BY KELVIN WONG, FRED VICTOR.
GE Consult was established in 2003 primarily involved in
business plan consultancy in retail industry. Since then, we have worked with
countless business owners, entrepreneurs, managers etc. locally and regionally.
One thing we have observed was that actually there are many people do not
really comprehend business planning and why business plan.
Unfortunately, some business owners simply find reasons to
say no to business plan. Some people may even think of business plans work only
for a startup business probably due to the fact that they do not know how much
money they need. Some say business planning is a lengthy process etcetera.
In fact, a sound business plan outlines your business idea, key
information, and the strategy to achieve your business objectives and goals. We
have picked some commonly asked questions we have encountered at GE Consult.
What is a business
plan?
Serving as a sea chart, business plan is a document that
enables your business to look ahead, set directions, focus on key areas, and allocate
company resources appropriately in advance.
What is the single
most important part of a business plan?
The executive summary should be the most important part as,
in most cases, experienced people and investors will read this page first. If
such page does not impress them, they will likely not reading the rest.
Is there any standard
business plan?
No, a business plan must be a customized document that
created according to your business proposition. A business plan describes your business
concept, business model, products, services, customers, competitors, management
team, strategies, action plans as well as detailed financial projections.
Why should my
business have a business plan?
Your business plan must be tailored in regards to the
audience guided by your specific objectives and goals in certain instance. For
example, if you are trying to secure funding from investors or bankers, your
business plan should provide convincing evidence (both data and figures) for
the money you need, and the ability to do repayments consistently. Business
plan for internal management is another good example for an existing business,
such document helps your business to plan ahead to achieve business growth.
How important is the
financial information?
Sound financial numbers underpin a rock-solid business plan.
When comes to financial projections, the sales forecasts, purchase budgets,
cash flow projections and profit and loss projections are extreme important. Often,
the word cash is usually misunderstood to mean profits in public’s mind. For
example, making profits does not mean you will have adequate cash to repay your
expenses.
Should the job
descriptions be detailed?
Certainly, your handsomely formulated business plans
are just theory unless well-planned job descriptions are assigned to all management
personnel with clear objectives and budgets, enabling every department to
measure results regularly.
How long should a
business plan be?
In general, a 20-page business plan written with bullet
points, user-friendly illustrations and charts will suffice. A well-laid business
plan provides readers a good understanding of its main points after quick skim.
Avoid lengthy and dense text, and key points should stand out immediately as
they are useful in a business plan presentation.
What is the difference between a business plan writer and consultant?
What is the difference between a business plan writer and consultant?
A business plan writer will expect you to provide
all the answers. With all your answers, the writer will blindly write all information
provided into a piece of paper. A business plan consultant is somebody who will
help you refine your ideas and strategies based on his/her experience and
qualifications, enabling the business plan into a viable business.
***
About GE Consult
Founded
since 2003, GE Consult has helped numerous local SMEs/SMIs in
developing their company profiles, business plans, business proposals
etc. assisted clients in securing business deals and contracts. If you
are looking for a winning company profile or any professional services,
please do not hesitate to contact us at (+6017) 330 8077 and/or email rachel@geconsult.org for further service explanation.
