“He who fails to plan, is planning to fail” – Winston Churchill
Your business plan is your compass- it’s going to help you map out a new course and navigate through unexplored territories. Your business success is highly dependent on the way you plan it out because you cannot reach anywhere without your map. A business plan will guide you through your journey and remind you of your goals too. It is basically the future of your business, on how you see it with a plan on what to do and how to do it. Here are the most common questions which will help you to get started to write the perfect business plan.
How long should your business plan be?
Keep it simple and precise, a lengthy business plan can actually weigh you down instead of lifting you up. People don’t really go through complex plans because they are too difficult to digest. Keep the wording and the format straightforward and keep the plan short.
Who needs a business plan?
Anyone getting into a business needs a business plan. Business matters are pretty intricate and you need proper planning to set a firm foot in the industry, thus the need of a solid business plan.
When should you write a business plan?
Your business plan is not only a fund-raising tool for your company, it will be a guide for understanding that how will you put your business together. Planning is always the first step to achieve something, hence a business plan is supposed to be the first thing to be done when starting a business.
What all should be included in a business plan?
A well-researched business plan serves a multitude of purposes such as, monitoring progress, holding yourself accountable and controlling the business fate too. Apart from these, it is obviously a sales and recruiting tool too for courting key employees or future investors. It is a complete guide as to how you plan to drive your business. Here are the few important things that should not be missed out when writing a business plan:
- Executive summary- This is basically the gist of what all you have covered in your business plan, it should be engaging enough to attract the reader to go further. This portion is usually given the first glance hence it is important to make a lasting impression by giving an interesting start.
- Business description- This section is basically to describe what kind of a business are you going to be running. What kind of products or services will you be offering?
- Market strategies- How do you plan to promote your product or service? What are your strategies regarding marketing your product/service?
- Competitive analysis- Who are your competitors and what are their key strengths and weaknesses? What makes you stand out from your competition?
- Design & Development plan- How do you plan to develop in the future? What are your ideas regarding your business development?
- Operations & management plan- What is your action plan? How do you plan to accomplish your management goals?
- Financial information – How much funding will you be needing to build your company? How do you plan to invest your funds and in what areas?