Tips for an Effective Business Plan Development
Introduction ď ˝
Creating a business plan will help you achieve your entrepreneurial goals. A clear and compelling business plan provides you with a guide for building a successful enterprise focused on achieving your personal and financial goals. It can also help persuade others, including banks, to invest in what you are creating.
Tips for an Effective Business Plan Development
Think Big Know Your Audience Write Everything Down Your Strength Is in Your Experience Form over Substance Answer Difficult Questions
Think Big
This is your vision. This vision should include tangible goals such as profits and market share, but more importantly, it should focus on the intangible/unquantifiable long-term goals, such as your willingness to adapt, emerging business-trends, and an ever-present desire to “excel.”
Know Your Audience ď ˝
I feel it is important to know your audience and understand what they are looking for. The primary purpose of a business plan has less to do with the actual product or service and more about the process of delivering these products or services to the customer.
Write Everything Down ď ˝
A business plan is a living, breathing document that should be evolving as you continue the circular process of asking and answering questions. By this, I mean you should always be thinking of ways to improve your business and thus your business plan.
Your Strength Is in Your Experience ď ˝
Therefore, if you are going into a market that you have experience in, make it a point to emphasize this fact. Savvy investors understand that without the right person(s) at the helm, nothing else really matters.
Form over Substance ď ˝
While relevant graphs, pictures, and color may have a place in your business plan, make sure you use them sparingly. This is not a middle-school science project, it is the real world. In fact, according to a study from the Harvard Business Review, the more elaborately crafted the document, the more likely the venture is to fail.
Answer Difficult Questions
Force yourself to ask difficult questions and to, more importantly, find answers. “Why?” you may ask—because the investors funding you will surely be doing so. Stated differently, you must be open to self-scrutiny, and make a commitment to delivering a well-thought-out business plan.
Be Creative
Include a creative element in your business plan so you stand out and grab someone’s attention. You can use templates, but don’t look identical to a template. Do something unique to make the plan yours.
Visuals are Good ď ˝
Whenever possible, and without overdoing it, use visuals in your business plan. Graphs, charts, and images can help bring your concept to life. Plus, it breaks up the text and helps a plan flow better.
Who I Am.. ď ˝
Joseph Pantel is the Founder of Tracker Now which located in California who provides the help in business development and project management.