Business plans – Advantages & a roadmap to achieve the milestones

Last Updated at: December 01, 2020
989
Business plans - A roadmap to achieve the milestones
Coal India Ltd has recently released its roadmap to enter into the renewable energy segment. It has pledged Rs 5650 crore for building 3000MW of solar power projects by 2023-24. 

 

Imagine…… you are running your business without any track of the finances, operations, and the goals of the company. Just working and working all day long does help in setting up the business. A right and well-planned strategy is a must, else things will be messed up in more ways than one can imagine. 

As per the statistics, the success percentage of a business is 30% if one has a comprehensive business plan and goals. From what the business aims at to why one must invest in the business, this plan must have all of it.

Benefits of a business plan

With the number of aspects that have to be kept in mind, business plans are essential for both start-ups and well-established businesses. They help start-ups to grow and have a place in the competitive industry. While for the established businesses, they are a must to keep up with the forever changing trends of the industry.

As per the records, about 50% of the start-ups end up failing and terminating. The primary reason for this being the unplanned strategies and not having decided short and long-term goals.

Start Your Business

It is not mandatory to have a full-fledged book-sized business plan. It can even be of a single page or just a presentation. Anything will work till all the goals and objectives are laid out for successfully carrying out the plan.

These plans offer several benefits which include the following:

  • Prioritizing tasks:

One cannot do everything at the same time. Similarly one cannot hold all tasks with equal value. and not all the tasks hold equal value. With a business plan in hand, you can divide the tasks as per the efforts, time, and finances availability, helping you make the best use of all the resources available. These priorities can change as per the demands of the business.

  • A complete picture:

Business plans are like a visual representation of your ideas and actions culminated into one. You can see how the business is going to work out. This helps you understand the compatibility of your goods and services with the target market, allowing you to build better ones to set your standards apart from all of it. 

  • Handling changing trends:

The trends of every industry keep on changing and fluctuating, with increasing and decreasing values with the new developments. However, it is quite a tedious task to keep on changing the business ideas completely to cope up with these trends. This is where the business plans come into action. One can change the priorities and tasks, and continuously review the progress of the business with such plans.

  • Regular reviews:

Tracking the business progress and tasks accomplished becomes more comfortable with business plans. It also helps to measure the success and failure ratios of the strategies and the expectations, allowing you to make it better by changing the plan of action. The business must carry out these reviews regularly, either weekly or monthly.

  • Managing cash-flow and finances:

Business is not just about profits. There are a lot of financial aspects that have to be accounted for continuously. These include both the profits and losses, the investors and their investments, in case of loan debt repayment has to be prioritized. Additionally, one must maintain the record of both cash in-flow and out-flow to carry out the business in proper financial formats.

  • Goals and achievements:

The business plans act as a pivotal factor in measuring the short and long-term goals achieved at regular intervals. These can even include performing daily tasks or making a certain profit level or a set number of customers or anything that helps you accomplish the final goal. This helps the individual be motivated and perform even better.

  • Managing a team:

An individual cannot single-handedly bring the business to its best heights. With a good business plan and target actions, you can hire the employees for the required tasks that have to be completed. However, a good team is a necessary part of the successful establishment of the business.

  • Realistic and practical strategies:

Running a business is not an easy one. It isn’t about dreams, but about practical actions that can be carried out. And also the problems that follow, must-have solutions to them. 

  • Risks associated:

Every business has a set of pros and cons. Although business is associated with profits and market value, it is also associated with several risks. A business plan caters to all of these by helping you understand the present as well as future scenarios. 

What is Business Roadmap?

Most companies began with a business plan. Also, one can use the business plan to obtain financing from various banks and investors. This strategy will recognize opportunities and provide the existing players with a business analysis and strategies that address these possibilities.

The strategy then details how the organization will selectively approach this opportunity. The roadmap delves into the specifics of the execution. Before entering the financials it may also touch the leadership team.

Business plans are complex and text-stricken papers. They are not especially visual, aside from some charts and graphs to drive points home. They are also pretty quiet on the phase of things being executed.

Yet here are company roadmaps which can shine. They support the business plan, thus making it come alive. The business plan does not itself give any clear guidance. The roadmap gives an idea of just what the business must do, when and who needs to do it.

With such a business roadmap, how different positions, duties, and obligations come together are made crystal clear. It’s available at a glimpse and updated constantly, as opposed to sifting through text pages or project plan minutiae.

Product roadmap vs Business roadmap

In contrast to product roadmaps, they are an important aspect of business roadmap. The business roadmaps all apply to logistics. Whereas product roadmaps tend to separate those from a company’s vision and goals.

A roadmap, if well designed with deliberate and careful consideration, outlines everything necessary to make a business plan a success. Stakeholders, as well as individual contributors, should get the complete picture.

In the background of the broader program, it reveals the segmented practices of the various departments. One can see the knock-on impact of any delays or disturbances.

Whether you’re a businessman, a company owner or a marketing director, almost anyone could use a business roadmap to make it effortless to communicate complicated strategy.

Conclusion

Whether it be for the individuals, investors, or the employees, it is crucial for start-ups and businesses to have a good set of strategies and plans to grow without collapsing or failures. No matter what, one will have to face a lot of problems and hurdles before achieving the final goal. 

