Every entrepreneur who holds on to his business, should have a well-written Business Plan. It often starts with the belief that our products or services will be sold, but the possible revenue and cost of this is rarely estimated accurately which is a big mistake for start-up entrepreneurs. It is much more painless to go into business on the basis of a realistic Business Plan than on the basis of faith and illusions.
Some new entrepreneurs, once they get a loan and start a business, put the Business Plan away and no longer look at it, which is also wrong. The essence of the Business Plan is to take it out after the first year is complete, look at it, compare it with our results and notice – where we have failed, what has happened and what has not happened, where it has gone wrong and what needs to be changed. This keeps the business under control. Banks are looking for a Business Plan or Feasibility Study to decide whether or not to approve a loan. The ministries, agencies, funds and other similar institutions using these documents to valorize the project and decide whether or not to approve a grant. Beside them, the entrepreneur himself is the one who, through such studies, gets a clear and complete picture of his business venture and/or idea. The Business Plan also serves to suppliers, customers, local government representatives, business partners and other project stakeholders, often as a prerequisite for starting business cooperation. It is a document that can be modified and adapted, revised and updated according to the needs of the entrepreneur.
Expected duration of project development depends on several different factors. There are no two equal entrepreneurial ideas or two identical patterns by which their realization can be approached, however similar they can be. Deadline is often influenced by the value, complexity of the project, it goals, model of closing the financial construction and other similar factors. The most common time for project development and delivery is between 5 and 15 working days from the submission of all necessary information and documents. For bigger projects, the deadlines are sometimes longer (like 20 or 25 working days). However, it is much more important that the project is well prepared than finished quickly.
Determinants that affect the expected duration of project development, also affect the definition of the final cost of our service. We regularly offer additional discounts and promotions on our services and products, and payment models depend on an agreement with a client. If we are talking about value, a high quality and realistic Business Plan can also help you not to get into a business that may fail. In this case, the money you spend on developing the Business Plan will be just a drop in the water and will save you from the big expenses and problems that may happen. But the point of business planning is to predict the potential weaknesses and risks of entrepreneurial venture in time, with the aim to coming up with more adequate and better solutions.
After an introductory meeting in our office or a long-distance interview (by phone/e-mail/skype), a common definition of project goals and the gathering of basic information needed to design a project, it’s realization is started. Level of our involvement in the project depends on the needs and desires of the client and mutual agreement. The most commonly agreed system is “turn-key” (all inclusive). It starts with design of the business idea and finding the best financial sources to close the financial construction (the development phase), through the professional preparation of the Business Plan/Feasibility Study and other needed documentation/forms (the preparation phase), to direct communication with external finance sources, until getting the loan. If we are talking about projects for EU and other grants, there is also a development and a project preparation phase. After that the service can be extended to project implementation, which is the third and optional phase in the process.
The development of a business idea, no matter if it is a start-up business venture or an upgrade of existing business, in most cases involves investing in assets. In a simplified way, in the process of development of an organization, all investment decisions can be classified into investments in fixed (long-term) or current (short-term) assets. In order for the Business Plan to be as much concrete as is possible and to evaluate the real profitability of the project, it is necessary to gather information on the real costs of investing. In accordance with the investment structure, in the first phase it is necessary to collect evidence of the amount of investment based on the requested bids, pro-forma invoices, cost sheets, contracts, letters of intent and other written evidence indicating the expected price of each project element. In practice, this means that if we are buying a new office space, we have to make a pre-sale contract with its owner; if we are renting the office we need to make a pre-contract for renting office space, etc. What is important to know is that every business idea or investment must be 100% implemented, in way that business venture can be put into operation. Working capital serves to enhance liquidity in the first months after the investment, and can be used for the costs of salaries, rents, supplies of raw materials, small inventory and other current expenses. In addition to documentation that defines the structure and value of investments, depending on the client’s entrepreneurial status and the form of his company, its financial and status documentation must be also provided.
Many entrepreneurs have the feeling that a conditional search of a Business Plan is in some way a business disclosure, because the Business Plan contains information that can be also classified as a business secret. However, the main point of looking for Business Plans is not to steal a business idea, but to estimate the future cash flows from which the business will be funded. In any case, we guarantee a complete discretion, confidentiality and protection of the information and documents provided. And most importantly, we will not give up until your entrepreneurial idea is successfully implemented.
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