task in the near future. The operations business plan also states the roles and responsibilities of each employee. This type of business plan is helpful for communicating with the employees and ensuring that the project is on track. It also helps define the responsibilities of the employees and ensure the efficiency and effectiveness of work. 

  • Growth Business Plans

Growth business plans are the business plans that are prepared to project the growth trajectory of the company. These can be used for both internal as well as external purposes. These plans describe the company’s growth plans in detail. It includes details about the company, its products, management, and development plans. Growth business plans are primarily used by the company to convince potential investors and banks to get loans. Growth business plans play a crucial role in a company’s success, therefore, hiring a business plan consultant in Dubai is a great idea. 

Why Business Plans Fail? 

It is seen that business plans often fail. But, have you ever wondered why? Mentioned below are some reasons why business plans fail. 

  • Lack of Alignment

Lack of alignment between the components of a business plan is one of the major reasons why business plans fail. It is important to note that the strategy, vision, mission, and plans should be in sync with each other to help you fulfill your business objectives. Some businesses make the mistake of creating a vision, mission, and strategy but not aligning them with each other. Ideally, the business plan should first consist of the vision and then a strategy that is in line with it and can help achieve it. Once the strategy is in place, the next step is to define the short-term objectives of the business and set up the critical success factors. 

  • Lack of Discipline

Another major reason for the failure of the business plans is a lack of discipline among the team members. Just developing a business plan is not enough, you also need to be consistent in your approach and stick to it. The business plan must be executed properly, implemented, reviewed, and refined regularly. Exercising discipline while following and implementing the business plan can help businesses achieve their objectives within the stipulated time frame. Therefore, you must take the help of a professional business plan consultant in Dubai for your business plan needs. 

  • Lack of Accountability

Lack of accountability is another important factor that can lead to the failure of a business plan. A business plan clearly states the action items that need to be performed, the time for completion, and the owner. It is important that you make the owner of each task accountable for the successful completion of the task to ensure that everything runs smoothly. Having consequences for not completing the task will develop a sense of accountability among the employees and provide the necessary motivation for completing the task by the estimated deadline. 

  • Lack of Time and Space

Most of the time, the top management of the company does not have enough head space or time to think beyond the immediate requirements of the business. This makes it difficult for them to address future needs to facilitate the achievement of business vision and objectives. It stops them from making efforts toward the future making it impossible to achieve the vision and objectives set out in the business plan. Thinking and acting on the future requirements of the company requires time, practice, and a lot of thinking to ensure that you make correct decisions and support the company in achieving its goals and objectives. 

  • Lack of Courage

The future is uncertain and it involves risk. One of the main reasons why business plans fail is the lack of courage to face new challenges. Achieving business objectives require you to be courageous and accepting of challenges. People are generally comfortable in doing the things that they already know and are non-accepting of changes. But in order to achieve the business objectives successfully, the business owners should be courageous and should always be ready to take on challenges. Developing a business plan yourself can take up a lot of your time. Therefore, you can consider hiring a business plan consultant in Dubai

How to Create a Business Plan? 

Now that you are aware of the importance, Given below are the integral elements of a business plan. 

  • Executive Summary

An executive summary is a brief version or a condensed version of the full business plan. It consists of the major highlights of the business plan. In other words, it provides a brief overview of the business plan for the readers who do not have enough time to read the entire plan. This section plays a crucial role in forming the first impression of your company in the minds of investors and other stakeholders. The section should involve a description of your products or services, your future plans, your strategy for achieving those plans, and why your company will be successful. This is generally written after writing the entire business plan but placed at the beginning of the plan. 

  • Company Description

The next section is where the business plan begins. The first thing to do when starting your business plan is to describe what your business does. This section must include your business goals, vision, mission, a brief description of your company history, founders and their background, cultural values, competitive advantage, and the customer perception of your brand. The main aim of this section is to provide the stakeholders with an overview of the company’s business, values, and vision. 

  • Market Analysis

A business plan is incomplete without presenting the market analysis of the business. This section presents an analysis of the market conditions in which the business operates. It portrays your knowledge about the business environment, competition, competitive advantage over other,s and the present and future outlook of the industry. This section could include a PESTEL analysis of the business environment to provide a better overview of the challenges and opportunities for the business in its external environment. It also includes information about the industry outlook, target market information, competitive analysis, and regulatory information. 

  • Organization and Management

After you have presented an overview of the external environment of the organization, the next step is to provide an internal environment analysis of the organization. Also explain your organizational structure, management team, and their backgrounds within this section. You can use this section to present a SWOT analysis. Identify the strengths, weaknesses, opportunities, and threats of your business and present them in the organization and management section. This is an integral part of the business plan as it helps the stakeholders understand the position of the company and make better decisions regarding investments, loans, etc. 

  • Service or Product Line

This section consists of a detailed description of the products and services that the business provides. It presents the features, models, and price range of each and every product or service that the company deals with. This section also consists of an explanation of how your product or service will help solve the problems of the customers and what is unique about it. Emphasize the description of all the products and services. This will help you communicate well with your customers, investors, and other stakeholders. 

  • Marketing and Sales Plan

Every company needs a foolproof strategy for marketing its products and services to the target audience to generate more sales and increase its profitability. On the basis of the evaluation of your internal and external business environment, vision, mission, objectives, and product/service, you should devise an appropriate and unique marketing and sales strategy. This section consists of a clear representation of this strategy to help the stakeholder evaluate the future potential of the company. 

  • Contingency Plan

Contingencies are evident in a business environment as there is a lot of uncertainty. Therefore, you must always have a contingency plan in hand to deal with unexpected situations and problems. Before concluding your business plan, make sure you write down this contingency plan to help the stakeholders better analyze your business condition and take their decisions accordingly. 

  • Fund Raising Plan

In case you are in the need of funds for operating your business or expanding it, you must include a final section in your business plan that focuses on raising funds from different sources. Document why you need the funds and how will these funds be used. Also mention an approximate amount of funds you need. Also, provide proof of your ability to repay the loans and creditworthiness. 

 

Business planning plays an integral role in the success of any business. It helps the business communicate with its stakeholders in a better manner and makes it easier to stay on track and implement the projects. Creating a business plan all by yourself can be intimidating as it requires time, effort, and even extra manpower. But, don’t worry as you can always take the help of Aviaan Accounting, which is the best business plan consultant in Dubai

Why Us – Aviaan Accounting?

We at Aviaan Accounting have a highly experienced team consisting of Charted Accountants who are always on their toes to deliver the best quality service. Along with determination, we have immense experience in making business plans for numerous esteemed organizations. 

You can visit us at Aviaan Accounting and get your business plan now!

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