7 Steps to Write Mind Blowing Business Plan
01 Sep 2015
Business plan is the most important step in creating your business, being an entrepreneur we all must have gone through this phase once and we definitely have learned from our mistakes but we also do realize its significance because a business plan will help you to jot down all the rough sketches in mind, moreover a business plan will be a source of your continuous motivation as well as a reality check which will define things better for you. Writing down things is majorly important as after all the plans and discussions you need to write them down.
Writing an effective business plan is important for your business startup as you act according to the plan once it’s approved by your mentors, investors or seniors. So writing it properly is as important as implementing it because you are probably going to implement the plan accordingly so any minor mistake can cost you fortune.
Here are the steps which will help you to write the effectively efficient business plan.
- Executive summary
It is very significant that you state your intentions in executive summary which will briefly explain how you want to do the business. The executive summary will come right after your title or table of contents page. Executive summary in its very essence must explain your intentions clearly without any bragging and extra details. Usually we find the summary in later pages and the intentions regarding business are typically not mentioned which makes its even difficult for people to comprehend it.
- Business description/industry scope
The business description will follow your executive summary and it must explain your business as well as the industry and also make sure that your write about the industrial scope. The scope and opportunities must not be limited to current scope but it must also mention the future opportunities and scopes that would be beneficial to your business in upcoming years.
- Marketing plan
You need to define your marketing budget and target population in marketing strategy as the marketing will decide how reputed your business is among the target populations. You must brainstorm to make use of all the marketing resources you have, even people are such big asset in this case as word of mouth has a great significance in marketing. Marketing plan will also set your company in a position to establish its sales.
- Competitive study
You need to jot down your competitions in the relevant industry because potential competitions can be a risk to your business. The core function of competitive study is to find out or jot down the strengths and weaknesses of your business competitors amidst the market so you can innovatively develop strategies to overcome the competition.
- Development/Implementation strategy
This phase will help you to design your business development strategy along with the quality descriptions of your products and its development point of view. You need to analyze this strategy over and over in order to come up with the best affordable budget and the right sort of development plan in order to accurately start up with the development phase.
- Operational cell and management plans
Operations is the most important department in the business as the actual work is being carried out there and people work to ensure finest quality work while arranging all the activities being carried out. The operations and management portrays that how business is going to run consistently. Operations will also help you to define the responsibilities and tasks assigned to different workforces within the system. The operations will also help you to understand the cost of managing capital and expenses related to operations.
Finance is the backbone of any business, well managed finances and budget plans will grow your business day by day by cutting down extra costs and designing new strategies for gaining the more finances through various innovative techniques. Finances aren’t any less than designing management or other operational plans because in the end finances is going to provide resources for the implementation of operations. Having enough financial resources is important for the survival of your business so make sure that you go through your finance plan and make it as practical as possible.