What is a Good Business Plan?
A business plan is a written document that describes in great depth the goals and objectives of a company. A business plan outlines a documented strategy for the company’s operations, finances, and marketing. Business plans are used by both new and established businesses.
It is a crucial document intended for both internal and external audiences of a company. For instance, before a business has built a solid track record, a business plan is utilized to entice investment. Securing financing from financial entities might also be beneficial.
However, a good business plan is one that addresses three important issues;
- It aligns the management towards predefined objectives
- It helps the management team to assess the feasibility of the business in question
- It gives business investors the ability to see the big picture in the shortest possible time
You must be excited about what you have to learn, aren’t you? Well, we shall go over the important things to note when drafting a business plan.
What Should a Good Business Plan Include?
- Executive summary – A concise summary of your business.
- Company Description – This is a vivid and lucid description of your company.
- Market analysis – Includes in-depth research into the market and your competitors.
- Organization and management – You get a chance to talk about your business and management structure.
- Service or product – A good business plan also mentions the products or services you’re offering.
- Marketing and sales – This is your opportunity to sell your business as well as possible.
- Funding request – Here, you mention how much you need in the short-term.
- Financial projections – This should give a forecast of the finances.
- Appendix- This is optional and is expected to show résumés, permits, and other additional documents.
6 Steps to Writing a Perfect Business Plan
1. Carry Out Research
Set out to draft the business plan as though you have no knowledge of the business or the market. Question every assumption you’ve made. Make sure you vet every conclusion thoroughly. This is the most important part of your business plan and you either get this right or you don’t get it at all. You can get researchers on this freelance platform to work with you.
2. Create a Company Profile
Your company profile entails the background of your organization, the products and services your company provides, your target market and audience, your arsenal etc. This is often available on the official website. If you don’t have an official website, you can easily create one by hiring a professional web designer here.
3. Prioritize Documentation of Your Business
When it comes to money matters, no one likes to take silly risks; people want to invest in a venture that has a track record and the best way to illustrate track record is by providing a well-documented report of every aspect of your business.
4. Initiate a Marketing Plan
In your business plan, it is important that you show investors a strategy that you have in place to achieve predefined marketing objectives. This might be in form of introduction of new products, improving sales via certain techniques, refinement of a product, etc.
5. Adapt the Business Plan to Suit Your Target Audience
No comedian tells the same joke at every appearance, the audience determines his performance. This is an important consideration when drafting a business plan. Identify what your potential readers are looking for and prioritize this.
6. Let the World Know Your Motivation
Steve Jobs was passionate about changing the face of the tech industry, Zuckerberg wanted to connect the world. Whatever it is that drives your mission, be sure to include it in your business plan.
This is a lot of work, right? There are so many things to learn, things to do and things to adhere to. Do you need to hire a professional who has been in the business of drafting business plans for years? Good news! You can do so on TERAWORK today. It is easy, secure, and reliable.