If you have seen examples out there a business plan may seem overwhelming at first. The point is to put all your ideas on paper so you can show others (the bank etc.) what you’re trying to do. Don’t forget it can also help you to re-focus if you get to far away from your original goal. It may seem time consuming but it’s worth it.
To make your company grow, it is fundamental to carry out production planning and control. They ensure a tuning of work inside and outside the company. This process facilitates the integration of production and sales sectors of your average or large company, as it balances internal activities with appropriate procedures and externally connects your business to the market.
In this way, these measures facilitate planning practices and standardize your company’s products and processes, and so your business will achieve success with ease.
Make sure your business is ready to grow
The first step in this process is to have the primary goal outlined, whether you want to expand geographically, increase revenue, or expand market share.
Starting a business is not that complicated; the challenging thing is to overcome the first stages and consolidate the project. Unfortunately, it is estimated that 80% of small businesses fail before five years and 90% of them fail to reach their first decade of life, as revealed by a report by the Barcelona City Council that analyzed entrepreneur activity in different countries of the world. In many cases, the failure is due to lack of planning and poor business management.
The fear of failure is one of the main barriers when it comes to entrepreneurship. We are afraid that all the hours and resources invested will not bear fruit. While it is true that starting an activity on your own always involves taking certain risks, there are profitable businesses that demand a minimum initial investment and reduce insecurity. Thanks to the new technologies, profitable ideas of entrepreneurship can be launched.
A well-structured business plan is a valuable tool to analyze and design your project. By identifying weaknesses and strengths, you can make a smarter investment and increase your chances of success. You can also analyze the technical, commercial and economic viability of your business idea, as well as plan the resources you will need.
The business plan is also essential when looking for financing because it is a kind of “business card” of your business project. Not only shows your professionalism and ability to project to the future but in some cases, it is even mandatory to apply for grants and public subsidies or find the support of private investors.
If you are thinking of joining the group of globally rising entrepreneurs and starting your own business, you must first be clear about what an entrepreneur is and what characteristics you must promote to be successful.
What is an entrepreneur?
An entrepreneur is not only the person who creates a company but one who envisions a business opportunity and decides to take advantage of it by starting an activity on its own. Entrepreneurship is an attitude, a way of being and thinking that is reflected in business.