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The Future Success of a Business is Upon the Current Well Written Business Plan
Call it conventional, but a business plan is a must-do for any business owner. It usually starts at the beginning of your business. From company incorporation to business projection, all of the information should be in the business plan. Whilst it is not mandatory under the law, writing a business plan in Singapore is necessary and advantageous for several reasons.
Is It Essential?
Yes, it is. The purpose of a business plan is that it is the fundamental of business. Whenever you are exhausted from your sales not being up to par, then you may quickly refer to the business plan. Writing a business plan in Singapore is not necessarily lengthy articles, explaining every single detail to who your target audiences are, what marketing strategies you have put in place and your future projections. You can also come up with a visual infographic kind of business plan. But of course, in tandem with whatever company culture you intend to nurture, this simple document should also be acceptably presented to your future investors.
Ultimately, the following are the general contents of a business plan. It generally includes what your business is all about, when the company was formed, the management team, market research, marketing strategies, financial history and projections as well as business licenses (if any).
Your Products or Services
You should know what your company is selling. If you are a trading company that sells a variety of products and services, list them down. It would help if you listed all that you intend to sell so you can keep track of everything.
Never leave out this information. As the lack of it instantly raises red flags for future investors or financial institution. The company details, as well as company registration certificate, should be part of the business plan. It gives high credibility to it. Plus, are you not proud of the company you finally formed?
The Management Team
Even if you are a start-up company, investors do not expect your business to be a one-man-show. Provide the team members’ brief background and strength that contributes to the business. You would probably get back to this part and amend accordingly.
This part is the most tedious to complete, as you may work together with a market specialist or you do-it-yourself. Either way, you need to define the persona of your potential customers. The more specific your target audience is, the more of a niche market you may end up serving. As a foreigner setting up shop in Singapore, you may have completed market research before you incorporate a company. If you have, simply make it more specific on the customers, you are reaching out to and refine what makes your products distinctively different. You should also clearly state your competitors.
After identifying your potential customers, now you need to layout your plan on how to reach them. The avenues you will utilise to search them, the method to capture their attention towards your product or services or even the data analysis tools you will use. Using the outcome of the market research, have a draft idea on your marketing campaign and put it in this part.
Financial History and Projection
Finally, the numbers and figures that matter the most. Despite all your efforts in market research and marketing strategies, only the numbers will tell if you could secure a grant or financial instrument to get your business off the ground. If you have a good accountant contact, get connected for this purpose. He or she will be able to ask you the right questions as to how much you need now and the future.
Your Business and it is Future
As much as you may resent the idea to sit down and start writing a business plan in Singapore, you need to do it, from the start. A solid business plan is one where the owner took the trouble to write it down. Even if you hire someone else to the writing job, you must have a say on every page, part of the business plan.