Great American inventor Thomas Edison once said: “Good fortune is what happens when opportunity meets with planning.” The success in business can also be broken down into two factors: an excellent business opportunity and a good business plan.
Every business needs a solid business plan. Without it, a promising company can stumble on its road to success. I’m not saying that a successful business always needs an organized written plan. Some people can do it in their heads.
However, these are exceptional cases. You have to come up with some excellent business plan ideas if you want to outrun your competitors.
What is a business plan?
A plan that makes your business successful is a business plan. Planning is a broad matter. You need to cover a lot of areas. That’s why giving a pinpoint definition of a business plan is not easy.
The most likely definition could be like this-” Business plan is a written document outlining the nature of the business, the financial condition, the sales, and marketing policy and the possible profit-loss outcome.”
Business plan writing is not an easy job. You would most likely need a financial advisor to create a perfect business plan outline. This article will give you some step by step outline to write a great business plan-
Research the business
Research is the most critical part of any plan. A good strategy needs proper research. Research your market, your product, and your customers. You need to have a good look at your competitors’ policies. What are their strengths and weakness?
Some people think researching and thinking is an extra part of the plan. No, they are not. Expert business advisors suggest spending much more time thinking and analyzing than writing the proposal. If you have partners, then you should make sure that they take active participation in researching.
You can brainstorm with your partners and come up with the best business plan ideas.
Determine the purpose
Before writing a business plan, you must determine its purpose. The plan may serve different purposes. You may want it for yourself or for your partners or for the investors.
The intention should be clear. You have to write a plan that targets your desired audience. Don’t exaggerate your purposes. Investors like a clear and concise business plan.
Build a company profile
The company profile covers the history of your corporation, what services or products you provide, your resources, your target customers and market, what moral values you uphold, and how it could make a difference to the overall situation. You can get a clear idea from our “About” page.
Now why it is so important? Well, this profile sums up what you exactly do. This does attract not only customers and investors but also your potential workers. It is the first written document of your business plan. So you may put considerable thought into this.
Document everything you need to document
A business, whether it’s small or big, has lots of documents. Everything needs to be recorded systematically. If anything gets missing, then it may mislead your potential investors.
Remember that the investors are putting their money on you, knowing that your business has potential. They want to know everything about your business. They don’t appreciate a business plan that has incomplete documents.
So include everything there has to cover. You may find some details too minor to mention, but from my experience, I know these small details sometimes have a lot more value than you can imagine.
Make the plan based on your audience
A plan means a little if your targeted audiences fail to understand it. Your business plan format should be clear and concise. Don’t use the language that has a dual meaning. It’s not some law writing. You get no benefit by confusing anybody.
Make sure who your target audiences are. For example, if you want a bank loan, you will have to give priority on balance sheets and cash-flow statements. If you want to attract venture capitalists, then you may want them to have a basic concept of your business and your management team.
Have a tactical marketing plan
The market is everything in business. If you can’t grab the market, you lose. So, in my opinion, the market plan is the core part of a business plan. You need to have a strategic marketing plan in the first place. Here are some critical notes to achieve a strategic marketing plan-
- Presenting new products.
- Exploring new attractions for existing products.
- Exploring new territories for the company.
- Advertising some specific products that you think would attract customers.
- Making a discount offer on comparatively old products. This will boost your sales.
- Cross-selling a significant product with a minor one.
- Adding new aspects to your existing products.
- Reduce your product manufacture and delivery time
Remember that there is always room for improvisation. If you find something strategically useful, then share your thoughts with your business advisors, partners, and investors.
Explain what you stand for
You may think it’s for advertising purpose, but I think it’s more about honesty and integrity. You need to make it clear why you are in this business and what more can you do.
People often exaggerate about these sorts of things. These are not good in the long run. People love honesty and hard work. They can sense it from your work and statement. So write what you believe and what you are really going to do.
Everyone has his/her unique vision about business. A business plan must reflect that vision. Try to make a plan that you really believe. Then it will be easier for you to materialize your idea.
You should aim for the highest possible outcome, and at the same time, you have to be careful that you don’t lose your vision and dream in the process.
I don’t think I cover all the prospects and areas of creating a business plan. It’s a very vast subject, to begin with. There could be a lot more things you want to know about the business plan. Our professional team will always be there for you to meet any of your queries about the business plan.