But how can you know that the idea you have chosen is capable of succeeding and making a profit?A business idea is the creation of a new business or an idea used for organizing a new field in an operating business. In order to assess a business idea, it is necessary to take the following steps:
The dictionary of economic terms says the following about the business plan:
“A business plan is a plan or programme that reflects the conduct of activities, the activities of a company, information about the company, its output, production, market, marketing, the nature of operations and the level of their effectiveness; it is a document that stipulates the spheres of activity of an economic entity and determines the main financial results expected from its development in the future. This document contains information about the volume of sales for the coming years, sales money, production expenses, the level of general revenues and profitability and the return of credits. Auditors use the business plan to check the efficiency and authenticity of the work of the economic entity they inspect.”
To put it simply, a business plan is a document that contains the business opportunities and prospects of a new or existing business and at the same time, clearly reflects ways of implementing these opportunities. In general, planning is regarded as the norm for any business. In our opinion, we would not be wrong if we considered the business plan to be the basis not just for commercial projects, but also for the management of a future or existing business. It is the business plan that makes it possible to look at an idea from the side.
The main purpose in compiling a business plan is to get a loan or attract investments, determine the strategic and tactical development of an enterprise and so on.
There are four main reasons for compiling a business plan:
1. An opportunity to see a problem on paper (business plan) before it arises
2. The impossibility of attracting investments without a business plan
3. The business plan makes it possible to get to know an economic entity better, and this document is one of the most important requirements of the civilized market
4. The business plan is an important monitoring and management tool
Thus, the business plan is the starting point and basis for well-thought out ideas in business activities and is a single source of strategic information about its implementation. Along with that, the business plan has the ability to directly affect all the results that will be acquired in the process of implementing an idea
Why should you choose AzEcoConsulting?
- • Over 20 years of experience in the field of consulting services
- • Over 20 international projects
- • Support in establishing more than 200 international companies
- • Participation in more than 2000 projects
- • Over 200 marketing research and studies
- • Development of more than 600 business plans
- • Development of more than 20 feasibility studies
- • 20 local and 6 foreign experts