Writing a Business Plan? Here’s all that you must follow

Last Updated at: January 21, 2020
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Writing a Business Plan_ Here's all that you must follow

Imagine…you want to show a forecasted report of your business to an investor or potential partner. What will you do? Do you make it in a hurry or do proper research. Your answer would obviously be a plan backed by proper research. A business plan is a roadmap of your business. The success of a business largely depends on it.

If a business plan is carried out and written in a well-formatted way, it is the best option to organize and manage your business in the most efficient ways. More than anything, business plans act as a step-by-step guide to achieve the milestones and the desired objectives of your organization.

While writing a business plan, you need to include essential information and follow some important steps.

Things to be kept in mind before writing a business plan

  • Short and simple: Instead of elaborating and adding unnecessary details, the plan must follow a simple format. With this, the plan can also be revised and reviewed quickly.
  • Targeted audience: The plan must be made following the demands of your targeted audience. Provide complete specifications according to the consumers, employees, and investors.
  • It’s an easy task: While making a business plan might seem like a complicated task, it isn’t. Even a one-page document works perfectly, the only condition being it involves all the details and proper working.

According to Deborah Sweeney, CEO of My Corporation, a lean business plan can be about a page long and cover key areas such as your business’s value proposition, key partnerships, customer segments and channels, and revenue streams. This format may not be sufficient if you need to present your business plan to lenders or investors, but it can be an efficient format to use if you’re short on time or if you think you’ll be changing your business plan frequently.

Guidance to write your Business Plan

How to write the perfect business plan?

The business plan is not just a piece of paper. Instead, it determines the working, the success, and failure of your business. It involves the thick and thin of your business. After all the struggle with ideas, the next step is putting all of it out on the paper and getting working on them. The steps and details to be included while writing a business plan include the following:

  1. Company overview:

    The first and foremost thing must consist of all the information on the company, including the name, logo, visions, history, year of establishment, what it is based on and all of it. It must also include how the company caters to and solves the problems of any industry in a way different and exclusive from others.

  2. Market research and analysis:

    As per the experts, one must spend more time on research and understanding the trends of the market before finally dropping it on paper and coming to conclusions. The market analysis and research strategies build up the base of the business. One must have in-depth knowledge of the competitors, the investors and above all their customers, to cater well to each of them and build mutual trust and communications.

  1. Organization, purpose, and management:

    The business plan should mandatorily contain how the business will be managed and by whom, the purpose and tasks of the people involved and the organizational strategies that will be followed for the proper and smooth execution of the plan. Even while cooking food, the ingredients have to be added in a specific order, and similarly, for the business, a proper chronology has to be followed. 

  2. Finances and accounts:

    The business plan must contain the cash flow process, and in case of investors, the amount to be invested and the profit expectations as per the market statistics. Additionally, it must also explain both short and long-term amount requirements and how the investors will benefit from investing in the business.

  3. Adaptable:

    The plan must be such that it be changed or improved from time to time. If one of the strategies does not succeed, a backup method must be there. This allows the business to be executed in a hassle-free manner. Also, without having to stress a lot on the failures of a procedure.

  4. Marketing strategies:

    At the end, the business is all about the market. The better way in which the product is put to the customers, the more there are chances of progress. Various strategies must be opted from time to time to build an active market, which includes: 

  • Refining and introducing new products and services at regular intervals.
  • Building relations with clients, along with long-term contracts.
  • Methods of product delivery to the customers must be enhanced.
  • Strategies to expand the business across new places.

10. Summary:

It is like a full context. Right from the basic idea to the final aim that has to be achieved, and the procedure that will be followed throughout the process, the summary must include all of it. 

Conclusion

Over 70% of the business and start-ups end up dissolving within ten years. So, why not be among the 30% of the successful ones by following smart strategies for business execution. Make a business plan incorporating the background of the founding team, the business model that may you have, market analysis report and an estimate of financial performance.

 

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Writing a Business Plan? Here’s all that you must follow

326

Imagine…you want to show a forecasted report of your business to an investor or potential partner. What will you do? Do you make it in a hurry or do proper research. Your answer would obviously be a plan backed by proper research. A business plan is a roadmap of your business. The success of a business largely depends on it.

If a business plan is carried out and written in a well-formatted way, it is the best option to organize and manage your business in the most efficient ways. More than anything, business plans act as a step-by-step guide to achieve the milestones and the desired objectives of your organization.

While writing a business plan, you need to include essential information and follow some important steps.

Things to be kept in mind before writing a business plan

  • Short and simple: Instead of elaborating and adding unnecessary details, the plan must follow a simple format. With this, the plan can also be revised and reviewed quickly.
  • Targeted audience: The plan must be made following the demands of your targeted audience. Provide complete specifications according to the consumers, employees, and investors.
  • It’s an easy task: While making a business plan might seem like a complicated task, it isn’t. Even a one-page document works perfectly, the only condition being it involves all the details and proper working.

According to Deborah Sweeney, CEO of My Corporation, a lean business plan can be about a page long and cover key areas such as your business’s value proposition, key partnerships, customer segments and channels, and revenue streams. This format may not be sufficient if you need to present your business plan to lenders or investors, but it can be an efficient format to use if you’re short on time or if you think you’ll be changing your business plan frequently.

Guidance to write your Business Plan

How to write the perfect business plan?

The business plan is not just a piece of paper. Instead, it determines the working, the success, and failure of your business. It involves the thick and thin of your business. After all the struggle with ideas, the next step is putting all of it out on the paper and getting working on them. The steps and details to be included while writing a business plan include the following:

  1. Company overview:

    The first and foremost thing must consist of all the information on the company, including the name, logo, visions, history, year of establishment, what it is based on and all of it. It must also include how the company caters to and solves the problems of any industry in a way different and exclusive from others.

  2. Market research and analysis:

    As per the experts, one must spend more time on research and understanding the trends of the market before finally dropping it on paper and coming to conclusions. The market analysis and research strategies build up the base of the business. One must have in-depth knowledge of the competitors, the investors and above all their customers, to cater well to each of them and build mutual trust and communications.

  1. Organization, purpose, and management:

    The business plan should mandatorily contain how the business will be managed and by whom, the purpose and tasks of the people involved and the organizational strategies that will be followed for the proper and smooth execution of the plan. Even while cooking food, the ingredients have to be added in a specific order, and similarly, for the business, a proper chronology has to be followed. 

  2. Finances and accounts:

    The business plan must contain the cash flow process, and in case of investors, the amount to be invested and the profit expectations as per the market statistics. Additionally, it must also explain both short and long-term amount requirements and how the investors will benefit from investing in the business.

  3. Adaptable:

    The plan must be such that it be changed or improved from time to time. If one of the strategies does not succeed, a backup method must be there. This allows the business to be executed in a hassle-free manner. Also, without having to stress a lot on the failures of a procedure.

  4. Marketing strategies:

    At the end, the business is all about the market. The better way in which the product is put to the customers, the more there are chances of progress. Various strategies must be opted from time to time to build an active market, which includes: 

  • Refining and introducing new products and services at regular intervals.
  • Building relations with clients, along with long-term contracts.
  • Methods of product delivery to the customers must be enhanced.
  • Strategies to expand the business across new places.

10. Summary:

It is like a full context. Right from the basic idea to the final aim that has to be achieved, and the procedure that will be followed throughout the process, the summary must include all of it. 

Conclusion

Over 70% of the business and start-ups end up dissolving within ten years. So, why not be among the 30% of the successful ones by following smart strategies for business execution. Make a business plan incorporating the background of the founding team, the business model that may you have, market analysis report and an estimate of financial performance.

 

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