To know more about Business Plan: Click here

You should also read:

+1

Business plans – Advantages & a roadmap to achieve the milestones

989
Coal India Ltd has recently released its roadmap to enter into the renewable energy segment. It has pledged Rs 5650 crore for building 3000MW of solar power projects by 2023-24. 

 

Imagine…… you are running your business without any track of the finances, operations, and the goals of the company. Just working and working all day long does help in setting up the business. A right and well-planned strategy is a must, else things will be messed up in more ways than one can imagine. 

As per the statistics, the success percentage of a business is 30% if one has a comprehensive business plan and goals. From what the business aims at to why one must invest in the business, this plan must have all of it.

Benefits of a business plan

With the number of aspects that have to be kept in mind, business plans are essential for both start-ups and well-established businesses. They help start-ups to grow and have a place in the competitive industry. While for the established businesses, they are a must to keep up with the forever changing trends of the industry.

As per the records, about 50% of the start-ups end up failing and terminating. The primary reason for this being the unplanned strategies and not having decided short and long-term goals.

Start Your Business

It is not mandatory to have a full-fledged book-sized business plan. It can even be of a single page or just a presentation. Anything will work till all the goals and objectives are laid out for successfully carrying out the plan.

These plans offer several benefits which include the following:

  • Prioritizing tasks:

One cannot do everything at the same time. Similarly one cannot hold all tasks with equal value. and not all the tasks hold equal value. With a business plan in hand, you can divide the tasks as per the efforts, time, and finances availability, helping you make the best use of all the resources available. These priorities can change as per the demands of the business.

  • A complete picture:

Business plans are like a visual representation of your ideas and actions culminated into one. You can see how the business is going to work out. This helps you understand the compatibility of your goods and services with the target market, allowing you to build better ones to set your standards apart from all of it. 

  • Handling changing trends:

The trends of every industry keep on changing and fluctuating, with increasing and decreasing values with the new developments. However, it is quite a tedious task to keep on changing the business ideas completely to cope up with these trends. This is where the business plans come into action. One can change the priorities and tasks, and continuously review the progress of the business with such plans.

  • Regular reviews:

Tracking the business progress and tasks accomplished becomes more comfortable with business plans. It also helps to measure the success and failure ratios of the strategies and the expectations, allowing you to make it better by changing the plan of action. The business must carry out these reviews regularly, either weekly or monthly.

  • Managing cash-flow and finances:

Business is not just about profits. There are a lot of financial aspects that have to be accounted for continuously. These include both the profits and losses, the investors and their investments, in case of loan debt repayment has to be prioritized. Additionally, one must maintain the record of both cash in-flow and out-flow to carry out the business in proper financial formats.

  • Goals and achievements:

The business plans act as a pivotal factor in measuring the short and long-term goals achieved at regular intervals. These can even include performing daily tasks or making a certain profit level or a set number of customers or anything that helps you accomplish the final goal. This helps the individual be motivated and perform even better.

  • Managing a team:

An individual cannot single-handedly bring the business to its best heights. With a good business plan and target actions, you can hire the employees for the required tasks that have to be completed. However, a good team is a necessary part of the successful establishment of the business.

  • Realistic and practical strategies:

Running a business is not an easy one. It isn’t about dreams, but about practical actions that can be carried out. And also the problems that follow, must-have solutions to them. 

  • Risks associated:

Every business has a set of pros and cons. Although business is associated with profits and market value, it is also associated with several risks. A business plan caters to all of these by helping you understand the present as well as future scenarios. 

What is Business Roadmap?

Most companies began with a business plan. Also, one can use the business plan to obtain financing from various banks and investors. This strategy will recognize opportunities and provide the existing players with a business analysis and strategies that address these possibilities.

The strategy then details how the organization will selectively approach this opportunity. The roadmap delves into the specifics of the execution. Before entering the financials it may also touch the leadership team.

Business plans are complex and text-stricken papers. They are not especially visual, aside from some charts and graphs to drive points home. They are also pretty quiet on the phase of things being executed.

Yet here are company roadmaps which can shine. They support the business plan, thus making it come alive. The business plan does not itself give any clear guidance. The roadmap gives an idea of just what the business must do, when and who needs to do it.

With such a business roadmap, how different positions, duties, and obligations come together are made crystal clear. It’s available at a glimpse and updated constantly, as opposed to sifting through text pages or project plan minutiae.

Product roadmap vs Business roadmap

In contrast to product roadmaps, they are an important aspect of business roadmap. The business roadmaps all apply to logistics. Whereas product roadmaps tend to separate those from a company’s vision and goals.

A roadmap, if well designed with deliberate and careful consideration, outlines everything necessary to make a business plan a success. Stakeholders, as well as individual contributors, should get the complete picture.

In the background of the broader program, it reveals the segmented practices of the various departments. One can see the knock-on impact of any delays or disturbances.

Whether you’re a businessman, a company owner or a marketing director, almost anyone could use a business roadmap to make it effortless to communicate complicated strategy.

Conclusion

Whether it be for the individuals, investors, or the employees, it is crucial for start-ups and businesses to have a good set of strategies and plans to grow without collapsing or failures. No matter what, one will have to face a lot of problems and hurdles before achieving the final goal. 

To know more about Business Plan: Click here

You should also read:

+1

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.