Business Plan is a Significant Part of Singapore Company Registration

Are you planning to incorporate a company in Singapore? It is worth your while to prepare a business plan in the initial stages of Singapore Company registration process. As a matter of fact, the plan plays an important part in any new venture. So, being a new entrepreneur, you must know the ins and outs of your plan.

Why do you need to create a well-designed business plan? The obvious reason is that it summarizes the operational and financial objectives of your venture. In short, it is a written document that describes prospects of your organization.

Importance of the Business Plan

Reiterating, what are the elements you must include in your business plan? A full-blown plan covers all the significant matters such as basic concepts behind a commercial enterprise, strategies or plan of actions, descriptions of products/services, marketing plan and so on, which contribute to making your Singapore company a success story. This blog will help you to get an idea of what a business plan is all about. 

Company incorporation Singapore

Develop a Breakthrough Business Plan for Company Registration Singapore

To begin with, developing a breakthrough business plan requires careful considerations, plenty of research and brainstorming ideas. You may hire someone to develop it on your behalf or do it yourself. You have to submit the plan at the time of Singapore company registration.

• Identify your business structure, determine the goals and develop the strategies. Getting to know core ideas about these aspects is paramount for the development of a robust business plan.
• Make sure to include the key ingredients in a plan such as company description, market strategies, details of the management team, competitive analysis, design & development plan, operational plan and financial resources of your organization.
• It must also include 'Executive Summary' - which summarizes the entire plan. It has to be precise and impressive as it acts as a key qualifier for the investors. It must contain some 'wow factors' to lure them to read further.
• Once you are done with the development of your plan, get it reviewed by someone who can offer an unbiased opinion on all of its aspects. A corporate firm like SBS Consulting can assist you with this. If needed, you may revise the plan as per the outcome of the review.

Use of Business Plan after Company Incorporation Singapore

Believe it or not, a business plan can be used for several things other than fulfilling compliance requirements of ACRA (Accounting & Corporate Regulatory Authority). Be it tracking your company's progress or enticing investors to invest in your organization.

• A well-designed business plan helps you in raising money. For money lenders, equity investors or venture capitalists, it acts as a testimony to your potential to generate sufficient cash flow in the future. It builds the credibility of your company for the investors.
• Emphasize on work environment, corporate culture and opportunities of growth in your plan. It may help you attract the talented employees to work for your company and positively affect its growth and expansion.
• A breakthrough plan may persuade a supplier to consider you as a worthy customer. The supplier may even agree to supply commodity on credit and favor you over your competitor.

Now, you might have understood why you need a business plan. It is a vital part of every company. Not only does it needed to meet the compliance requirement of Singapore company registration, but it also helps you bolster the prospective growth of your organization.

Contact us:
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: (65) 6536 0036
Email: info@sbsgroup.com.sg