Business plans are the tools that help the business leaders to understand and visualize the business before making any investment decisions. Most of the times, business ideas at a superficial level looks very promising, but deeper analysis will unravel the various operational challenges, risks, intense competition, lack of demand, regulatory restrictions, possibility of becoming obsolete etc. Traditionally business plans are mostly used by entrepreneurs who start with a new business, but our experience shows that business plans are effectively used in the following circumstances to make key business decisions.1. Existing businesses venturing into a new area2. Existing businesses planning to expand their operation3. Existing businesses that would like to analyze and evaluate their current business model4. Businesses seeking regulatory approval5. Busineses approaching financial institutions for capital and working capital financing
Most of the business plans prepared today are falling under one of these three types. One, a software helps the entrepreneur to prepare the business plan. Second, templates sold on online that helps the entrepreneur to prepare the business plan. Third, dedicated business plan experts or consultants, who prepare the business plan. Fhyzics business plan falls under the third category, that is, a group of dedicated business consultants who craft the business plan. Now the question is, how Fhyzics business plan is different from the other types of business plans, the ones that is made by a software or a template. In case of software and template based business plans these are predominantly sold in internet. Just think for a moment, if a software is able to come out with a best business plan for you, then today all across the world we should be having successful businesses.
Or if a template is helping you to come out with a best business plan then you will find the same. But that is not the truth. Kind of like studies after studies shows that businesses that are crossing like 3 years, any new businesses that is crossing 3 years is really a rare commodity. Only a few percentage survives after 3 years. the main reason is this software and templates is trying to fit one particular approach for all the businesses which is very far from truth. So how Fhyzics business plan is different from the first two types that is we say software and template based business plans. In case of Fhyzics business plans a group of consultants works dedicatedly on your business plan, they will be on constant interaction with you and this is not developed in a day or two but it takes almost 45 days to prepare your business plan. And every week the consultants will have interaction with you sometimes on daily exchanging emails so lot of interaction and research happens while preparing your business plan.
Fhyzics has a strong foundation in Business Analysis, Requirements Engineering and New Product Development & Innovation. This is very much evident from our association with the three leading global organizations that is International Institute of Business Analysis IIBA®, Canada, International Requirements Engineering Board IREB®, Germany, & Product Development and Management Association, PDMA, USA. As an organization we are providing business analysis services to companies all across the world and trains business analysts to excel in the business analysis activities.
Fhyzics Business Plan is not simply a business plan it is not just we document what were the things we talked about but rather I would say it is a Business Design Cum Plan. The reason is, when we analyze your proposed business we ensure that your business is fundamentally strong. And for that we build various aspects into your business idea so that it is becoming a successful business model.
This video series consists of more than 60 videos on business analysis addressing the questions of both business analysis aspirants and experienced BAs. The videos are on topics ranging from what is business analysis? To advanced topics on business analysis and questions related to techniques, best practices etc.
Fhyzics business plan team consists of Principal Consultant, AVP [Business Analysis], Business Consultants and Research Analyst. Our team works out of four offices in Chennai, Bengaluru and Mumbai led by Principal Consultant Mr. Venkadesh Narayanan. Our team members hold bachelor and master qualifications in engineering and management with diversified skills such as business analysis, financial analysis, requirements engineering, new product development, supply chain management, website design, SEO, digital marketing, graphic designs, content marketing, content design, customer relationship management etc. Our consultants holds the following professional global certifications:
Certified Supply Chain Professional (CSCP), APICS, USACertified Business Analysis Professional (CBAP®), IIBA®, CanadaCertified PMI - Professional in Business Analysis (PMI-PBA®), USANew Product Development Professional (NPDP), USACertified Professional in Requirements Engineering (CPRE-FL), IREB®, GermanyCertified Business Process Professional (CBPP), ABPMP, USACertified in Production and Inventory Management (BSCM), APICS, USACertified in Lean from Society of Manufacturing Engineers, USACertified in Six Sigma from Motorola University, USACertificate in Hospital Management, Sankara Nethralaya, ChennaiHubSpot Sales Software Certified, HubSpot Academy, USA
♦ Necessity is the mother of all inventions. The same way there shall be a need or problem in the market place for a business to exist. Identification and defining of the need or the problem is a crucial step. Without a problem to be solved, no business exists. Problems prompt the creation of the businesses and not the other way round ♦ Defining the customer profile and customer personas who will be buying the product and service from the proposed business and market segmentation ♦ What is the size of the market both in terms of number of units and dollars? ♦ Identification of the relevant stakeholders for the business venture and establishment of their role
♦ Ansoff Matrix♦ BCG Matrix ♦ Business Model Canvas♦ Business Case ♦ CATWOE
If you are interested to go through these 100+ techniques that we use as part of our business plan, research analysis and development you can download this booklet from our website Click Here
