Write a Business Plan
Writing a business plan is very crucial for all types of businesses whether it is a start-up or established business. The writer is always supposed to follow a proper structure for writing a business plan. The tips for writing a good business plan are given here by the experienced experts below. You can follow this free guide to write your business plan like a professional easily.
What is a business plan?
Most of the people are unaware of the fact that what is a business plan is actual. A business plan is a document that highlights the techniques that companies use for accomplishing objectives. It is basically a set of strategies that are prepared by keeping the existing and future vision of a business in mind. The main motive for writing a business plan is to set the goals and motifs for a given business in the next year. It is just like a footprint that the company follows to achieve success. A business plan is written by doing research and analysis on the present resources of the company, ideas for maximum use of resources to generate profit and attracting customers by analyzing market opportunities.
Importance of writing a business plan
Those who are thinking about why to write a business plan should have a clear idea about its significance. A business plan keeps the businessman focused on its goals. When you have a business plan you can follow a set guideline for doing work towards accomplishments. At the same time, it also helps you to see the drawbacks and weaknesses of the business. When it comes to generating funding for your business it becomes crucial to illustrate your business ideas to the sponsor is the most appealing way. Under such a state, a business plan can help you to present yourself in a sophisticated manner.
Outline of a business plan
The outline of a business plan is very important to keep the person-focused and oriented towards preparing it in the best manner. When you will segregate your business plan in various parts it becomes easy to explore the minute details associated with every part of the business plan in an authentic way. Those who write one part at a point and then begin with the other one simultaneously cause clumsiness in their business strategies which are hard to understand for everyone. A business plan should be prepared in such a way that it can easily be grabbed by anyone without any trouble or issue in understanding. The 5 different elements which you need to include in your business plan are:
A) The summary of your business plan
A business plan summary is the presentation of your vision and ideas at a glance. It is just like a brief illustration of the entire summary of the business plan without missing any crucial element of it. The various financers start with the summary of the business plan while financing a business and then decide whether to explore it in the depth of not. So if your business plan summary is not catchy you might lose a chance to manage a sponsor for your business.
B) The existing and future opportunities in the market for business success
You must explore the kind of opportunities that you can have after exploring the market status for your products and services. The theory of demand and supply must be kept in mind while finding opportunities for your business. More consider both existing and future opportunities for your products while making a business plan.
c) How you are going to make your business plan successful
The biggest part of writing a business plan is describing its successful execution which requires suitable partners and strategies at the manufacturing level to marketing level. So every point must be very much clear about the execution of your goals in the first level as well as at the final stage while dealing with the buyers in the market.
D) The different resources you have to work with
You cannot complete a business plan without describing the present resources that you have to execute your business plan successfully. Your business plan should appear real and give an account of the financial resources, human resources, and natural resources of the business in your plan for sure.
The good business plan also includes the financial illustration of the business as well. For example, what would be the steps when financial crises meet the business and how the cost-cutting will be managed in the business? Managing profit and loss on the balance sheet along with influencing the financers are discussed in the financial strategies of a business plan.
Step by step guide for writing a business plan
Now before finally starting to write business plan you should perform PESTLE analysis. It is the technique which will help you in identifying the factors which can influence your plan. So far you are clear about the structure of the business plan very aptly now we will discuss every part of the plan individually in depth. Those who have a faint idea about writing these parts of a business plan can get the best idea about writing a good business plan here. The 4 steps of writing business plan are:
- How to summarize your business plan?
Writing a business plan summary will help the readers to understand your business from the day of its establishment to the present time and with future prospects. You have to be very much cunny to hide the negative points of your business in the summary which can drag away your financers. You cannot go on writing everything on a positive note about your business but then it should not be excessively negative as well. Always maintain a balance at this stage to win the will of your sponsors to finance your business. Following points should be included in a summary of the business plan;
- What are your business ideals and motif to achieve?
- What accomplishments you have achieved in the past for your business.
- The obstructions that are confronted to gain success in the business as a whole.
- How your efforts are fighting without ordeals to flourish your business.
- Role of the technology sector on your business success.
- Where do you see your business in the future?
- How our business rivals are affecting your business.
These are a few points that should be kept in mind while writing a business plan summary. The summary should be written after completing the entire business plan so that no contradiction of things takes place in the summary and rest of the business plan.
- Opportunities of a business by looking towards the future
Demand and supply of the product or services you have in the market
A good business plan always intervenes with good business opportunities by analyzing the future demand for a given product or service. For example, if you are running a shipping service business then you can analyze your opportunities in co-relation to the online business and shopping by the customers. One has to be very much good in research to sense his or her business opportunities in the near future in the market.
