A business plan can typically have different uses, like to obtain funding from investors, or to increase business efficiency. Irrespective of the use, a business plan needs to be well drafted in order to serve its purpose. From an investment perspective, while a well drafted business plan cannot guarantee funding, it certainly improves the chances of getting funded.

It is interesting to analyze how entrepreneurs react to certain business terms like operations strategy or business model. In my experience, the outcomes range from absolute disdain to an extended discussion around the “nuts and bolts of their business”. Again, it is difficult to generalize, but the more mature a business, greater is the ‘evolvement’ from “a brilliant idea to sustainability” with an acceptance towards the importance of planning and structuring. At that point in time, a so called fashion statement becomes a necessity and creating a business model a reality.

Business planning is becoming an integral part of the startup ecosystem. A well crafted business plan gives shape to budding ideas, showcases the unique proposition of the business and highlights the fiscal potential that might attract potential investors to fund the project.