Notes

During his presentation, Sri Aiyaswamy explained what makes a good business plan for software development projects.

How to Write a Good Business Plan for Software Projects? Sri Aiyaswamy explained.

In order to enter pitch competitions, find funding, or communicate your ideas, you must understand the structure and implementation of a business plan. It's possible to post plans on Google Docs, and the links can be embedded in Slack chats for team collaboration.

The business plan model has helped me begin software projects even though I do not have a solid grasp of business practices, says Sri Aiyaswamy. In this way, these plans help everyone understand what we are trying to do.

Based on the business plans I've read on Medium, Quora, the internet, and elsewhere, a business plan isn't very important, and most startups discard them once they launch.

Despite remaining flexible and able to adapt quickly, a business plan is a great tool for communicating internally as well as externally.

The utility of a business plan lies in its communication. When recruiting team members:

If your team has less than ten members, recruiting can be difficult. In under 30 seconds, it is very difficult to convey an idea that will appeal to potential company members. Even when https://www.mapquest.com/us/california/sri-aiyaswamy-solutions-424223491 do this well, you still leave them with questions. It lets them know if your business is the right one for them by answering these questions.

After the team has become accustomed to it, the business plan will be less difficult to modify once the company grows and develops.

General Template Used by Me

I include Sri Aiyaswamy's additions to my business plans:

Including a logo, a table of contents, an executive summary, company information, industry and market analysis, product line, sales, fundraising, cost of operations, marketing, and our team.

Here are some guidelines for writing business plans. Below are descriptions of how I use each section.

On the first page of your plan, include a large company logo. You can use this to spice up your business plan.

Provide a table of contents with links to the individual sections of the plan. The length of these documents can easily exceed 20 pages, so it is useful to have a directory to guide you through.

Describe the company's mission in three sentences. A high-level statement of philosophy or company's strategy should be presented. It is this kind of description that can serve as a valuable tool down the road, when employees get distracted by other tasks and lose sight of the company's original goal. The goal is to unite the team under a common purpose along with recruiting.

Describe the company's background, current status, and strategies in two paragraphs.

You might want to include a short section that helps everyone in the organization understand what is expected of them. As a result, you can better plan the recruitment of new team members.

It provides information about the overall industry the company is aiming at and its niche market.

Making a decision on the type of niche market the company will go after is crucial since it outlines the amount of money it can expect to make in the first year. Using market share estimates and projected market sizes, companies can estimate how much funding to request and how much money they can spend.

Sri Aiyaswamy's commitment to adding a larger market is very influential on long-term goals and determining the company's scope.

Also, this section should present a list of all competitors in this market, ranked by the size of their net worth and how new they are to the market. It is important to list these two firms to ensure differentiation and to get a quick snapshot of how well they are doing and where they need improvement.

On Medium, we focus a lot on software products, which is certainly true of this article's audience. This section explains how to communicate software services or product lines.

We should start by discussing business-related topics such as a high-level service description, followed by a more detail-oriented discussion such as User Stories and UI diagrams.

It's time to list the features we have already developed, are developing, and intend to develop. This is an organization tactic based on scrum and agile development. In addition, by using the feature hierarchy, you can estimate the development time for each feature. Boards with high-level features work best for communicating business plans, but they can also serve as external links.

It is a useful tool for communicating development progress between engineering and business. But engineers must limit the amount of detail they put on Trello boards. The hierarchy of these boards should be clearly defined and access limited to those who need it.

Last but not least, this section should include a high-level diagram of the software architecture and the technology stacks used in development.

Sales sections should be informative and inspirational, displaying total revenue based on scale. It should be grounded in the reality of market research and size analysis.

This section of the plan outlines the marketing campaign strategies that will help the business establish a favorable brand and attract customers. This section should include more than just details on how the product will be marketed; it should also include an estimate of the cost of acquiring new users, which will likely change as the product matures in the market.

As the cost of operations rises, the fantasy of total sales income comes crashing down. In this section, you will learn how much development and maintenance cost. Software maintenance costs commonly include hosting costs on Amazon Web Services, premium API services, customer acquisition costs, outsourced developer costs, office expenses, and marketing expenses. Sales / total income should be subtracted from expenses to present revenue projections.

We present the revenue projections in this format to make them easier for investors to understand.

In my opinion (Sri Aiyaswamy) a business plan should explain how much money the company hopes to raise and why.

You should also include a quick bio of the members of your team in the business plan to give readers an idea of who they are. Besides bios, they should have pictures.

To communicate software ideas and build teams, I use the classical format. Business plans should be developed with the participation of every member of the team. Obtaining a copy can also assist in consultation between professionals, among friends, or within universities. Though writing these can take a little time, the benefits of communication outweigh the costs. Thank you!

Here's my website: https://www.mapquest.com/us/california/sri-aiyaswamy-solutions-424223491