How I can write a good business plan? Well, that is the common question for businessmen. A business plan is so important. First, you can use it to provide any business information. Other else, you can use a business plan as an important thing to attract your investors. Some businessman also uses the plan as the base to determine the success of companies. So, if you have a question about how I can write a good business plan, here you go.
According to SBA.gov, they recommend writing a business plan with the following things:
- Executive summary – Your business snapshot
- Company description – Words to describe the things you do
- Market analysis – the research on your business field, competitors, and market
- Organization and management – Your management and business structure
- Service of product – The product or the service you want to offer
- Marketing and sales – Ways to market your business and sales strategy
- Funding request – The amount of money you need for the next three to five years
- Financial Information – Information such as balance sheets
- Appendix –The optional section, including resumes and permits
How I Can Write A Good Business Plan – Steps
1. Research a lot
It is good to spend your time doing some research and analyze your service or product to offer. You also have to do research for your business objective and market. According to William Pirraglia who ever worked as a senior financial and management executive explained that it is good to spend more time to do research, evaluate and think when it comes to writing a business plan.
What can you do to write a perfect plan? Well, it is all about understanding your company, your service or product, your market, and your competition. Shortly, it is your responsibility to know more about your business and the industry you are joining. Therefore, we suggest you read everything to get more information about your business. Also, it is good to talk to your customers.
2. Understand the Purpose of Your Plan
So, a business plan means a written document that describes the nature of your business, your sales, your marketing strategy, and your financial background. It is all about your business profit and loss. But, it does not mean that you cannot use a business plan for others. In fact, you can use it for different goals.
For example, it can be a roadmap to provide directions. The purpose is to create a plan for the future of your business. Also, this roadmap will help you to deal with the bumps, especially if you are doing your business with the self-funding concept. On the other hand, you can use a business plan to attract investors. It means that you are writing the plan to target them. Therefore, your business plan should be as clear as possible.
3. Your Company Profile
What things to write when it comes to your company profile? So, it is about the history of your organization, the service or the product you would like to offer, the target market, the audience, and the available resources. Also, you should explain how to deal with the problem and why your business is different from others. You can write these things to complete the company profile, especially on the “About” page.
Usually, the company profiles are on the official website. We use this to attract more customers and talent. Also, you can use the company profile to describe your company, especially in the business plan. So, it is not an important component, but it is the first thing to write on your plan.
4. Documents All Parts of Your Business
Investors will join your business if you can ensure that your business can make some money. They surely have this expectation and for this reason, they need to know everything from A to Z in your business. Therefore, you should help them. You need to document everything such as your cash flow, your expenses, and your projections. Keep in mind that minor details like licensing agreements or location strategy can be important considerations for investors.
5. Strategic Marketing Plan
If we talk about the business plan, we need to talk about the aggressive marketing plan. Both of them connected to each other. It means that you should do some steps to achieve your marketing objectives. For example, you can do the following things:
- Introduce your new products
- Extend or regain your markets for existing products
- Expand your territories
- Boost your sales in a particular product and be specific.
- Cross-selling one product with others
- Try to do long-term contracts with clients
- Raising the prices
- Refining your product
- Have a content marketing strategy
- Enhance product delivery
Those are all things you should know about how I can write a good business plan. We hope this article can help!