Tag Archives: Business Consulting

5 elements of a good business plan

cover photo for article about the 5 elements of a good business plan

Writing a good business plan can be a challenging task. In essence, business planning is the first major challenge an entrepreneur faces as it is a blueprint of their venture. In this article, I will outline 5 elements that make a good business plan. This is based on my own experience as a tech founder, consultant and writer.  Writing a good business plan goes beyond proposing a viable business proposition. It entails clear articulation, milestones, well-written content and a thorough blueprint of how your business will succeed.  There are plenty of articles that will refer to the basic and compulsory parts of a business plan such as SWOT analysis and regard them as factors contributing to a good business plan.  However, my aim in this article is to provide you with the correct mindset and approach to: With the aforementioned in mind, let’s highlight the 5 key elements of a good business plan. Inclusion of the key standard sections  Okay, so let’s briefly highlight an obvious part, which many entrepreneurs surprisingly fall short of.  Regardless of the purpose of your business plan and where you are, several key sections must be included in every business plan. These key sections are: Clear & realistic business vision Entrepreneurship and starting a business require vision. And it is fantastic to set high goals. Nevertheless, this is where many entrepreneurs make a mistake. And the mistake is that they “fly too high” and set goals and visions that are essentially unrealistic.  Your vision and anticipated goals should be realistic and based on market trends supported by research.  Clear business milestones  The ideal business plan is not a fancy document to impress your investors or other parties. It is the blueprint of your business as a commercial entity.  And what does a blueprint entail? Clear procedural steps with timelines and outcomes.  Moreover, this is not just related to one part of the business plan, for example, product development.  Each aspect of the business (plan) should be subjected to prior anticipation with clear input/output estimations, whether it is product, marketing, sales or anything else.  Objective market research and avoiding the “founder bias” As stated earlier, I will not highlight standard business plan sections.  However, this part is crucial and you notice that I have used the word “objective”. You may have a business proposal that does respond to a genuine market need. However, this is where what I call the “founder bias” kicks in.  The “founder bias” is when a founder only states market research that supports the notion that there is a need for their product and/or service. This eliminates the “objectivity” aspect.  Your plan must be supported by objective market research, and this is why a business consultant like me is useful.  By highlighting all the facets of the market, you demonstrate enhanced commercial awareness. Plus, it enables you to anticipate and prepare for unexpected market shifts and how to respond accordingly.  Money, money, money (the financials) Regardless of the type of project, the primary goal of a venture is making money. Even if you are starting a non-profit/charity, your finances matter the most.  This is one of the most neglected aspects of many business plans. You must anticipate and account for cash inflows and outflows of your business.  And I get it: this is perhaps among the most difficult aspects, and hence why it is often neglected. However, without a financial analysis that is subject to scrutiny, you are almost always doomed for failure. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I grew my business to over 30 UK cities, and a team of four. I now help other migrant entrepreneurs and all founders with their businesses, including their business plans.

Innovator Founder Visa: Business Consultant vs. Business Plan Writer

If you are considering the Innovator Founder visa, you have probably come across the terms “business plan writer” and “business consultant”. Well, at least on my website/channels you have. So let’s look at the difference between a business plan writer and a business consultant. Understanding the difference will also help you decide which one may be useful to you.  Depending on your venture and personal skills, you may need the help of a business plan writer or business consultant for your Innovator Founder visa application.  First of all, I will do the “sales” part to inform you that I am both a business plan writer and a business consultant. Nevertheless, this is not usually the case, distinguishing me from any other service pertaining to Innovator Founder visa and international founders. In fact, I am the UK’s first and #1 business consultant for international founders. Moreover, I was an immigrant entrepreneur myself and settled in the UK via several business visas.  Okay, now let’s look at each in detail, followed by a comparison table at the end.  Business Plan Writer In the abstract, the function of a plan writer is perhaps quite clear. Business plan writers possess the knowledge and skills to produce a well-written and well-researched business plan However, the key point is that a business plan writer may not necessarily be familiar with running a business or have prior experience of doing so.  The key competencies of a business plan writer are: Business Consultant  Business consultants, in contrast to business plan writers, are essentially there to advise on your business concept/protocols. Thus, they may not necessarily engage in producing business plans. However, they help you understand what needs to go on your business plan and eventually your venture.  The core competencies of a business consultant are: Summary Business Consultant Business Plan Writer In-depth industry knowledge  Understanding of business plan standards  Experience in running and scaling a business  Language/writing skills Need help? I operate as both a consultant and plan writer Whether you need help with writing your business consultant or are seeking a consultant to advise on your operations, I am here to help.  Get in touch with me today to find out more. You may also watch a YouTube video that I have made on the same topic.  About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size with the digital marketing strategy around SEO, copywriting and content.

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