- Target consumer in the market
After finding these opportunities relevant plants should also be illustrated in the business plan to grab them successfully by defeating the competition in the market as well. You must have a fair idea about your consumers in the market and then set goals to lure them towards your services and products. The problems that are encountered
Obstructions and solutions to avail your opportunities
An in-depth plan is also given to avail the opportunities related to your business in the market by putting behind your rivals. The problems that are dragging you back from using the opportunities should clearly be mentioned in the business plan. Apart from it the solutions to get rid of these obstructions are also given in the business plan as well.
SWOT analysis, PESTLE analysis, TAM analysis, SOM analysis, and Consumer behavior analysis
For finding the best opportunities for a business in the market it is important to carry out meaningful research on the market as well. The techniques like PESTLE analysis, SWOT analysis, and consumer behavior analysis are best for this purpose. It gives a clear idea about the update of the market and how the consumers are changing their behavior for a product with time.
- How a good business plan can be made successful:
Making a business plan for the given business is very easy but at the same time, it is also crucial to execute it properly to reap the benefits. For example, if you have manufactured a product with the best raw material but your customers have no idea about it, you will not get the best profit out of it. So a successful execution of the business plan in the market is very crucial to make it successful on real grounds. There are several areas that must be kept in mind while executing a business plan for your business.
The requirement of the product in the market
You must get an idea about the demand of the product in the market with time to avoid extra manufacturing. The requirement of the market must be balanced to the manufacturing unit of the business to avoid loss. This should be included in the business plan that how to gain this success.
The cost of the similar products set by other business rivals
The business plan must include the criteria to set the cost of the product that is being sold by the rival companies at a cheaper price. This is a very crucial point for a business plan that needs to be explained.
The mediums by which you can reach your target buyers
There are multiple ways by which the customers can be approached like online sites, contacting wholesalers, and retailers. A clear idea about it should also be there in a business plan.
Online and traditional marketing
The way of marketing must also be there in the plan that which type of marketing will be used to advertise the services and products among buyers.
Various offers on your product
The rough idea about offers, bonus points, and regular customer’s benefits should also be illustrated in the execution part of the business plan for better success.
Market value and brand name
The strategies to highlight and promote the brand name and market value of the product should also be explained in the plan. Branding is an important element and it cannot be skipped in the business plan.
- A company at a glance with its resources
Different resources of the company
The natural resources of the company, human resources, and financial resources and their role must also be explained in the business plan. How the maximization of profit can be generated from human and natural resources should also be covered.
Chances of success in the business
The chance of success in a given business by following the given business plan should also be certified in it. The factors like location of the company, natural resources must be elaborated in the business plan.
Financial matters and strategies
You also need to provide information about financial matters of a company like the profit it will generate after implementation of the plan . The good business plan includes the strategies to manage finance and generate profit from the existing resources as well.
You need to include the effect of financial crises and tips to deal with it in the business plan. In-depth illustration to fight with the crises related to money matters are described in the plan.
Profit and loss
The writer needs to include information about the profit which business firms can earn from implementing specific plans. You also need to include the counter tips for loss in the balance sheet in your business plan.
Finance management and cost-cutting
You need to provide information about techniques which you will use of controlling costs.
Techniques to organize a business plan
Who is responsible for writing a business plan?
A person or group of people starting a business is responsible for writing a business plan. It is a promotional document that may need updating and changes. While drafting a business plan, you should keep in the mind the target audience which could be customers, investors, etc.
What to avoid in a good business plan?
- Never make it too long to read
- Try to be on point without circulating
- Work on authentic data
- Your goals should sound real
- Do not get over-ambitious while making a business plan
- Understand the minute market forces after doing research
- Always use interesting and persuading language in business plan
- Keep your buyers and customers in mind
- Never forget to do research on your competitor’s plan
- Your business plan should be easy to understand for everyone
- Avoid using colloquial vocabulary
- Make your business plan more prompting
Tips for writing a good business plan
Basically 3 C’s are very much important in order to write a good business plan. These 3 C’s are compelling, clarity, and Conciseness. Below are a few tips which you can utilize for writing an excellent business plan are:
Identify Good business plan Blueprint
Besides writing a business plan from scratch, you can use the template. You can use a solid online business plan like LivePlan. It will help you in writing a good business plan.
Fined good examples and follow their writing style
Before starting the writing process, you should review the industry-specific business plan . It is the tactics that will help you in getting an idea about the style of writing a business plan.
Ensure you are factual
You should provide only realistic sales and costs figures. If you claim sales figures twice as large as the competition, investors may well think you’re not being realistic.
Be general and direct
You should not write a business plan in more than 25 to 30 pages. At the time of writing a business plan, you should not provide too much description. Avoid using lot of abbreviations and technical terms. While writing the business plan you should mainly concentrate on two things these are an organization of the business. Secondly, products or services which you are planning to sell in the market.
Review your business plan thoroughly
In business plan elimination of grammatical and spelling errors are very much essential. A single punctuation error can have an adverse influence on the reader. You, in order to prevent such types of error, can seek assistance from business writers or editors.
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