Doing business is not just about selling and getting the money. Business means something more than just money.
In this modern world of business, it means having a very comprehensive plan and processes from the start until the business ended.
Why having a comprehensive business plan is important?
Imagine that you’re riding a bike on a busy road without any specific goal and understanding the situation of the that road. What will you face along the way? There’ll nothing you can predicted during your trip.
Business plan means understanding the situation, opportunities, analyzing budget, and creating activities to support the business objectives.
What a “good business plan” will look like?
A good business plan will contents:
1. LOC (Local operation country) situation analysis: Analyzing all the situation related to country that your company operating is very important. This more on external situation understanding. This included all political issues, economic issue as well as traditional. These elements is very important and it will impact directly to your business. Thus, understanding these will help you have a very clear/good visibility on the future of your business.
2. People: People are very important for your business. This doesn’t mean that you need only have a very good sales, or even manager to run your business is okay. This mean you have to understand the paying behavior as well as their income as well. You cannot be succeed in your business if you are selling a very premium products in a very poor social. Understanding their paying behavior as well as their income will help you to introduce the products right place, right people and right needs.
3. Product or Service: Just like what I have said, people and product is so important. Understand the people and their paying behaviors, help you to introduce right products with right price so that you business can grow just right to what you already predicted. ” Do not sell Rolls-Roys cars to a homeless man”. Currently, the world is changing from purely selling product features, to including customer services. People are not just buying what they needs, but they also looking for a very good service as well. You need to have a very good service.
4. Marketing: Business is supporting by plenty of marketing plan and activities. Advertising and promotion will help boost your business forwards. You might need marketing people to help you achieve this goal.
5. Legal Issue: Doing business in a right way is very important to reduce or secure yourself from any possible risks. So, you better make your business legal, running it legal and win in the legal ways.
6. Financial: This is very important part of a business plan. All the activities, plans and goals will not achieve if you don’t have enough finance to support. You need to have a very clear view of any cost of each individual projects that you have planned and profit of each projects will bring for you. Financial plan should have been done along the way during you’re creating your business plan.