Business Plans

A business plan is obviously an essential part of any new start-up business, but do you know what needs to be done to write a successful business plan?  Here are a few key points to keep in mind when drawing up your own business plan;

Audience

You should write the business plan from the point of view of your audience.  If you are writing the business plan for an investor then you must tailor the business plan to show how the coming years will look in terms of return for the investor and the investment.

Competition

You should be aware of the competition and understand what their effect is on your own business.  By doing this you are getting a stronger understanding of your business environment which will be clearly useful for your business plan.  You can see how your business will fair in the business climate against the competition and plan accordingly.

Detail

The trick with any business plan is to convey all the necessary details while remaining to the point.  The reader of the plan needs to be able to understand the plan enough to be able to make informed decisions without having to read through hundred of pages.

You should also make sure that there are no grammatical errors or spelling mistakes and the plan should remain professional throughout.

Executive Summary

Every business plan should focus heavily on an executive summary as this section of the plan highlights the main points of the overall plan.  It is the selling point for the rest of the plan so if you have a busy investor reading the plan and they want a general idea of the overall plan they will read the executive summary – if they like what they read then they will read on but if they don’t then they won’t.

Review

When the business plan has been completed you should get it reviewed independently to make sure everything is sound.  By reviewing your business plan you should find that more questions are raised that will be able to make a second draft more successful.

A Living Plan

You should always remember why you are making your business plan and use it even after you get the investment that you needed.  Your business plan should be frequently reassessed and restructured as time goes by – it should be seen as a continuous tool that will help your business through many situations.

The business plan, if done correctly, will be able to also make sure that your business stays on tracks and remains focused towards the original business goals and plans.

Successful Business Plans?

Have you found our advice for writing successful business plans useful?  Do you have any advice for other start-up businesses that are writing business plans?  Leave us a comment and let us know…

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