A great business plan helps guide your decisions throughout the year, keeps you focused on the big picture and can help you keep on top of your financial concerns. Simply writing down your ideas for your business for the year helps you to stick to your vision and get everyone associated with your business on the same page. It's also a useful document to share with financial backers or banks to show them where things are and where they're heading.
One of the major issues is that creating a business plan can seem incredibly overwhelming. Where do you start, what information does it need and exactly what do I write? We'll share our top tips on writing your plan with you today, to make things much easier!
Make Writing Your Business Plan Easy with These Top Tips
The time has come to create a strong business plan. Here's how you can make this an easier and more successful process:
- know your target market - you need to write your plan with your audience in mind - both the ones you are selling to, plus the ones you are wanting financial and other support from too!
- know your competition - specifically list who they are and what they do. This will help you identify the ways you can improve your products or services, plus give you a point of difference.
- be realistic - this is in terms of both financial estimates and time spent. It's better to underestimate profit and not have spent money planning on having it, than be hugely in debt at the end of the year.
- explain your ideas - by explaining your ideas, you are able to show others how you will overcome obstacles and demonstrate success.
- include visuals - things such as graphs, charts, photos and diagrams can help to explain your thoughts and share your ideas with others.
- use statistics - back up your plans with statistics from within your industry.
- show your specific goals - be clear in what you want to achieve. Remember the acronym SMART when it comes to goal setting!
- keep things simple - your business plan doesn't need to be hundreds of pages long. Stick to the facts, avoid unnecessary content and seek help if you get stuck.
- use a template - there are plenty of free templates available to help you create your business plan. Business.govt has some great ones which are worth checking out.
Every business should have a business plan, regardless of what they do and how big they are. If you are needing some help in writing yours, please seek the support of a professional business coach or planner.