“Quality is the best business plan.”
So, you have brilliant idea or vision, the next step is to turn it into a plan of action. How do you this. We have the solution for you.
A Business Plan.
A business plan is the road map that will help you pinpoint the answers to some of the most important questions pertaining to your venture:
- What are you selling?
- How will you make money?
- Who will buy it?
- How will you reach those customers?
Writing a business plan may sound intimidating, but it doesn’t have to be. It can be fun!
Every business needs to have a well written business plan. Whether it’s to provide direction or attract investors – a business plan is essential for the success for your company. But, how do you write a business plan?
SBA.gov and New Generation Mindset recommends that your business plan includes:
- Executive summary– a picture of your business.
- Company description– describes what your company does.
- Market analysis– research your industry, market, and competitors.
- Organisation and management– your business and management structure.
- Service or product– the products or services you’re selling.
- 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.
Answering these key business plan sections allows you to determine if there is large enough segment of the market for your product/service; differentiate your product; your target market as well as how you reach the target customer segment with your marketing, and an idea of your cash flow. It also assists you in answering the most important question – why is your business unique and is it sufficient to succeed.
Your business plan should be dynamic, realistic, specific and measurable. It should explain the mission and vision. Your business plan will facilitate growth, development of products, identification and mitigation of risks and many other factors that can benefit the business.