Top 10 Tips for a Great Business Plan
I provide business owner coaching to a range of business types and industries. Although such a technique is guaranteed success, helping to increase profit and processes within a business, I believe that by creating a strong business plan, your business can be one step ahead, allowing me to assist your business at an accelerated, more stable point. Based on my previous experience, I am able to advise businesses on how to put together a winning business plan, helping your business make a great head start.
1. Research your competitors. In order to understand the services you could offer, and if you could fill a gap in the market, it is useful to understand what your competitors offer. However, don’t underestimate the value of your competitors as they may use a module which provides significant success.
2. Understand your audience. It is useful to create separate versions of your business plan for different situations. By understanding your audience, what they require and the personas that may engage with your brand, you are better setting yourself up for success.
3. For every claim you make, provide evidence. When a customer reads highly regarded credentials about a business, they are more likely to engage with the brand and purchase products and services. Such claims must be accurate as there is nothing more disappointing and reputation damaging as false claims, which could also ultimately cost sales.
4. Try and make realistic financial estimates and projections. It is good to be ambitious about your businesses finances, particularly around making profit. However, the first year in business can always be challenging. To be more realistic, try not to over estimate your financial situation as it may lead to disappointment.
5. Don’t overestimate time and resources. There is nothing more disappointing to a client than when a project is not delivered on time. Although over estimating time and resource can be a common error by businesses, it is easy to correct in the future. Just remember to add 15% to the length of time required for a project.
6. Think logically. Approach your finances in a logical manner to ensure accuracy and realism.
7. Put together a strong management team. By having a team qualified and experienced in your businesses field, you are setting up your business for success by fulfilling the requirements needed to succeed. If there are gaps in skill set, consider hiring an additional member of the team.
8. Explain why your idea could work. Does your idea fill a currently unfulfilled gap in the market? Does your recently created prototype impress target customers? As part of this, it is useful to complete a SWOT analysis (strengths, weaknesses, opportunities, threats) that can identify factors that could determine success, and dangerous factors to avoid.
9. Describe your work facilities: It is useful to establish the location and type of premises that the work will take place at. It is essential to locate a suitable business premises as certain businesses have bespoke requirements or certain criteria regarding suitable premises.
10. Outline investor payout options. Investors roles can vary in the sense that some investors enjoy being hands on, whereas others require no involvement in day to day activities. It is useful to provide investors with a series of viable options, and what they can do if they do eventually want to drop out.
If you require any assistance in creating a business plan, or have thought about business coaching for your business, please contact me today for a free, no obligation chat.