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Now that you have the structure for your business plan, here are some final tips. Firstly, make sure your plan is as clear and direct as possible.
As any business owner will tell you, running a business requires vision, and having a roadmap to focus that vision will set you up for success.
Sources: (Forbes)
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While working on your business plan, make sure you have as much information as possible, so you can simplify it to the most relevant information.
In summary, business plans are essential for businesses of all sizes. They help to define where your business is and where you want it to go.
It is also imperative that your plan is spelling and grammar error-free. Check, check, and check again before sending anything to investors or other stakeholders.
Next on your list should be marketing and sales costs. Investing in people to get your brand name out there is as important as having a business that runs properly.
There are several different costs to consider, the main one usually being rent. If you will have an office or a warehouse, this is normally your first big cost.
Then come the financial plans. In addition to financial goals, it is important to have detailed plans that set out your weekly, monthly, and annual spending.
If you plan for your business to be fully remote, the replacement cost for your rent will be the software that keeps your online operation running.
From pandemics to extreme weather, there will always be unanticipated costs to your business. Be sure to factor these possible costs into plans so you’re not caught offguard.
Establish exactly which market you will be entering, and work out what differentiates your business from competitors.
Next you should describe the results of your market research. Market research is essential if you want to ensure that your product or service fills a gap.
Use this section of the plan to describe how your business will situate itself in the industry and why it will have a competitive advantage.
Although it is impossible to anticipate which unknowns will arise, if there is anything COVID-19 has taught us, it’s to expect the unexpected.
Intangible goals are also important for direction. They might include, for example, seeing your business’ advertisement reach the general public.
It is helpful to think of goals in two different baskets: numbers-based and intangible. Numbers-based goals include financial goals, of course, but there are others to consider.
Next, you should have a section where you describe your product or service. What exactly will you be selling and how does it respond to market demand?
If you have any patents or trademarks, you should include those in this section, as well as your pricing strategy and any visual aids.
For example, you may want to attach a number to your brand awareness goals. Perhaps you want to hit a certain number of followers across your social media accounts.
It is also a good idea to include information about ownership in this section, as well as a short description of the company history and evolution.
It should also include the legal form of your business, i.e. whether it will be a sole proprietorship, limited liability company (LLC), partnership, or corporation.
In your company description, you should include your business’ registered name, your business address, and any key employees that will be involved.
Enlist the help of some thought partners to review all the possibilities and determine which one is the best.
Once you have the executive summary in place, start to work on the company description. This is where you go into detail about your business.
The executive summary is arguably the most important section of a business plan. This is your choice to describe your business in a nutshell and grab investors’ attention.
There are a number of possible styles when it comes to drafting an executive summary, so take your time and list out all your options.
The executive summary should communicate your business’ name, products or services, and the relevant market, all within an elevator pitch-style sentence.
As you move forward with your business, goals will become paramount. Whether financial or non-financial, goals are essential when it comes to assessing progress.
When it comes to running a business, planning is paramount. Businesspeople use plans to help them prioritize, guide decision-making, and secure investment. Of course, as with anything we do, life can get in the way. So it's important to have some level of flexibility in your plans and be ready to compromise when you have to.
However, without a solid plan to lay the foundations, it will be very difficult to keep your goals in sight and do your business the justice it deserves. With this in mind, check out the following gallery for some tips on how to write a successful business plan.
Top tips for writing a successful business plan
With a proper plan, the sky's the limit
LIFESTYLE Pitching
When it comes to running a business, planning is paramount. Businesspeople use plans to help them prioritize, guide decision-making, and secure investment. Of course, as with anything we do, life can get in the way. So it's important to have some level of flexibility in your plans and be ready to compromise when you have to.
However, without a solid plan to lay the foundations, it will be very difficult to keep your goals in sight and do your business the justice it deserves. With this in mind, check out the following gallery for some tips on how to write a successful business plan.