7 Steps to a perfectly Business Plan

42.86% credibility
 
Related

Partidos comunistas de México ferreos opositores a la unidad comunista denuncia guerra de posiciones

ANONIMO
280 points

San Francisco Tlaltenco entre contagios y decesos por covid-19 por pobladores inconcientes

ANONIMO
1124 points



Most recent

Gran noticia: Adelgazar bebiendo cerveza, la nueva dieta de moda para perder cinco kilos en un mes

NOTICIAS-ETF
184 points

Por fin: Un estudio USA recomienda reemplazar margarina, mantequilla y mayonesa por aceite de oliva

NOTICIAS-ETF
158 points

SIN SIMBIOSIS NATURAL NO HAY PARAÍSO TERRENAL

Octavio Cruz Gonzalez
12 points

Tahini casero: cómo hacerlo y cómo se come

Rasaca
8 points

Marcas y modelos de bicicletas más vendidos

Rasaca
6 points

¿Qué es el Aplidin?, el medicamento contra la covid-19 que se ha disparado en bolsa

NOTICIAS-ETF
222 points

Desarrollo y Gobernanza Territorial

pensamiento Libre
62 points

Esto es todo lo malo que le puede pasar a tus piernas si estás todo el día sentado en la oficina

NOTICIAS-ETF
18 points

Cómo planear viajes auténticos

Rasaca
10 points

COVID-19, nuevo avance en la investigación: Hallan una clave de la inmunidad contra Ómicron

NOTICIAS-ETF
228 points
SHARE
TWEET

7 Steps to a perfectly 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.

Related: How Do I Build a Business Plan? (Infographic)

5. Have a strategic marketing plan in place.
A great business plan will always include a strategic and aggressive marketing plan. This typically includes achieving marketing objectives like;

Introduce new products

Extend or regain market for existing product

Enter new territories for the company
Boost sales in a particular product, market or price range. Where will this business come from? Be specific.

Cross-sell (or bundle) one product with another

Enter into long-term contracts with desirable clients

Raise prices without cutting into sales figures

Refine a product

Have a content marketing strategy


“Each marketing objective should have several goals (subsets of objectives) and tactics for achieving those goals,” states Entrepreneur.

“In the objectives section of your marketing plan, you focus on the ‘what’ and the ‘why’ of the marketing tasks for the year ahead. In the implementation section, you focus on the practical, sweat-and-calluses areas of who, where, when and how. This is life in the marketing trenches.”

Of course, achieving marketing objectives will have costs. “Your marketing plan needs to have a section in which you allocate budgets for each activity planned.” It would be beneficial for you to create separate budgets for for internal hours (staff time) and external costs (out-of-pocket expenses).

Related: Why You Must Have a Business Plan

6. Make it adaptable based on your audience.
“The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees,” states Entrepreneur. “Although this is a diverse group, it is a finite one. And each type of reader does have certain typical interests. If you know these interests up front, you can be sure to take them into account when preparing a plan for that particular audience.”

For example, bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists are 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 when sharing financial projections, keep that data the same across the board.

Related: 7 Steps To A Winning Business Proposal

7. Explain why you care.
Whether you’re sharing your plan with an investor, customer, or team member, your plan needs to show that you’re passionate, dedicated, and actually care about your business and the plan. You could discuss the mistakes that you've learned, the problems that you’re hoping to solve, listing your values, and what makes you stand out from the competition.

When I started my payments company, I set out to conquer the world. I wanted to change the way payments were made and make it easier for anyone, anywhere in the world to pay anyone with little to no fees. I explained why I wanted to build this. My passion shows through everything I do.

By explaining why you care about your business creates an emotional connection with others so that they’ll support your organization going forward.

(entrepreneur.com).

Please coment and say me your impressions!

Fuente: www.entrepreneur.com
SHARE
TWEET
To comment you must log in with your account or sign up!
Featured content