Every business should have a written business plan. Regardless of its purpose, determining a direction or attracting investors, a business plan is critical to the success of an organization. But how do you write a business plan?
SBA.gov recommends business plans, including:
Executive Summary - Your Business Image
Company Details - Tell us what you do
Market Analysis - Research on industry, market and competitors.
Organization and Management - The structure and management of your business
Service, product or service provided
Marketing and Sales - How to Market Your Business and Sales Strategy
Loan Request - How much money you need for 3 to 5 years
Financial Forecasting - Provides information such as balance sheets.
Attachments - short history and permission add-ons
However, getting started is difficult. So, here are seven steps to writing a perfect business plan.
1. Look, look, look
Senior financial management executive William Paraglia writes and writes "Research and analyze products, markets and specific experience." Remember that you spend twice as much time evaluating and thinking about your business plan.
"To properly draw a map, you need to know the company, the product, the competition and the market carefully."
It is your duty to know everything about the commercial and industrial companies you provide. Read what you love about the industry and talk to your audience.
Related: Do You Need a Business Plan?
2. Set goals for your plan.
The Business Plan for Entrepreneurs is "a written document that contains information about your business ideas, marketing and sales strategies, your financial background and income." However, your business plan can serve many purposes.
The operator said "This is a road map that helps the business community to plan for the future and make them successful." It is important to remember that you are making money or starting your own business. However, if you want to attract investors, your plan will have different goals and you will need to write a clear and concise plan. When deciding on your plan, make sure you set immediate goals.
Affiliation: 3 requests to help you write your business plan
3. Create a company profile
Your company information, your company history, the products or services you offer, your target market, target audiences, sources and solutions and what makes your business unique. When I create my company profile, I put it on the "About" page.
Company files are often found on the company's website, and are used to attract customers and potential customers. However, you can use your profile to describe the company in your business plan, not just an important component of your business plan. Still one of the first business plans
Having a profile makes the process easier.
Relationships: Analyze a Marketplace of Your Business Plan.
4. Document all aspects of your business.
Investors want to make sure their business is making money. With this expectation, investors want to know everything about your business. To help with this process, write down all costs, cash flows, and industry estimates. Don't forget the little details that look like website tricks and license agreements.
5. Do you have a strategic marketing plan?
A good business plan always has a strategic and proactive marketing plan. This includes pursuing marketing objectives such as:
Introducing new products
Expand or redeem the existing products market
Entering new territories for the company
Increase sales in a particular product, market or price range. Where does this business come from? Exactly.
Cross-selling (or bundling) one product with another
Engages in long-term contracts with desirable clients
Increase prices without reducing sales figures
Modifying a product
There is a content marketing strategy
Improves production / product distribution
"Every marketing objective should have a number of objectives (sub-categories of goals) and strategies to achieve those goals," says the entrepreneur.
“In the Objectives section of your marketing plan, you focus on the number of marketing jobs for the upcoming year and why. In the Implementation section, you focus on the practical, sweat and callus areas of who, where, when and how. This is the life in marketing streams. ”
Of course, there will be costs involved in achieving marketing goals. “Every activity you have planned for your marketing plan requires a section that budgets you,” says the entrepreneur. It is beneficial for you to create separate budgets for internal time (staff time) and external expenses (out of pocket). Expenses).
Related: Why You Should Have a Business Plan
6. Make it adaptable based on your audience.
“Potential readers of a business plan are a diverse group of bankers, venture capitalists and employees,” says the entrepreneur. “It's a diverse group, but it's a limited group. Each type of reader has some particular interests. If you know these interests, you can ensure that they are taken into account when making a plan for a specific audience. ”
For example, bankers will be more interested in balance sheets and cash flow statements, while venture capitalists will look at the basic business idea and your management team. However, the manager of your team will use the plan to "remind themselves of the goals".
For this reason, make sure your plan can be revised depending on the audience you are reading. However, limit these changes from one plan to another. This means that when sharing financial projections, you must keep that data across the board.
Related: 7 Steps to Successful Business Instruction
7. Explain why you care.
Whether you share your plan with an investor, customer, or team member, your plan should show that you are interested and dedicated, and that you care about your business and plan. You can discuss the mistakes you've learned, list the problems you want to solve, describe your values, and establish what sets you apart from the competition.
When I started my payment company, I set out to conquer the world. I wanted to change the way payments were made and make it easy for anyone anywhere in the world to pay for it free of charge. I explained why I wanted to make it. It shows my passion through everything I do.
By explaining why you care about your business, you create an emotional connection with others so they can move your organization forward.