A business plan is not just a piece of paper. This document and all the data in it represent the entire foundation of how you want your business idea to turn into a profitable product/service and keep it sustainable in the long term. Especially for startups, it’s important to get a crystal clear picture of where you stand financially, what you want to offer the world and how you plan to be paid for that.
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Some people say a goal is a dream with a deadline. Business plans make goals clear and outline the necessary steps to reach them. When you start a business you have to keep your vision financially feasible, balance costs and profits and focus on building something that will stand the test of time.
As experienced London accountants we have seen many companies starting out with good business plans, but the ones who really understood the value of an effective plan were the ones that turned their document into a powerful communication tool for potential investors and partners. Business plans are not just collections of data, but narratives helping innovators bring their vision to the world and make their ideas happen.
A startup venture business plan usually addresses several critical questions that go deep into its very reason for being. The basic ideas to get a general picture of the required information are:
- What problem will the company solve?
- Who is the target for this product/service?
- How will the business make money (business model)?
- What are capital and resource requirements?
- Who are the competitors?
- What are the company’s financial statements?
An effective business plan helps a startup company write these data down and make smart decisions accordingly. Influential businessmen said successful companies “start with the why“, i.e. they first communicate the deep reason they do something, what they believe in, and then how they want to help people in a particular aspect of their life. This document is not just a list of information, and founders use it to craft a compelling story that tell the world both their why and their plan to achieve their financial goals.
See our FAQ on Starting a Business.