It is very important for every business to have a business plan. It is indispensable, whether the business is small, medium or large. It is important to structure or design the business plan, for business growth and development.
What is a business plan
It is a plan (for starting or existing business) that defines your business, identifies your business goals and works for your entire business which is to look ahead, allocate the resources, focus on key points and also prepare for future problems as well as opportunities.
Many people think, the business plan is for start ups. A business plan is, indeed, needed for every business, whether it is a start up or an established one. Whether you need new loans or you need to optimize the growth of your business, you need a business plan.
Things to consider to write a successful business plan
Consider the following while writing a business plan:
Be clear about what you want to do: While writing the business plan, first you need to be clear about what you want to do. Think out and spend as much time as you want to clarify or to determine what type of business you want to do, and what the products/services are, whether you want to sell or deal with. If necessary, ask your friends who are dealing with the business, similar to yours. There are certain companies which can help you in discovering, who you are, what your company would be doing.
Collect the required information: Now that you have a clear idea about what type of business you want to do, and what type of product/service you want to deliver into market. The next thing you need to do is collect the required information from as many resources as possible, analyze the information to get clarity on your business objectives and consider the following.
- What goods or services do you want to offer?
- Are the goods/services already in market or introducing any new goods/services to the market?
- Consider the various ways to offer or deliver of goods/services to your customers.
- Is there any market for your goods/services?
- Know who your competitors are, at present what the level of competition is for your product/service.
- How much finance you need to start a new business or to expand the existing business, what the resources are and stock you need, what type of skilled workforce you need and what reporting and operations will best suit your business.
Be ready with your goals, objectives, mission and vision: After collecting the necessary information, you should be ready with your mission, vision, objectives and goals. Of course, they look alike and hence many think, they are same. But, each is, however, distinct.
- The mission represents the operations and the values which are underlying object of the company.
- The vision represents the framework for your strategic planning, it is a long term plan, which provides the directions to make a significant impact.
- The objective represents the opinions or the definitive goals for different purposes within the company.
- The goal represents the measurable end result within a fixed time frame.
Plan should be clear and concise: The business plan should be very clear and should be easily understandable. It should be specific, straight forward and should emphasize on what you want to do. That is, plan should be written in an easy to understand language and clearly define what you are going to do in business and it should enable you to achieve business objectives.
Take help of right people: After you have clear and concise specific goals, you could take the help of people smarter than you. Do not tell any unknown person the ideas. You need to do things smartly, so open up to share with right people and get help from them. Sometimes you may not need help from others, for example the engineer does not need another engineer’s support to view his point.
Research your competitors: Research what your competitors are offering. Of course, they may be in market for long, but you should focus on doing the things. There could be a difference between you and your competitors. You should address customer needs, make better product than your competitor.
These points would be useful while considering successful business plan.