Business Planning is a process to figure out roadmap for the growth and documenting plan for success of any organization. Business planning process helps in figuring out obstacle involved in company's growth. It helps in capturing various milestones with timeline so that process made can be measured.
The business plan includes 6 steps as follows:
1. Do Research - The first step in business planning is to conduct research on target market, competitors and personnel planning etc. For that purpose, you need to ask few questions to yourself that are mentioned below:
- What are your business goals?
- What is current state of business?
- What are your competitors doing?
2. Strategize - Research is used to decide best strategy for your business. Those strategies will be applied which proves to be more beneficial for the company. This process is helpful in formulating company's future, which may be done by conducting customer interviews and understanding the motivations for purchasing goods and services of interest
3. Calculate your financial forecast - In this step, sketching of financial situation is done by looking at expected revenue and all costs so that organization can achieve profit in the long run. Financial statements provides details on companies expenses, revenue, liabilities and assets. This is one of most valuable aspect of business plan as it provides summary of what company does with money, and how it will grow and earn more profit
4. draft your plan - With financials, it's time to draft through the narrative of each component of your business plan
5. revise & proofread - After draft plan, next step is to revise plan and if required change wording that looks confusing or irrelevant. Finally. proofreading plan to avoid error of spelling and grammar
Fees ranges between ($500.00 to $1500.00)
