When expanding the frontiers of business, there is an indispensability which emphasizes the 10 tools for business planning process as these are the mechanisms for bringing to fore the success of any business plan at all. Business is such a wide space that is filled with so much and so requires so much instrumental knowledge and skills before you are able to maneuver the stream.
The culture of planning commercial enterprise or the business planning process is a stringent continuum. And as the practice of making one’s living or making money by producing or buying and selling products is identified as business, there are some very careful methods of approach that need be taken in the bid to plan a business out successfully. Eight of these are outlined below:
Write an executive summary
Describe your company
State your business goals
Describe your products and services
Do your market research
Outline your marketing and sales plan
Perform a business financial analysis
Make financial projections
As said before, business is a wide circle that encompass diverse other fields which entail much of its rudiments. These are finance, accounting, commerce, information technology, Marketing, Human Resources, Manufacturing, Sales, Research and Development, etc.
The Process of Business Planning: Tools
In everything one does at all, there must be some equipment to be used or shall we just call them mechanisms? This is why we have to pay attention to the 10 tools for business planning process. By this, we mean things that assist the facilitation of the effective running and then success of business plans in the organization.
Upmetrics is a top business and financial planning software helping entrepreneurs and small business owners start and grow their businesses. Its 200 plus fully customizable sample business plans, video tutorials, well-written documentation, and go-to guides make writing a business plan a lot easier for someone new to business plan writing. The tool when bought is rated the most affordable, reliable, and best for beginners.
In fact, the creators of Upmetrics believe that creating a business plan requires no special qualifications, nor a degree in finance to draw financial projections. This tool speaks volumes of reviews and customer feedbacks; it thus makes it a go-to solution for budding entrepreneurs.
Enloop provides a wide range of advanced financial tools and business planning features. Enloop is an advanced business planning and financial forecasting tool helping business owners maximize the potential of their business venture.
Far from it. This is very different from Upmetrics and the other one called LivePlan.
Enloop is designed for individuals with prior financial knowledge and business planning experience. Understanding all of its functionalities is tough, but it has a lot to offer once you figure out its basic functionalities. Still, it’s not the most intuitive and user-friendly application in this space, so it may take a while to get used to it.
Read Also: The 5 Components of Business Management
If your business is in the idea stage, choosing IdeaBuddy could be a very good idea as it helps you build a comprehensive business plan. IdeaBuddy is an innovative business plan software helping new-age entrepreneurs turn their ideas into successful business plans. Customizable templates, industry-based guides, and streamlined idea and business plan creation make it one of the most user-friendly applications on the list.
It is designed on a principle where users can develop, test, and launch their business idea—all in one place. While it’s great for idea creation, it may lack several comprehensive business planning features. Financial forecasting is vital to a business plan, but IdeaBuddy may not provide all the necessary financial tools for accurate projections.
LivePlan is one of the best and most renowned business planning, budgeting, and performance-tracking software for startups and small business owners. Whether you are a startup looking to attract potential investors or an established organization that needs help creating a forecast of your business’s financial future, LivePlan can help.
LivePlan simplifies the process of creating a professional business plan with its instruction manuals, tutorials, and expert guidance, whereas its automated financials built-in with formulas ensure precise financial forecasting.
iPlanner is an enterprise business plan software that has been helping entrepreneurs develop their business plans since 2007. It is suitable for businesses looking to secure funding, better understand and manage risks, or communicate the company’s business model and strategy to the team.
Though the business plan software has been around for over a decade now, it didn’t seem to cope with the technological advancements, so it may not provide the most intuitive and visually appealing user interface. But if you are searching for an affordable business planning and performance tracking tool with KPIs, analytics, and reporting features, iPlanner can be a good investment.
Planful is a business planning and financial performance management cloud software. It provides a structured framework for industry-wide businesses to develop, track, and execute their plans.
The tool specializes in financial performance management with advanced features like—financial close management, reporting, and consolidation.
While the tool has numerous advanced features and functionalities—they all come with a high price tag as it’s mainly designed for medium and large-scale enterprises.
7. PESTEL Analysis
This is an important planning tool used for understanding the external macro- level external factors that impact the working of an organization. It is a useful strategic tool for understanding market growth or decline, business position, potential and direction for operations.
Result of this analysis is used to identify threats and weaknesses while conducting a SWOT analysis.
PlanGuru is a business planning software that helps entrepreneurs make better decisions, increase profits, and accomplish their business goals through strategic business planning and accurate forecasting. Budgeting & financial analytics, rolling forecast, and strategic planning are three critical components of PlanGuru’s feature list.
PlanGuru specializes in forecasting financial statements, scenario analysis, budgeting, and gaining insights through reporting tools. It offers many advanced financial forecasting features but is quite expensive— making it unsuitable for startups with limited investment capital.
Bizplan is a comprehensive business plan software helping startups, entrepreneurs, and small business owners create business plans with direct access to planning experts. Financial tools help create detailed financial projections and financial and cash flow statements in no time, so entrepreneurs can spend more time growing and scaling their businesses.
The platform also has a fundraising tool to help startups connect with potential investors—which has already helped raise over $500 million for startups. It has all the features to create a basic business plan but may lack industry-specific guidance or assistance.
10. The Business Plan Shop
The Business Plan Shop is a business & financial planning and analysis platform for small and medium-sized business owners and financial advisors.
Its business plan templates make writing a business plan relatively easier for beginners. Despite its many features, the business plan software specializes in financial analysis, forecasting, and KPI tracking. It surely has a few advanced features but can be expensive for startups and small businesses.
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