What is a business plan template?
The business plan templates they are documents that make it possible to fix the financial and commercial method of your future company in order to optimize its evolution. In other words, it is the model of a company. These materials allow you to structure your project and identify the action plan:
- targets ;
- the means mobilized to achieve them;
- the development method adopted;
- time to make it happen.
The business plan offers a synthetic vision of your business project. It also provides important information on the attitudes of the entrepreneur, his partners and his team.
What does a business plan template contain?
Overall, the business model follows the content of the business plan:
- the summary of your project;
- the description of the project and the team;
- extensive market research;
- the legal structure of the company;
- the company’s business model, i.e. the description of its economic model.
To all this are added the financial tables of the project, i.e. the expected cash flow plan, the financing plan, the income statement and the balance sheet. By investing in such a model, you will benefit from full support that takes up this classic frame. All you have to do is fill it out.
How to use a business plan template?
To use a business plan template well, you first need to prepare. In fact, you must first look up some information in order to fill in all the parts of the template correctly. Do not hesitate to read articles dedicated to this purpose. Since each medium is unique, it will be necessary to appropriate the business plan template.
The entrepreneur must infuse the vision he has of his company and the qualities that embody it. You can customize your template to look nothing like your competitors.
What is the use of a business plan template?
A business plan template is useful in several ways.
It helps structure a project and helps in decision making
A business plan template serves to prioritize an entrepreneur’s project and aids in decision making. The latter can use it to verify the feasibility of his business project and therefore his financial stability. The entrepreneur therefore has every reason to draw up a business plan. First of all to structure his initial ideas and write his project, both economic and financial.
Then, evaluate the profitability of the project and quantify the budget to plan to bring the project to life. A well-developed business plan can force the project leader to adapt or change his business model. It can also lead him to abandon his project, especially when it is not financially sound, even if the original idea is feasible.
It is used to communicate with partners
The business plan has a second very important utility. It is an essential means of communication for any entrepreneur looking for investors or wanting to convince partners. This tool represents the basis of the negotiations. Without a business plan, for example, it will be very difficult, if not impossible, to convince a bank to obtain a loan.
In fact, some interlocutors will request a business plan before dealing with you. As such, the business plan serves to reassure the feasibility and profitability of your business project. Having a business model is therefore necessary to hope to obtain external financing such as a professional loan from a bank.
Supervise and manage a company.
The business plan helps guide and manage a business. Indeed, the process followed during its implementation will allow the entrepreneur to pilot his project and effectively manage the establishment of his company. The business plan should be updated often based on the results achieved and the development of the company. This, so that it is more efficient as a support to the daily management of the company.
It is a guide for the entrepreneur and his team
The business plan is the support in which an entrepreneur develops his entrepreneurial project, his commercial and financial objectives for the next three years. Three years is a very long horizon when starting a business. The vast majority of enterprises created cannot hold out until the third anniversary. Also, the likelihood of a business owner sticking to their original plan is very low.
The plan, in fact, will be in constant evolution and will constantly adapt to the needs of customers and the reactions of opponents. In such circumstances, the business plan serves as a guideline for the entrepreneur and gang of him. This is the medium he will usually return to. And this, to take stock of what has been done, then what needs to be done and set other goals.
It allows you to work better internally
The business plan can also be used internally to show your employees, partners and collaborators in which direction it is advisable to move forward. Therefore, in the event of a misunderstanding, the contractor can refer to it to resolve the issue. This medium can also be used to track the timeline of trades. Indeed, it is used to note progress and to see if your evolution corresponds or not to what you had expected.
It allows you to identify a deficiency in your project
This tool may have another use when writing it. The business plan can in fact highlight contradictions, omissions, an oversight or a lack. In short, it can help to realize that there is an inconsistency in the market research, marketing strategy or business model.