This is the basics for every successful business:
1. Idea - You need to have a good idea
2. Execution - You need to execute it well
3. Getting down to business - You need to get clients
The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees. The bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists will be looking at the basic business concept and your management team. The manager on your team, however, will be using the plan to remind themselves of objectives.
Because of this, make sure that your plan can be modified depending on the audience reading your plan. However, keep these alterations limited from one plan to another. This means that when sharing financial projections, you should keep that data the same across the board.
A business plan is a strategic map. It lays out where you and your business currently stand today—your resources, abilities, and goals—and maps out where you will be in the future and how you’ll get there.
Think of it this way: A business plan shows how you’ll get from point A to point B in three to five years.
While the general gist of a business plan is pretty straightforward, writing a business plan isn’t so simple. To explain how you’ll get from point A to point B—effectively, concisely, and convincingly—you’ll have to take a detailed look into the marketing, organizational, and financing strategies for your business.
You have to undertake considerate external and internal research. You have to follow a proper structure of making business plan. The basic structure will include executive summary, company description, market analysis, organization and management, service or product, marketing and sales, financial projection and appendix.
However, according to research conducted by Harvard Business Review (HBR),
· Most successful entrepreneurs were those that wrote their business plan between 6-12 months after deciding to start a business.
· Chances of success rose by 12% for those that spent no longer than 3 months on their plan.
· Startups chances of venture viability rose by 27% if the plan was created in the sweet spot when founders were talking to customers and preparing marketing.
Therefore, invest much time and effort in gathering information and writing the plan in a lucid language. However, if you feel you are making on fruitful effort, take help from business consulting service providers to meet your objective.
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Know how/where you sell and how you are going to promote your brand.
Every business needs to have a written business plan. Whether it’s to provide direction or attract investors, a business plan is vital for the success for your organization. Research and analyze your product, your market and your objective expertise. It is important to keep in mind if you’re self-funding or bootstrapping your business. It is beneficial to take a financial advice and if needed start investing in invoice factoring services.