A business plan isn’t just a document. It serves as a tool to manage your business, analyze results, make strategic decisions and plan how your business will operate and grow. A business plan doesn’t need to be difficult. Do you wonder “who will write my paper”? On website like this professionals help to write a successful plan in no time!
By the end of our guide, you will know how to quickly and easily write a plan to get you the results you want. You don’t have to have a business or accounting degree to write a successful plan.
Why write a business plan?
You need to write a plan to establish the foundations of your business. It is impossible to predict the future, but you can outline your core business strategy. Documenting your strategy can maximize potential success and help your business grow.
Your plan is a living document you should refer to and update. You need to regularly update it so you can identify potential goals and adjust your plan accordingly. Without your plan to use as a baseline, it will be more challenging to track your progress, make adjustments or have data to reference when making difficult decisions.
A business plan is a roadmap. Where you have been, where you want to go, and how to get there.
Confidently make strategic decisions
The biggest decisions for your business come from decisions made in moments of volatility. That doesn’t always mean your business is in decline or crisis. Some of the hardest decisions you will make come from moments of growth.
Big decisions make or break big deals, so you need to make hard decisions quickly and effectively. Without up-to-date planning or forecast information, you could make a decision that will cost you lots of cash.
By having a living document that you often refer to, you can make decisions confidently. With a plan, you have all the information necessary to know when to hire employees, launch new product lines or make major business purchases. It also helps you plan if a decision turns out to be a loss rather than a gain. A plan minimizes risk.
Write a successful plan in 5 steps
Before you sit down ready to write, you should know some rules to make the process simple. Knowing rules will save you time to finish your plan quickly and begin to build your business. If you’re a startup, this is the most important thing needed for success.
1. Keep it short
There’s no need for a business plan to be extensive. It should be short and to the point. The reasoning is two-fold:
First, and most importantly, you want people to read your business plan. People want information quickly. If you write 100 pages, nobody is going to read it. Length doesn’t apply to supporting documents for certain sections of your plan, though. You can include those in your appendix.
Next, your plan should be a tool you reference and continually use. It is going to help you grow your business. Remember, it is a living document. With that said, it is easier to review three pages compared to 40. If you make your plan too long, surely it’ll end up on a desk and never be looked at again.
2. Use simple Language
Write a plan using simplified language. You don’t want to make it too complicated for people to understand. For example, if your company offers IT services, avoid technical jargon or acronyms people may not know.
Instead of:
“Our company is dedicated to helping small businesses delegate IT tasks for BYOD schools.
Our patent-pending technology provides non-electrical components. Instead, we offer services OTA.”
Write this:
“Our company helps small businesses troubleshoot IT problems in schools where students bring their electronics like tablets and laptops. We do this remotely with an app, so it does not require the school to have any IT knowledge.”
Accommodate your funding sources. Keep your product explanations straightforward by using language that everyone can understand. You can always add more specific information to the appendix of your plan.
3. Test your business idea
Start with a one-page pitch of your idea. One page is short enough for you to walk through your business plan and test the viability of your vision. You should do this long before launching your business. As you work through branding and mission statements before arriving at your opportunity for execution, the best thing you can do is ask for feedback.
Feedback is essential for testing the elements of your business. It is simple to obtain. You don’t need a failed attempt to test viability; just ask a mentor or friend for advice. Or, you could conduct market research by speaking directly to your potential customer base.
The more testing and reviewing you do, the better your business will be and the more potential for growth you will have. Testing can save you countless hours of planning for something that won’t work.
4. Create clear goals and objectives
You need to know your business goals before anything else. Are you trying to turn your side gig into a full-blown business? Or, are you trying to expand your team? Perhaps, trying to open a new store location? Knowing your goals and thinking it through well with questions like those above will help you develop a strategic plan to meet these goals.
If you don’t have all of these specifics in mind before writing, that is fine. The best part of writing the business plan is working through the specificity needed for success. It will help you define how to measure success, elaborate on your goals, and further develop elements of your business to reach those goals.
5. Don’t’ be scared!
Perhaps you didn’t know it, but most business owners and entrepreneurs aren’t experts. Many of them have gone to school to hone other skills. Few business owners have an MBA, and even fewer have accounting degrees. They, as you will, had to learn on their way and find tools and resources that help them.
Although writing a business plan can seem like a substantial time-consuming task, it doesn’t need to be. You know your business idea – so you are the expert in that area. For that alone, writing your business plan will be easier than you think.
You don’t need to have a very detailed first draft. To write a draft, include the following five things.
Key components for success
Every business, regardless of its nature, needs to include these six parts. Each part is essential, so we have outlined them and their function.
Executive summary
The executive summary should be about two pages. It is the overview of your business plans.
Opportunity
Your opportunity section answers three questions.
- What problem are you solving?
- Is there a need for this in your market?
- Who is your target market, and who is the competition?
If you can answer these, your business plan will likely be successful.
Execution
In this section, you outline how you will turn an opportunity into a business. This part needs to include your marketing and sales pitch, milestones, and how you will measure success.
Management and Company Summary
Use this section to tell investors about your current team and who you may need to hire. Make sure to include your legal structure, location, and history if you’re already trading.
Financial Plan
The financial plan section must include a financial and sales forecast, cash flow and income statement, and balance sheet.
Appendix
Use this section for products, images, and any other necessary but additional information.
Final words and Next Steps
Business planning is a continuous process. However, it is indispensable for success. We recommend viewing completed business plans as you work through yours. Other business plans help to make sure you aren’t missing anything. It can also give you great ideas for what to include in your plan.
