Business plan is that sacrosanct set of documents that lays down the current and future scenario for the company. A business plan helps the small business owner in two ways – properly understanding the business idea and ways to implement the idea to success.
Writing a business plan should not be treated simply as number crunching just to satisfy the lender or venture capitalist. Business plan should clearly reflect the premises on which the business is going to be built up and the broad strategies that will be followed.
Business plan must clearly identify and lay down two aspects – the problem statement and the solution provided. Problem statement could be talking about the problems faced by the end users. Let’s take a hypothetical example here – you may find the operating systems taking a lot of time to load at the time of computer start. This is a great pain for a user. The solution could be a new plug in operating system that starts working as soon as the computer is switched on.
If these two points are clearly laid out in the business plan, chances of getting funding on the project become brighter. All of this has to be properly backed up by adequate and realistic data.