We hear the term so often that we forget what it really means, and what it means for businesses.
The business plan is a cornerstone in the creation and management of a company. In a way, it's their roadmap, defining the trajectory of their business project. But beyond this poetic approach, what's really behind the concept?
In this article, we'll explore the various aspects and value of a well-designed business plan.
What is a Business Plan?
As with all things, let's start with a little definition.
A business plan is a written document detailing a company's objectives and the strategies for achieving them. It covers the mission, products or services, short-, medium- and long-term financial projections, and gives an overview of the business project. Its quality lies in its ability to minimize risk and facilitate access to financing through an in-depth feasibility study.
As you can see, this is a comprehensive document that will enable you to do two essential things:
- Guiding you through your growth
- Show your potential to potential investors
It's important to distinguish between the "business model", which describes how a company generates profits, and the "business plan", which represents a detailed plan for running the business.
What's in a business plan?
An effective business plan usually includes several key elements:
- Project presentation
This section describes the main idea, mission and vision of the project, highlighting its strengths and objectives.
- Descriptions of your products and/or services
Even if they are likely to evolve, you need to detail what the company offers, emphasizing features, competitive advantages and value for target customers.
- Market research
It's the analysis of the sector, demand, trends, competition and potential customers. It includes the famous SWOT and PESTEL matrices.
- The Economic Plan
It covers the company's business model and strategy.
- Legal structure
It presents the company's legal form and the reasons for this choice.
- Financial data
This section includes financial projections, the projected income statement, the projected balance sheet and the cash flow plan.
The usefulness of a business plan
The business plan serves to legitimize a business idea, document the company's strategy and objectives, and reassure banks and investors.
It proves that the project is viable, meets a market need and attracts customers willing to pay for the proposed products or services. It also presents optimistic and pessimistic scenarios to demonstrate the company's preparedness for the various challenges.
It's proof that you're ready, prepared to face the ups and downs of the business world, aware of the situation and determined to succeed.
Who is a Business Plan for?
The business plan addresses a variety of stakeholders, including entrepreneurs, investors, business partners, banks, employees and government agencies. It helps each of these parties understand the company's vision, objectives and strategy.
Propulse By CA and Viseeon, together for your business plan
A well-written business plan is essential to a company's success. It serves as a guide for entrepreneurs, reassures investors and lenders, and helps structure the company's operations and strategy.
A well-developed business plan is an indispensable tool for turning an idea into a successful, sustainable business.
VISEEON, the international network of chartered accountants, is collaborating with Propulse By CA, Crédit Agricole's fully digital banking solution, for entrepreneurs seeking efficient banking management and customized monitoring of their business.
Are you running a business and looking for an easy-to-use bank combined with personalized support to manage your company? Our shared goal is to provide you with an innovative and comprehensive set of services to manage your company.
Together, we offer an online Business Plan: SIMPLE & EFFICIENT
Create your business plan online in just a few moments. You'll receive a personalized financial report, eliminating the need to spend hours creating this essential document for your success.
✅ Prepare a solid business case to convince investors and banks
✅ Present an approved budget
✅ Benefit from the support of a dedicated chartered accountant, always at your service
