According to the most recent JLL Singapore research reports, Singapore is seeking to be the economic hub of Southeast Asia. With the city-state nurturing innovation and investing in startups, the next 5 years promise to be very beneficial for new businesses and employment. With that being said, there is also a huge focus on a startup business plan. Therefore, for those aspiring entrepreneurs who want to be a part of this new progressive economic change, here is some information that explains how to put together a business plan.
Purpose of Writing a Business Plan
Even though the research studies from Barclays show that most businesses do not have a business plan (statistics reflect 1 in 4 without plans), there are still many different advantages to writing one. Actually, if you want your business to succeed, you can increase your chances significantly by writing a business plan for your startup. Here are 3 of the primary reasons for placing these plans on your list of top priorities.
- The business plan is considered to be a proactive measure since it identifies potential threats, coping strategies, and keys for basic survival.
- These plans are usually an excellent measurement of how things are going and where the business should be by a certain time.
- When people read the business plan, it gives them an opportunity to see the company’s business idea, mission, vision, and financial requirements. So, it also helps to assist in securing a business loan or a financier to back the business.
Choosing the Right Format for the Business Plan
Most people assume that their business plans will be a huge set of documents that contain lots of big words and complicated business terms that are difficult to read and understand. Quite the contrary, these plans are meant to be easy to read documents for everyday people. In fact, this information must be simple to review and understand by anyone who needs access to them in the future. Though these plans may consist of a diversity of facts and figures, the data that is written should only pertain to what’s really needed to operate the company smoothly, from the start to the finish. For instance, a business plan will answer questions like:
- How much money will be needed to buy equipment for the business?
- Where does the business owners expect the funding to come from when it is required?
Therefore, when a business plan is designed, it should be customized to that specific business. So, the best format should be written in a format that follows these basic guidelines:
Format that You will use Continuously
In a nutshell, the format that you should choose for your business plan is one that can be used on a day to day basis. On the other hand, there are also some formats that are highly discouraged. In particular, these are the formats that you will most likely put away in the file drawer or never refer to again. So, it really does not matter if the plan is presented in a format that can be posted on the wall, shown in a mind map or a visual guide. It’s simply the format that works best for you.
Format that Simple to Express Your Views
Some people like to write, and they can design a format that allows them to be creative. If this is the case, you can write a plan in a form that excites and inspires you. Whatever the case or situation, this is a working document that helps you to keep the business on track.
Format must be Shareable
When writing your business plan, you should also keep others in mind. Specifically, if you are depending on securing funding from sources outside of the company or your scope of responsibilities. For instance, if you are planning on securing funding from an investor, the investor will need to see your business plan.
What to Include in the Company’s Business Plan
Though all business plans are not the same, there are some common elements that should be included in almost every plan that is written. Some of the more notable are provided for you below.
Overview of the Business
The overall is used to give a brief description or explanation of what the company will do and how it will be distinctive from others in the same or similar industry.
What the company expects to achieve within a certain period of time.
Marketing Plans for the Start-up and Its Projections for the Future
Today, the business plan should outline how they will target their customers and what type of marketing campaign that they will deploy. For instance, digital marketing campaigns are very effective in ensuring the business takes off in the right direction. The beginning of these campaigns normally starts with designing a website, optimizing the site with the best SEO and SEM techniques and strategies, and launching a social media campaign that focuses on building the company’s brand.
Where to Seek Help for the Business Plan
Unless you have designed and documented a business plan before, you will most likely need help to start the process and complete it accurately. Fortunately, this is not a process that has to be tackled and completed alone. As a general rule of thumb, there are also common resources that you may want to reach out to in order to make sure that your document will be exactly what you are looking for. Here are a few resources that can help you to put it all together.
- An accountant can assist you with getting through the financials
- Small business experts can be contacted via a local bank institution
- Business plan templates can be found for free online
Writing a business for a startup in Singapore can be a challenging experience. However, if you understand its overall purpose, how to choose the correct format, and what these plans should entail, you can be successful in completing it properly. Also, if you need additional assistance, you may want to reach out to other professionals in the industry to complete this plan accurately.