Friday, June 22, 2018
Wednesday, March 21, 2018
Friday, November 17, 2017
Thursday, October 12, 2017
7 Steps to a Perfectly Written Business Plan
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. But, how do you write a business plan?
SBA.gov recommends that a business plan includes;
Executive summary - a snapshot of your business.
Company description - describes what you do.
Market analysis - research on your industry, market, and competitors.
Organization and management - your business and management structure.
Service or product - the products or services you’re offering.
Marketing and sales - how you’ll market your business and your sales strategy.
Funding request - how much money you’ll need for next 3 to 5 years.
Financial projections - supply information like balance sheets.
Appendix- an optional section that includes résumés and permits.
However, getting started can be difficult to do. So, here’s a seven steps in writing a perfect business plan.
1. Research, research, research.
“Research and analyze your product, your market and your objective expertise,” writes Bill Pirraglia, a former senior financial and management executive. “Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.”
“To write the perfect plan, you must know your company, your product, your competition and the market intimately.”
In other words, it’s your responsibility to know everything you can about your business and the industry that you’re entering. Read everything you can about your industry and talk to your audience.
Related: Do You Really Need a Business Plan?
2. Determine the purpose of your plan.
A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.” However, your business plan can serve several different purposes.
As Entrepreneur notes, it’s “also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.” That’s important to keep in mind if you’re self-funding or bootstrapping your business. But, if you want to attract investors, then your plan will have a different purpose and you’ll have to write your plan that targets them so it will have to be as clear and concise as possible. When you define your plan, make sure you have defined these goals personally as well.
Related: 3 Apps to Help You Write a Business Plan
3. Create a company profile.
Your company profile includes the history of your organization, what products or services you offer, your target market and audience, your resources, how you’re going to solve a problem, and what makes your business unique. When I crafted my company profile, I put this on our about page.
Company profiles are often found on the company’s official website and are used to attract possible customers and talent. However, your profile can be used to describe your company in your business plan. It’s not only an essential component of your business plan, it’s also one of the first written parts of the plan.
Having your profile in place makes this step a whole lot easier to compose.
Related: Conducting a Market Analysis for Your Business Plan
4. Document all aspects of your business.
Investors want to make sure that your business is going to make them money. Because of this expectation, investors want to know everything about your business. To help with this process, document everything from your expenses, cash flow, and industry projections. Also don’t forget seemingly minor details like your location strategy and licensing agreements.
View Source to Continue Reading: 7 Steps to a Perfectly Written Business Plan
SBA.gov recommends that a business plan includes;
Executive summary - a snapshot of your business.
Company description - describes what you do.
Market analysis - research on your industry, market, and competitors.
Organization and management - your business and management structure.
Service or product - the products or services you’re offering.
Marketing and sales - how you’ll market your business and your sales strategy.
Funding request - how much money you’ll need for next 3 to 5 years.
Financial projections - supply information like balance sheets.
Appendix- an optional section that includes résumés and permits.
However, getting started can be difficult to do. So, here’s a seven steps in writing a perfect business plan.
1. Research, research, research.
“Research and analyze your product, your market and your objective expertise,” writes Bill Pirraglia, a former senior financial and management executive. “Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.”
“To write the perfect plan, you must know your company, your product, your competition and the market intimately.”
In other words, it’s your responsibility to know everything you can about your business and the industry that you’re entering. Read everything you can about your industry and talk to your audience.
Related: Do You Really Need a Business Plan?
2. Determine the purpose of your plan.
A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.” However, your business plan can serve several different purposes.
As Entrepreneur notes, it’s “also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.” That’s important to keep in mind if you’re self-funding or bootstrapping your business. But, if you want to attract investors, then your plan will have a different purpose and you’ll have to write your plan that targets them so it will have to be as clear and concise as possible. When you define your plan, make sure you have defined these goals personally as well.
Related: 3 Apps to Help You Write a Business Plan
3. Create a company profile.
Your company profile includes the history of your organization, what products or services you offer, your target market and audience, your resources, how you’re going to solve a problem, and what makes your business unique. When I crafted my company profile, I put this on our about page.
Company profiles are often found on the company’s official website and are used to attract possible customers and talent. However, your profile can be used to describe your company in your business plan. It’s not only an essential component of your business plan, it’s also one of the first written parts of the plan.
Having your profile in place makes this step a whole lot easier to compose.
Related: Conducting a Market Analysis for Your Business Plan
4. Document all aspects of your business.
Investors want to make sure that your business is going to make them money. Because of this expectation, investors want to know everything about your business. To help with this process, document everything from your expenses, cash flow, and industry projections. Also don’t forget seemingly minor details like your location strategy and licensing agreements.
View Source to Continue Reading: 7 Steps to a Perfectly Written Business Plan
Subscribe to:
Posts (Atom)