This post is also available in: Melayu (Malay)
A Business Plan is a Company Resume That is Useful at Every Step of the Journey
The moment you sparked a business idea, the first thing you need to do is to write it down. This is the basis for all business plan. Moreover, if you are convinced that such an idea can sustain whatever the market conditions, only with proper business planning, will you see how viable the business idea is. Nevertheless, you could be having tons of business ideas written on pieces of paper scattered around the house. You never know when any of the concepts will prove to be successful. Imagine if you had a brilliant idea but never put it in writing. What a loss it would be. So, at every Eureka moment, remember to write it down. Writing a business plan in Malaysia is a crucial step to the realisation of your company.
Why Is It Necessary
If you were an investor, would you immediately invest in a business in Malaysia without seeing any evidence? My guess exactly, no, of course, you would not. Thus, a business plan is proof that careful thought was put into it realise it. Besides a company profile, a business plan lays out details of the business idea, the current problems where the concept will help resolve it and how it will affect the market as a whole. Okay, maybe this is a bit too far, but still, you need to have a clear conscience of your business. The ultimate reason for having a business plan is to convince an investor to invest in your company. No amount of buddy talk can replace a credible business plan. At least, an investor will have faith in it and hope for the best.
Who Uses It
Besides yourself as the business owner, banks and even your employees will utilise it too. The business plan will serve the purpose of a framework for the company. An employee may understand their job description very well. But, having worked in the market, they have feedbacks as to where the company should work for the better. Thus, by providing such feedbacks to the business plan, the business owner can restructure strategies suitable for current market conditions. You will also keep coming back to the business plan to update and amend wherever necessary. Writing a business plan in Malaysia is never conclusive as time goes by, you may also need expert advice to ensure it remains relevant.
What It Entails
A business plan does not have to be a lengthy thesis-like document. It is your business resume. Hence, it is up to you how you want to write it. It should have the following details but assemble it accordingly.
- The Business Idea – Create a simple story with a problem and your business idea as a solution. If you are feeling it, you can even add piecemeal information on how you got to this idea.
- The Team – If you are flying solo for the moment, just put it in. Briefly include all your strength and skills to ensure it is relevant to business success.
- Market Research – This is where you probably need expert advice and assistance. It is necessary to provide market insight to future investors that you know the market well. Market research will also produce the target market of your product or service offering. Work on it until you get a niche market so that you have a better perspective.
- Marketing Strategies – When you know your target market niche, you can formulate your marketing strategies. The more concrete your marketing campaign is, the more likely banks or investors will lend you the capital.
- Financial Matters – Even as a seasoned company, there is always the need to raise capital. By providing a history of your financials and its future projections, an investor can calculate a reasonable return of investment of the business.
- Various Appendices – This part may consist of any business permits, certifications or clienteles if you want to add in.
Writing a business plan in Malaysia should never be bothersome as it is a vital document for your company’s success. There is no particular format, but if you have no clue what you are planning, try and some expert advice as to how and where the company can go.