Prepare a Business Plan for Your Company Incorporation Singapore

Are you planning to incorporate a company in Singapore? It is worth noting that you must prepare a business plan in the initial stage of company incorporation Singapore. It plays an important part in any new business venture. It is the foundation for your business. So, being a new entrepreneur, you must invest time to craft 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 a business venture. In short, it is a written document that describes prospects of your business. It tries to cover the ups and downs of your venture and your responses to them.

Develop a Breakthrough Business Plan for Your Proposed Singapore Company Registration

• To begin with, developing a detailed plan requires careful considerations, plenty of research and brainstorming ideas. You may hire someone to develop it on your behalf or can 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 in the initial stages. Getting to know core ideas about these aspects is paramount for the development of a robust plan.
• Make sure to include the key ingredients such as business description, market strategies, details of the management team, competitive analysis, design & development plan, operational plan and financial considerations of your business in your plan.
• 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.
• Get the business plan reviewed by an independent entity who can offer an unbiased opinion on all aspects of the plan. A corporate firm like SBS Consulting can assist you with this. If needed, you may consider revising it as per the review.

Use of Business Plan after Company Registration 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). You can use it to track your company's progress or enticing investors to invest in your business.

• A well-designed business plan helps you raise capital. 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 business in the eyes of the investors.
• Project your work environment, corporate culture and opportunities of growth through the plan. It is necessary to attract the talented employees to your startup.
• A well thought out plan may persuade a supplier to consider you as a worthy customer. The supplier may consider raising your credit limit and favor you over your competitor.

Reiterating, what are the elements you must include in your business plan? A full-blown plan covers all the significant matters such as basic business concept, strategies or plan of actions, descriptions of products/services, marketing plan and so on, which contribute to making your Singapore business success.

Now, you might have understood why you need a business plan. It is a vital part of every business. Not only does it required to meet the compliance requirement of your company incorporation Singapore, but it also helps you in projecting the growth of your business to the people that matter.

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