One of the groups that has the bc data indonesia most issues to deal with is that of those who run their own business. Are you in this group concerned about the future of your company after COVID-19? If your answer is yes, we have a tool that can be of great value: the Business Plan.
What is a Business Plan?
First of all, it is important to have a clear concept. Basically, this is a management tool that helps you execute new ideas, whether for a new business or an innovation within an existing one. With it, you have greater clarity about your goals and the best way to achieve them within the established period.
Thus, the importance of the BP for the future of your company after the pandemic becomes clear. Defining and planning the next steps provides a better understanding of the strategic, operational, marketing and financial points of view. This way, you can use the business plan as a guide.
However, it is important to remember that you cannot make a plan based on guesswork. The PN must be made based on well-established methodology and research. This way, you will obtain an in-depth understanding of the future functioning of your business in all areas.
During this crisis, it is also important to know about cost reduction strategies. To learn more about this topic, read: How to reduce expenses in times of crisis .
How to make a Business Plan?
Now that the concept and importance of the BP are clearer, it is possible to address the step-by-step process for preparing yours. Initially, there are six steps: executive summary, market analysis, marketing plan, operational plan, financial plan and analysis.
Executive Summary
In this step, the most important information about the organization will be summarized. These include: description, competitive advantage, mission, employee profile, products/services, customers, location, necessary investment and taxation. However, it is not necessary to make it long, but rather brief and clear. A good tip is to leave it for the end, since with the other information, it is easier to summarize everything.
Market Analysis
Now, you need to better understand your customers, competitors, and suppliers. To do this, you need to conduct market research. With COVID-19, the reality of the market as a whole has undergone several changes, so it is essential to understand how this new operation works and keep this in mind for the future of your company post-COVID-19.
Target audience analysis
It is important to understand your target audience in depth: who are they? What are their purchasing habits? What is their age range, gender and education level? What drives them to look for your product or service? There are other important questions to ask. Read also: How to attract the right customers with a market analysis?
Remember that there can be no guesswork here. Research, do surveys, and seek out other people. Having accurate information is essential!
Competitor analysis
Furthermore, your competitors are those who operate in the same industry as you and are looking for a similar audience. From them, you can learn lessons about both the actions you should take and the ones you certainly shouldn't.
To do this, the first step is to analyze their strengths and weaknesses and compare them with what is in your plan. Some guide topics: What is the price of my product and my competitor? What is the service like? What is the difference between my competitor? What is the quality of my product/service? And my competitor? Think about how your competitors will react when you actually execute what you are planning and prepare for this.
Supplier analysis
Finally, the last step is to study the suppliers, who will provide raw materials and any equipment needed for your business. It is important to know exactly what product or service you want to offer and research possible suppliers, making a list. Some points to think about: what do I need? Which suppliers offer the best prices and payment terms? What is the delivery time? Where are they located? It is important to keep in touch with more than one supplier, even after choosing the best one, so that in case of any problems, your operations can continue normally.
To understand more about market analysis, access: Market Analysis and its influence on my sales .
Marketing Plan
In this section, it is essential to describe everything about what you offer. If it is a product, include its colors, sizes, quality, brand and anything else you deem necessary. Furthermore, if it is a service, it is also important to include all of its features and describe it. In addition, how do you stand out? Where will you sell?
Therefore, at this stage, your entire marketing strategy will be formulated — based on the 4 Ps: Product, price, place, and promotion. Think: how will the customer know that your company exists? So, understand the importance of detailed analysis. Don't forget that the pandemic scenario has caused serious changes in consumption patterns. So, keep this information in mind when planning the future of your business after the pandemic.
Read also: Marketing Plan: learn all the essential steps and components of a successful plan .
Operational Plan
Now that we have the Market Analysis and the Marketing Plan, let's move on to the Operational Plan, the stage in which you must describe how your company operates, that is, the steps for selling your product or service offered. The key question here is: How much can you sell in a given period? So, define the entire operational process of your company in detail, including the spatial layout (try using images, they can be very helpful).
Financial Plan
Now that most of the analysis has been done, one of the last parts comes: the financial plan. In this step, you will evaluate everything that involves money, be it expenses, investments, working capital, marketing costs, raw materials, equipment, location, salaries, etc. With this, you will have a good idea of how much investment will be necessary, using estimates. Try to make a profit and loss statement to help you visualize. In addition, other calculations can be made, such as payback (the time it will take for the investment to be recovered), IRR (internal rate of return), among other important indicators. Once again, try to use real numbers as much as possible. However, since this is an estimate, it is not a big problem if something does not go exactly as planned.
