LONDON, GREATER LONDON, UNITED KINGDOM, August 23, 2022 /EINPresswire.com/ — Ishan Chadha, founder of startup consultancy Stellar Business Plans, has helped countless businesses put together a winning business strategy for their startup in the last ten years. “Every business is different. And thus, devising a unique strategy and business plan around the founder’s idea and vision can sometimes be challenging for the founders and consultants like myself. I cannot stress how important a business plan is for a startup, especially in the early stages” notes Ishan.
Business plans do tend to take a very long time to draft, and sometimes you may think it’s easier just to skip them. After all, it’s your business, and you know how to go about it, right? Well, it’s not that simple! Here are some reasons why every business needs a business plan.
Helps bring the MONEY
Pretty self-explanatory! Every business needs to raise funds at some point in its journey, whether for product development, marketing, working capital or expansion. A business plan provides investors with a detailed blueprint of your business – who the founders are, their vision/mission, products/services offered, plans for the future, company performance so far, planned use of raised funds and projected performance.
Effective internal planning
As the name suggests, it’s a plan for your company for the next 5 years. It helps set a direction for everyone in the business – founders, vendors, and employees. “Failing to plan means planning to fail – this sentence has never seemed more true,” says Ishan. It helps to set out a business’s goals and objectives and a well-planned roadmap to achieve them.
Refines Marketing & Growth Strategy
A business plan lays out the company’s marketing and customer acquisition strategy. One of the most important factors for a business’s success are its ‘customers’. If there are no buyers, who would you sell your products to? Answers to crucial questions such as “who are the key customers? What influences their buying behavior? How do we reach these customers? Are there prospects to scale?” are imperative to ensure your company’s success.
Efficient financial planning and forecasting
One of the most important uses of a business plan is to plan and manage your money. It clearly shows how any money the business raises will be used and allocated. Furthermore, the plan also details company performance in numbers by forecasting revenues and hence profits over the next 3 or 5 years. It also defines the underlying assumptions taken to arrive at these forecasts and thus gives the reader (investor or potential partners) confidence over the company’s future prospects.
Blueprint of your company
Whether you’re applying for a bank loan or presenting to an investor, you need a business plan to demonstrate your business, products and services, marketing, sales, growth strategy, and use of investment. You can also use your business plan to apply for grants, SBA loans, immigration purposes, or license/partnership requirements.
Who Needs a Business Plan?
In short, everyone. Whether you’re a startup or an established business looking to expand, a business plan can help you move forward. A business plan can help businesses define and refine their goals, strategies, and financials. This process can also help businesses build a stronger foundation and make better decisions about their future. If you want to take your business to the next level, start with the basics and draft a comprehensive business plan!
As time goes by, it’s also important that the business plan is kept up-to-date as the business grows and learns. The plan’s goals, strategies, and financial projections may need to be revised as the business gains new insights, so that no matter what happens, the business functions at full capacity!
Stellar Business Plans — Strategy Planning Experts
Stellar Business Plans have been working with startup entrepreneurs for almost 10 years. They work with the founders side-by-side and help them create ‘stellar’ business plans, winning investor pitch decks, robust financial models, and credible company valuation reports.
Their clients include companies from a diverse range of industries, and in the last year alone, they have worked with over 50 businesses. The team is based in the UK and US. They have 13 expert consultants with impeccable academic and professional backgrounds
Ishan Chadha is a seasoned corporate finance consultant with extensive experience in business planning, strategy, and financial modeling. Prior to being a startup consultant, Ishan was a successful entrepreneur himself. He founded a fashion brand and was one of the first to introduce online shopping in isolated/rural parts of India. Post this digitalization in the business, his business almost doubled in revenue and eventually had a successful acquisition in 2014.
His own startup journey taught him a number of valuable lessons, which is why he embarked upon this journey to help others in a similar situation. Under his leadership, Stellar has worked on almost 800 projects and helped companies from various industries, including healthcare, real estate, technology, fintech, fashion, sports, energy, travel, marine, e-commerce, etc, raise funding.
For more information, contact Stellar Business Plans at https://www.stellarbusinessplans.com/ at any time!
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