Writing a project report can seem like an intimidating hurdle. You know that you need to put a
plan together to start a successful business, but you find yourself staring at a blank Word or
Google doc wondering what to do next.
Most people have a misconception that project report means just a projection document with
profitability, cash flow and balance sheet’ in it. But technically speaking, project report is a
socio-techno- economic feasibility report which assess the viability of a venture in 360 degree.
So the report should be in depth covering all aspect of the business.
In fact, it’s possible to write your initial project report in less than 15 minutes.
Use our application Finline ( www.finline.in ) and follow the steps as mentioned in the tutorial. You can find it’s so
easy to create the project report needed for your company. More over creating the project
report by yourself gives you a lot of inputs in the area of marketing and make you equipped in
planning the resources in a better way.
When you’re writing a project report for yourself, please mind the following things:
- To keep it simple and concise. Make the business details simple and use
understandable language for the same. - Be honest in financials – Use genuine inputs for financials especially in your income and
expense. Because lots of financial ratios were depends on the inputs and the higher and
lower band of financial ratios may lead you away from getting a loan. - To be more nimble. Report should be more live and should contain all the details of the
institution. By reading your project report, the banker/investor should understand the
business and also must know how you handle things.
The Business inputs must include the following things:
- Value proposition: If you’re at a party and someone asks you what your business does,
can you describe it in a single sentence? Your goal is to communicate the value you are
providing to your customers in a way that is as simple and direct as possible. - Market need: What’s the problem you solve for your customers? Why would they go
out shopping for a solution? Why does your business need to exist? If you’re not sure,
try talking to your potential customers and ask them what they might like about your
products or services. Why would they choose you over other alternatives? - Your solution: Describe your product or service and why it’s better than the
alternatives. Essentially, if someone asked you what you sell, what would your answer
be? - Target market: Describe your ideal customer. Who are they? Be as specific as
possible—age, gender, shopping habits, and so on. If you target different types of
people, create market segments for each group. - Competition: Every business has competition. Who do your customers buy from if they
aren’t going to buy from you? What makes your business and products better than the
alternatives that are out there? - Funding needs: Nearly every business needs some money to get off the ground. Think
about how much money you’ll need and how you plan on using it. Even if you’re starting
your business with your own savings or using credit card debt, it’s a good idea to plan on
how you will use the funds until you start making sales. - Sales channels: These are the places where you will sell your products. If you’re selling
online, your online store is a sales channel. If you also have a physical store, that’s
another sales channel. - Marketing activities: What will you do to market your business? If you plan on buying
advertising, list the types of advertising you plan on doing here. Remember, different
target markets might need different types of marketing activities to get your product in
front of them. - Budget and sales goals: How much is it going to cost to run your business? What sales
goals do you need to reach for your business to be a success? Don’t sweat the details to
start and just think in broad strokes to get a rough idea of how your business will work
financially. You can refine the details later. - Team: Even if you’re starting out with just you, write a few quick bullets about why
you’re the right person to run this business. If you need to hire key people in the future,
list those positions as well, even if you don’t know who specifically will fill those
positions right now.
