Opinions on the business plan
Why is a business plan so important and what requires particular attention? What trends can be seen in the area of business planning and what tips & tricks are there?
Let’s get some views from members of the i2b network:
The Austrian development bank, aws, has initiatives such as “Preseed” and “Seedfinancing” that support young high-tech companies from future-oriented sectors such as green technologies, life sciences or artificial intelligence. A well-written business plan is an essential prerequisite for these highly innovative start-ups in order to raise venture capital for further corporate development.
Business plans are always a good idea – but they have to be as flexible as the market itself! When I work with start-ups, I never do it without a business plan – it’s simply part of a successful StartUp!
Founding a company is only half the battle. The company must be sustainable in order to survive. This includes a well thought-out business plan that structures the approach, analyses the target market, assesses the capital requirements and works out what differentiates you from the competition. This is a benefit to both the founders and the business location.
Make a business idea calculable with the business plan: the plan should be a clear, comprehensive and concise presentation of the entire company project. The most important contents of the business plan are the team, which problem is solved and how, and where the vision for the company lies (unique selling proposition – USP). While creating the plan, one should not forget to summarize this presentation in numbers in order to be clear about the extent of all the resources required (material, personnel, infrastructure, financing, etc.).
Planning a business start-up shows diligence and vision. In this respect, it is not surprising that the start-up projects that have proper preparation are usually the more successful ones. You can prepare a variety of topics and have different courses of action ready at hand, while others would have to improvise and hence often make wrong decisions in all the buzz and excitement. The principle can also be compared to going climbing in the mountains. The athlete plans his route precisely and then knows the right way to proceed. Otherwise it can be very dangerous.
You write a business plan primarily for yourself, for your own company! You are “forced” to get topics out of your head and onto paper, and many points become more concrete in the process. The business idea becomes clearer and sharper, and thus more convincing – regardless of whether it is with banks, funding agencies, or customers.
A good business plan is characterized by the fact that it arouses interest and readers can get a clear picture of the business idea very quickly. The plan is clearly structured and written in a concise, coherent manner. It highlights the opportunities AND the risks — a business plan without risks is not credible. It has a clean design and it is not too long: a 100-page copy will not find any fans.
There are many addressees for the business plan, such as banks, funding agencies, suppliers and cooperation partners. For entrepreneurs themselves, it is an indispensable tool that serves as a planning basis for strategic decisions and ongoing monitoring.
A good business plan increases the chances of economic success.