A business plan for an entrepreneur

Some people ask me why banks often reject their loan applications. There are many reasons why a bank may reject an application. These range from insufficient contracts, improper financial systems, or unconscionable business plans. I think it is most important that I explain it more in a convincing business plan. This business trip is truly rewarding and a journey of discovery. We live in a world ruled by law. Failure to comply with certain aspects means failure along the line. No need to protect business. There are rules of success that govern business.

In order for a business to grow and be sustainable there is a need for proper planning. There is a famous proverb “Failure to plan is planning to fail” (Benjamin Franklin), this proverb may sound like music to your ears but business planning is an important part that involves the importance of planning for any project. Unfortunately, this process is neglected and the results are always heartbreaking.

There is a huge amount of money in Zimbabwe that businesses can tap into if they plan well. Some good business ideas die, simply because they don’t have a proper business plan that can attract money.

What is a business plan?

A business plan is a well-defined road map that shows in detail how a company plans to achieve its goals and objectives. It seeks to lay out a written road map for the company through marketing, finance, and operations. Both startups and established companies use business plans. A business plan is a document that outlines strategic activities. Planning involves setting business goals for a period of time and creating a series of activities to achieve those goals by choosing the best option (or alternative) from the various activities available. He thinks about two ends and these are: what to do and how to do it. It bridges the gap between where we are and where we want to be. It is a logical approach, where all members should work to achieve organizational goals. In fact, everyone in business needs to plan, try to keep a list of what you have to do to achieve those goals every day.

It is the structure of the aggregated business. For making a good business there is nothing more than making a business plan. Depending on the sector, business plan can sometimes be defined as business plan, investment prospect, business plan, loan plan etc.

Use of business plan

It is used by businessmen and investors. Banks, for example, want to see how the company can achieve its goals. This strategy is used to attract funds before the company establishes a proven track record. It thus helps to get a loan from a financial institution. For large companies, a business plan can keep the company’s senior management team on the same page as to what is planned and what the goals are for achieving the goals that have been set. They are especially useful for beginners because they show the way. Ideally, the plan is reviewed and updated periodically to reflect goals that have been met or changed. Sometimes, a new business plan is created for an established business that has decided to move in a new direction. It gives instructions for business. Business planning reduces the risk of uncertainty. It reduces collaborative and destructive activities. Ideas promote new ideas. Decisions are made easy. Strategy sets standards for management.

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1. A business plan is a very important planning tool for entrepreneurs.

It helps entrepreneurs focus on the specific steps they need to take to make a business idea successful, and it helps them achieve short and long term goals. Although it is important to have one, some entrepreneurs do not want to write this down. They believe that every day will be different from the other and others feel that they are guided by the economic system, especially in a hyper-inflationary environment like Zimbabwe’s economy. However, a good business idea may be worthless if you cannot create, execute and implement a strategic plan to make your business idea work. If you are looking to get money from investors and lenders, keep in mind that having a good business plan is very important. The goal is to have a well-documented plan that speaks for itself. It should be clear and easy to read and understand.

2. Raising money for your business

Potential investors or lenders require a written business plan before they will give you money. In Zimbabwe many businesses have failed before and to reduce risk investors, banks etc need a business plan to ensure that the management knows the nitty-gritty of their business. A mere description of the business idea is not enough. The plan must include a business plan and financial plan that demonstrates its potential for success and how much money the business needs to thrive in the long term.

3. Making good decisions

Besides banking, a business plan acts as a guide to an entrepreneur. The deviation is minimized by the instructions. Having a business plan helps you define and focus your business ideas and plans. Because planning affects many areas, an entrepreneur must not only focus on financial matters, but also on matters of management, human resource planning, technology, and creating value for customers.

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4. Identifying any potential weaknesses

Having a business plan helps you identify potential pitfalls in your idea. You can also share the plan with other people who can give you their ideas and advice. Find experts and professionals who are in a position to give you valuable advice and share your plans with them. Even their bank can tell you the risks associated with your business when you apply for a loan.

5. To communicate your ideas among stakeholders – Viability

A business plan is a communication tool that you can use to get investment money from financial institutions or lenders such as banks. You can also use it to convince people to work for your company, get credit from suppliers, and to attract potential customers. For international companies that want to invest in the ZIDA area, they need a well-written plan to authorize the company. For special licenses like the Telecom Licensing Agency also look at business plans and business plans.

6. Creating a business plan involves a lot of thinking.

You need to consider what you want to do and use that as a starting point. It doesn’t have to be complicated. At its core, your plan should identify where you are now, where you want your business to go and how you will get there. Writing a good business plan does not guarantee success, but it can go a long way in reducing the chances of failure. Besides, even if you don’t want to invest, your marketing plan will fail quickly without a plan to guide them.

7. Planning reduces the risk of uncertainty

Planning helps the entrepreneur to look ahead and anticipate changes by deciding in the future the projects to be carried out. A business plan shows ways to cope with changes and uncertain (unexpected) events. Changes or events cannot be eliminated (excluded), but can be anticipated (predicted), and management responses to them can be initiated in advance. So reduce the impact of the risk.

8. Planning cuts down on unnecessary and redundant items

A good business plan will reflect the combined efforts of different departments, units and individuals. It must be clear in thought and action and helps in working efficiently without interruption. It must show the actors like the Bank that confusion, misunderstandings, useless activities have been reduced. It makes it easier to identify inefficiencies and reduce work pressure.

9. A good plan sets standards for control

Controlling involves comparing actual performance with predetermined standards. In any case, the management can perform treatment to improve the results. All this is shown in the business plan. In the absence of a business plan, the manager will have no principles for controlling actual performance.

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10. Must have a company audit:

A good business plan contains a background and analysis of the company and, along with the necessary measures, key success factors, and expectations for the future. This gives the accountant an open explanation. It shows the value of the business.

Essentials of business planning

1. Executive summary- This part includes the management structure of the business plus its outlays information statement of the Company.

2. Products and Services- This section aims to describe the services or products that the business offers or intends to offer to the market.

3. Market Analysis- The business must demonstrate that it understands its market in detail. Remember that the Bible says that there is nothing new under the sun- (Ecclesiastes 1:9) Therefore, business is not something special that usually affects other businesses that already exist.

4. Marketing Strategy- The business must also show how it intends to retain its customers and reach new customers.

5. Financial statement- It must include a financial forecast for the beginning or a history for the current business.

6. Budget- A budget is very important to show investors or banks how the business plans to use money.

Recommendation

It takes a good amount of time to make a good business plan that speaks for your business. It’s always a good idea to hire experts to draft a Talking Business Plan. Open-Opposed Quick Quick Quickly Studied Quick Quickly For running a good business there is no other way than making a business plan. A business plan must be followed to make the business successful, not just to save it. I encourage business leaders to approach experts like this author to plan their business.

There are many entrepreneurs in Zimbabwe who are looking for a place to invest their money but they sometimes find businesses to invest their money in. Many prospective investors who are eager to invest in this country come to me and my encouragement in business is to have a proper business plan, cash flow, bookkeeping and system. Banks and investors are also interested in investing in a company that has a good and effective business plan that clearly shows its financial plan and the chances of success in this business. expected it.

Francis Chitambira is the founder of Smartfiscal Consultants – a business consultancy firm. He is a business consultant, entrepreneur, business coach, tax consultant and business developer. He was interested in farming and marketing. He can be reached on cell/WhatsApp: +263775844941 or email: [email protected]; Website: www.smartfiscal.co.zw

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