♦ Elicitation is the process of gathering information from the stakeholders. If there are 1000 questions to be asked, then this is the right time to identify all those questions♦ Stakeholders will be asked questions which may be open ended or closed ended or by conducting interviews which my be structured or unstructured♦ Questioning discovers needs that the customer is unaware of and determines internal assumptions about customer needs
♦ Brainstorming ♦ Interview ♦ Survey or Questionnaire ♦ Stakeholder List/Maps/Personas ♦ Focus Groups
♦ Research is defined as the systematic investigation of material sources to establish facts for making an informed decision ♦ Research includes Primary Research and Secondary research♦ Primary research involves gathering data which has not been collected before ♦ Conducting surveys, interviews among focus group and collecting fresh data is primary research♦ Secondary research involves the use of relevant information that is already available Collecting data from government websites, technical documents etc ♦ Research aids in the deeper understanding of the subject matter concerned
♦ Background Research ♦ Document Analysis ♦ Activity Sampling ♦ Market Research ♦ Data Mining
♦ Identify the primary, secondary and management processes of the proposed business concept and prepare the process maps for them ♦ Analysing is a process of examining data (research outcomes) and understanding the various cause-effect relationships among constituents to provide a basis for decision-making approach♦ Business plan analysis includes conducting a feasibility study to determine the viability of the project in terms of financial, technical and business environment aspects♦ It also analyses the impact of various market forces, strengths and weaknesses of the organization and associated risks with a particular course of action
♦ Process Analysis ♦ Cultural Analysis ♦ System Event Analysis ♦ Interface Analysis ♦ Risk Analysis
♦ The fully analyzed resulted are validated using alternative methods
♦ Acceptance/Evaluation criteria ♦ Metrics and Key Performance Indicators ♦ Feasibility Study ♦ Reviews ♦ Benchmarking
♦ Flow Charts♦ Matrix♦ Tables♦ Attributes♦ Data Flow Diagrams♦ Glossary etc.
You may have a question that when we sign up a business plan agreement with one of our client where do we start. What is the approach? Basically we start from ground zero, that is we start from scratch we don't pre-assume anything but we start from ground zero and build your business plan over the next few weeks. Fhyzics business plans are built, analyzed and built based on the business analysis principles established by Business Analysis Body of Knowledge version-3 issued by International Institute of Business Analysis, Canada. And during the process of building your business plan we use almost 100+ business analysis techniques to ensure that your business is validated.
1. Requirements GatheringRequirements are defined as a representation of need, problem or opportunity. Gathering requirements are essential for understanding the needs of the stakeholder. The preliminary phase involves discussion with the client to completely define the purpose of the business, objectives, and goals, prioritizing requirements, and minutes of the meeting shall be shared with the client.
2. Estimate Estimation involves deciding on the scope of the business plan, budget, time, project limitations etc.
3. Agreement & NDA How is my IPR protected? that may be the question that you may be having. Here as soon as you register with Fhyzics for the business plan Fhyzics will, the team of consultants and research analyst working on this project will sign up the NDA that is Non-Disclosure Agreement, the format is available in our site. And they will also sign an agreement with you, and this will fully protect the intellectual property rights of the idea on the business being discussed with Fhyzics. A detailed contract agreement describing the business plan, work that has to be carried out, terms and conditions and other necessary information shall be signed by both the parties etc. A mutual Non-disclosure agreement shall be signed by both the parties ensuring protected communication.
4. Review MeetingsDepending on the time and availability of clients review shall happen twice a week to discuss and monitor the progress of the Business plan. Change requests, scope modification if any shall be reviewed and updated to the project charter.
5. DeliverablesBusiness Plan has the following deliverables:I. Executive Summary:It is a brief summary of the business plan outlining the business goals and objectives, audience profile, target market, financial terms etc.
II. Business Plan Document:A detailed report containing the purpose, organization structure, business activities involved, products and services offered, market analysis, feasibility study, marketing plan, financial aspects viz. cash –flow, payback return on investment, performance indicators, risk mitigation, sustainable practices etc.
III. Process Maps:Fhyzics business plans are process-centric business plans that means we identify and define the primary, secondary and management processes and these processes are well developed and that goes through a detailed research. A process map visually detailing the flow of activities in a process and describing the sequence of operations from beginning to end. Click here for download sample Process Map.
IV. Capability Mapping:The old definition of an organization goes like this, organization is a group of people working together to achieve a common goal. But now we are trying to look at in a unique perspective. We define an organization is a group of capabilities brought together by people, processes and systems. Basically, all these capabilities, that is, the capabilities from people, processes and systems, they are seamlessly integrated in a business and they are working like an orchestra to produce a music, that is, the product or service what you are going to deliver and again an organization is producing certain capabilities which is helping the customers or solving the problem of a customer.
V. Presentation:Creating a winning presentation for the investors and key stakeholders for your fund-raising efforts.