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The importance & valuable components of a Business Plan

The business plan and business plan consulting is the backbone of every business. It is a valuable tool that determines the strategies and activities of the business, including the analysis of the internal and external environment, the marketing plan, and the budget. In addition, it briefly presents the steps the company will follow to achieve its goals. It is equally important for all businesses, whether existing or newly established because it serves different purposes depending on the phase in which they are. For example, it contributes to finding financing and even more to start-ups. At the same time, it requires constant monitoring and modifications at regular intervals (even quarterly), which is due to the lack of data in the first period and results in the difficulty of safe long-term predictions. Existing businesses also use it to find financing, but without requiring intensive monitoring and serious modifications at regular intervals.

But without requiring such intensive monitoring and serious modifications at regular intervals. Simply put, in start-ups, the modifications that can be made are likely to greatly alter the original programming and/or activities that were originally decided to be offered. But without requiring such intensive monitoring and serious modifications at regular intervals.

What elements comprise a business plan;

The funds contained in a business plan can often differ, which is also noticeable by a simple search on the internet. However, they all have the same core and contain similar concepts. Let us see below its main parts and the importance of concepts and methodologies like SWOT Analysis.

1. Introduction / Summary

The introduction is always at the beginning of the business plan and describes the objectives of the plan and the business. It must be well written, as it is also the first image for the reader. It briefly mentions the purpose of writing. The contents of the plan, such as the mission and vision of the company, a few words about its activities (sale of goods or provision of services), and the content of the sections that follow in an analytical form.

2. Internal Environment / Description of the Company

The internal environment includes the company’s human, physical, technological, and financial resources. More specifically, a more detailed description is provided, and information is provided about its activities, management team and shareholders, objectives, organizational structure, personnel, target customers, comparative and competitive advantages, and performance.

3. External Environment / Marketing Plan

In the external environment, some factors act outside it but influence it. This is where research and analysis methodologies such as PESTLE Analysis appear, the initials created from the words Political, Economic, Sociological, Technological, Legal, and Environmental (Environmental factors).

4. Development Strategy

The strategic summary of the analysis of the internal and external environment of a company for decision-making with its goals is done by using the SWOT Analysis. Which lists the Strengths and Weaknesses of the internal environment but also the Opportunities and Threats of the external environment. The combination of the above is the shaping of the actions and actions of the company. At the level of marketing, internally, and at all levels of its development.

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5. Financial Plan

It is usually the chapter that closes the business plan and documents the financial goals and forecasts related to the analysis results. And the conclusions of the research carried out previously. That is why it must agree with the elements and objectives of the previous chapters. The time duration of the predicted sizes and results can even reach 3, 5, or 10 years. Depending on the purpose of each study and the time horizon required in each case. The importance of monitoring and modifying a company’s financial plan at regular intervals is great. As it is a period in which the entrepreneur or investor needs correct information,


It is crucial to realize that business plans are not only required for large corporations. But on the contrary, they must also exist in smaller ones. Through this, the entrepreneur’s path to achieving his goals is created. Of course, its drafting is not always easy or possible to do by him. It would certainly be especially useful for him to know the previously mentioned concepts.

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