Are you planning to start a business in Malaysia? Do you have a running business? If the answer to any of this question is yes, you need a good business plan to help you move your business to the next level. Unfortunately, many businesses may not have a slight idea on how to write a good business plan. This article looks at the qualities you must include in your business plan Malaysia.
The Purpose/Objective of the Business
A good business plan should be modeled around the objective of your business. If your business’ objective is to attract investors, the business plan must be crafted around this goal. If the business objective is to become a leader in a given industry, the plan should be management- oriented. The point is that a good business plan should fit the business needs and should help the business achieve its objectives.
It Should Be Realistic and Easy to Implement
Realism is the second most important measure of a business plan. Ensure that you incorporate ideas that can be implemented. A business plan that is brilliantly researched and written but difficult to implement may not help your business. Similarly, a plan that requires millions of dollars to implement may not be helpful to a business that is struggling to make the first one million dollars. Similarly, a plan that ignores fatal flaws may not be appropriate for your business.
It Should Be Specific
A good business plan Malaysia should include the tasks to be accomplished, deadlines, forecasts, dates and metrics. In other words, a good business plan should be measurable. You need to ask yourself how you will know whether you have followed the plan or not, how to track the actual results and how to tell whether you are on track or not.
A good business plan should identify a single person that will be responsible for important tasks and functions. If the plan has tasks that are not assigned to anyone, such tasks may not be implemented. Go through your business plan and identify the persons responsible for implementing every aspect of the plan.
It Should Identify Assumptions
Since business plans are done by humans, it is important that they show the assumptions and keep them visible. This can help when revising them.
Should Be Communicated and Understood By People to Run It
A good plan should be communicated to the implementers. They should understand it. Consequently, locking your business plan in your draw will hot help the business.
This refers to the process surrounding the business plan. The management should deliberately take the business plan to the employees so that they can identify themselves with the plan and commit themselves to it.
Keeping it Alive
Having all these features in your business plan will not help your business unless you bring the planning process to the rest of the team and keep it alive. Ensure that you include them in the review and course correction. A good business plan should be dynamic and flexible.