Making an effective and achievable business model and a business plan is one of the most expressed challenges by the entrepreneurs and startups even for, for-profit and nonprofit sector. Business model and plan is one of the most effective sources of business success. It helps in launches, detailing business every element with data, charts, needs assessment, research and projections and defining revenue streams, outreach strategies and impacts assessment for growth. Business model and plan need to be flexible, focus on the rationale behind it, and should be written in a natural, human voice and concrete form. It should be focused on the social problem, how the services/products address the problem, and how to measure the positive impact.
“Business Plan is a roadmap for achieving organizational growth”
In the current rapidly growing global market, it is really important to be adaptive than predictive. It is really important to understand the problem, approach to the problem and way to tackle it in the business model and plan along with focusing on its impact on the problem. Following are some of the very important and effective aspects of the business model and plan, which will help entrepreneurs, startups, and people who are want to start a business;
– Executive summary of the business (Summary of the whole plan)
– Business brief overview (Precise Introduction to the business)
– The opportunity ( Defining problem as an opportunity)
– Programs, Activities, and operations (Services/Products and Operational strategies)
– Social impact and Impact Measurement
– Marketing and sales plan
– Market Analysis
– Competitors Analysis
– Finance and Financial Narratives
It is important to avoid jargon, use basic language, highlight the major elements, mention the accomplishment of the venture, and end with a clear ask for money, and how you intend to use. The investor focus on some of the very basic and important aspects which startups and entrepreneurs are missing;
The thought process of entrepreneurs/ startups
– Market research
– Competitors Knowledge
-Products/Services and how you differentiate these
– Pricing strategies and why?
These are few very effective elements of the business model and plan that startup and entrepreneurs should consider and work on while making the business model and plan to make their business a success.