Business Plan: What to Do and What Not to Do When Writing Yours
An efficient business plan serves as a roadmap to help a new business reach its entrepreneurial destination and to help an established business stay on track. Although details vary according to a business’s particular organization and industry, good business plans have a number of basic elements in common. Here are some essential specifics to keep in mind while formulating yours.
Conduct Research
Thorough research is imperative in writing a good business plan. Don’t attempt to write yours without doing your homework. To be able to write an accurate description of your profit expectations and your company’s specific niche within its industry, you have to be familiar with the price of goods and services in the current market, the positions of your competitors, and the unique strengths that your company has that makes it competitive. Precise information also gives credence to your funding requests.
Maintain Clarity
Be concise and clear rather than flamboyant in the presentation of your business plan. An executive summary serves as an introduction to your business. Follow this with a company description that delineates what your business intends to accomplish and the type of consumers or businesses it serves. Include an analysis of the current market for your goods or services, an outline of your leadership structure, a look at your sales and marketing strategy, and a financial projection for the coming five years. If appropriate, clarify your presentation with infographics, charts, and images.
Use the Plan
Your business plan is a dynamic tool to aid company growth. Don’t lock it away. Instead, share it with your employees so that they understand the template that helps move your company forward. Solicit feedback and discussion about it with your workers. Refer to it often to be sure that your business is continually heading in the right direction. Revise it if company growth suggests changes in your organization or projections.
For more advice on business plans and other aspects of business finances and operations, get in touch with Muth Capital at 914-999-2855.
