What is a Business Plan
A business plan is a formal written document detailing how a business will achieve its goals. It gives the roadmap for the firm from marketing, financial and operational vantage points. Any startup or an ongoing business requires a business plan for the successful running of the business operations. Like a roadmap, a business plan ensures the business stays on course and does not deviate from the original goal and objectives.
Essential Functions of a Business Plan
The majority of businesses, especially startups, develop formal business plans when acquiring startup funds. However, business plans have more functions than just the acquisition of funds. All businesses are therefore recommended to develop strategic business plans, review, evaluate and update periodically in case of any changes or evolution, to ensure the goals of the business have been met. Essentially, the major functions of a business plan include:
To Define goals
A business plan enables you to define your business goals and break them down into timely objectives with clarity. The goals can be short-term or long-term. Short-term goals define the immediate goals of where you want the business to go and how you will get there. Long-term goals on the other hand identify a 2,5 or a 10-year plan of where you hope your business to be and the steps to be followed. Defining your goals enables you, employees, and any stakeholders to aim for the same thing and successfully work towards to it.
To Communicate vision and values
A business plan provides a good platform to communicate your vision to your employees, investors, and customers so that you are on the same page. Your employees will therefore be well aware of the principles guiding your operations making you unique in the market. Additionally, a business plan communicates who your potential customers, investors, and competitors are.
To Define Business Strategy
Use the business plan to identify your overall business strategy. You can identify how you plan to get and retain customers, get funding, improve your technology, deal with difficulties, send shipments, grow your business, hire employees, and any other aspects of running your business. Though it might not be read often, at its core, your business plan helps you to define what you want out of your business. Writing it down helps you to refine those goals and make them real.
To Determine Profitability
A good business plan will enable you to come up with reasonable financial planning and projections including an estimate of start-up costs, revenues, a break-even analysis, a profit-and-loss forecast, and a cash flow projection, which will help you decide if your business is worth starting, or if you need to rethink some of your key assumptions.
If you need help writing down your business plan, it is a good idea to speak with an expert business plan consultant to help you design a quick but comprehensive, intuitive, and smart plan. Vaisus Consulting is one of the renowned expert business plan writers in Edmonton.
Vaisus Consulting
We are a consulting firm based out of Edmonton, Alberta. We offer professional business plan writing services for clients in Canada and beyond. We have been in operation for ten years, offering our clients competitive rates while providing exceptional services. Our clients have presented their business plans to various banks in Canada (BMO, CIBC, Scotia, etc.) and have successfully acquired funds.
Vaisus Business Plan Writing Services
We specialize in various types of business plan writing including start-ups, franchises, expansions, new ventures, continuity plans, immigration plans, and many others across various industries i.e. construction, retail, eCommerce, food, beverage, etc. We are the best expert business plan writers in Edmonton.
Startup Business Plan
Startups mostly use business plans for getting startup funds, but it will make sure you are ready to start by making an action plan to achieve each of your goals. We are expert business plan writers and consultants in Canada, and we can perfectly craft a business plan or your business idea that will enable you to acquire startup financing.
Franchises Business Plan
Securing the funding needed to make your franchise dreams a reality may be difficult. Unless you are one of the fortunate people that have enough money saved to cover costs, you will likely be seeking a lender to make up the difference between the amount of money you currently have to invest and the amount of money needed to open and maintain your franchised business until you ‘break even. This should not worry you. All you need is a franchise business plan. Our experts will be ready to serve you at any time.
Business Expansion Plan
An entrepreneur who has successfully achieved the set goals of their business may want to expand their operations in various ways. They may want to open more physical store locations to increase their coverage, introduce new products or services they will be offering, or open a physical store when initially they were operating fully online or from a home-based office. We ensure to craft a comprehensive expansion plan clearly outlining steps that you’ll take to facilitate and support the growth of your business, from securing capital to an updated marketing strategy in a new territory.
New Venture Planning
A new venture business plan should give prospective investors all the information they need to decide whether they should further consider investing in your business. This implies it should be as convincing as possible, very clear, and precise to articulate your ideas in a comprehensible way to buy their trust.
Continuity Business Plan
A continuity business plan ensures that personnel and assets are protected and can function quickly in the event of a disaster or a pandemic. Currently, world events and nature are so unpredictable necessitating the need for a continuity business plan for any business. For instance, the outbreak of covid-19 led to disruptions and shifts in how people conduct their businesses. Only agile and resilient businesses survived through. Our business plan writers will walk you through possible calamities that may affect the operations of a business and develop mitigating strategies with our clients.
Immigration Business Plan
Many businesses are going global and increasing their coverage by opening subsidiaries in foreign countries. To successfully convince a government of the economic benefits of your business in their country, an immigration business plan is part of the required documents. Any business looking to expand their operations to foreign countries can consult with us.
In Conclusion
To convince lenders that your business is worthy, you need to create a business plan. Never meet with a lender or investor without a clear, straightforward plan to back up your claims. At Vaisus, we offer expert business plan writing services by creating great business plans that outline realistic goals, to help you navigate your business for the next three to five years. We make sure that everyone has a similar understanding. Contact us TODAY!
