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The importance of a business plan in building a successful business 05.08.22

One of the requirements of modern business is the planning of new ideas, more precisely, the development of business plans. First of all, this allows business entities to build their own strategy, realistically assess the current situation, correctly determine the amount of financial resources required for the implementation of the intended idea, recruit necessary personnel, and research the market. Experience shows that the lack of proper planning in the implementation of a new idea usually causes unexpected problems. It is the presence of a properly designed business plan, taking into account all aspects for the implementation of a new idea, that creates the basis for achieving positive results. AZERTAC informs that the business plan provides an in-depth analysis of the idea to be implemented, the study of the problems that may be encountered in the implementation process, and finding solutions to these problems.

Advantages of a business plan

The main advantages of preparing a business plan include the followings: It promotes a realistic approach to work, enables a reasonable assessment of business opportunities and finding effective strategic decisions; determines the amount of financial resources required for the implementation of the intended idea, at the same time, predicts the income to be obtained from the implementation of the idea; it helps to win the trust of investors and credit organizations due to the fact that the idea has great potential, it is successfully implemented, and all these is what the project initiator can do better; allows you to work quickly and creatively, taking into account all aspects of business management; ensures the performance of tasks where it is possible to carry out quantitative assessment, which helps to effectively control the work, to see and eliminate problematic and undesirable aspects of the activity in a timely manner.

How should a business plan be drawn up?

The generalized structure of a business plan that is more common in practice is as follows (this structure may vary depending on the nature of the business, its needs, etc.):

Company Analysis: What products or services do you offer or what will you offer in the future?

Sector Analysis: how big is your market/s and how is it changing? Which trends are affecting the market and are they serving your future success?

Competitive Analysis: Who are your competitors and what are each competitor's strengths and weaknesses? In what areas will you have a competitive advantage and how will you gain that advantage?

Customer Analysis: Who are your target customers? What are their needs?

Marketing Plan: How will you reach your target customers? What marketing channels will you use? How will you rate your products or services?

Management Team: Who is on your current team and what key hires do you need to make?

Action Plan: What is your action plan? What are the steps you need to take to get where you want to be at the end of the year? What steps do you need to take to get to where you want to be at the end of five years?

Financial Plan: How much external financing do you need to start your company? What areas will these funds be invested in? What is your estimated revenue and profit in the next one year, five years? What assets should be acquired?

Thus, entrepreneurs and those who want to start a business will have formed specific business goals by answering the questions in these eight sections of the business plan.

Apply to SME development centers to prepare a business plan

The Small and Medium Business Development Agency (KOBİA) stated that the agency's SME Development Centers (KOBİM) provide support in preparing a business plan to SMEs who want to expand their business and those who want to engage in entrepreneurial activity. For this purpose, trainings and individual consulting services are provided free of charge by SMEs. In the first half of 2022 alone, KOBİMs supported entrepreneurs and potential entrepreneurs who want to start a business in the preparation of business plans for about 170 projects that will cover Baku city and regions. Entrepreneurs and people who want to start a business can apply to the KOBİM of their area for support in the preparation of a business plan and participate in trainings on "Preparation of a business plan", and the center's experts in this field can provide consulting services and technical support for the preparation of a business plan.

https://azertag.az/xeber/Ugurlu_biznesin_gurulmasinda_biznes_planin_onemi-2241176