A business plan can be a crucial asset for businesses of all sizes when it’s well written. You may have heard of its importance but writing one for the first time can be challenging. If you’re unsure where to start, here are a few tips to write a bulletproof business plan.
Profile Your Company
A solid business plan can be the go-to source for information when dealing with investors. Therefore, including a concise business profile can never be a miss. The profile should give a 360-account of your business. First, detail your company’s name, founding date, board of directors and managers, vision and mission statements, etc. Add a brief history if you have been in business for a long period.
For already existing businesses, it’s crucial to add an account of your current financial situation. Check with your accountants for essential financial statements. Add projected outgoings and other budgeting details to give investors a hang of your business’s financial health.
Have A Growth Plan
Often business plans have a specific time frame. But investors like to come on board for the long haul. Adding a growth plan gives a strong indication of how your business will grow within and beyond your time frame, giving your investors short-term and long-term reasons to come on board.
In your growth plan, it’s important to detail your operational and sales process. Working with supply chain consultants might help in this respect. They’ll assess and improve your business process and ensure a swift sale. Click here for more information.
Develop Funding Strategies
Every business document has an objective. The overarching aim of a business plan is to help you pitch to investors. Therefore, the next section to follow your current financial status is funding. How much do you plan on securing with this funding round? Which sources are you considering? These are a few questions to ask when developing this section.
Beyond that experts advise business owners, especially new entrants, to add spending intentions to the funding section. It’s only fair that investors understand the areas their monies will go to and the expected benefits.
Create A Marketing Plan
This part of your business plan is vital if you want to convince investors and partners to throw their weight around your company. First ask yourself what are your unique selling points? What is your marketing position? What are your target customers? Knowing all the answers will be easy if you conduct market research to influence key decisions (like product type and price) about your business offerings.
Also, highlight the marketing techniques you seek to deploy to match your sales and market share projections? Are you going traditional, digital, or both, and what are the cost implications?
Leave The Executive Summary Till Last
The executive summary section is the foremost section in most business plans. It introduces the plan and summarizes all of its content.
Ensure that your executive summary is brief. Details about your products or services and funding requirements can suffice. You can add the problem or specific need your business has to solve or fill.
Generally, all these sections can come together to make a solid business plan. Experts advise founders to personalize their plans to specific recipients. Do well to modify relevant sections as you receive comments from investors.