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How Do You Write A Business Plan?

Jan 23, 2019 | Newspaper
business plan

A business plan describes your core business objectives and how you plan to achieve them over a certain period of time. It helps to understand how you plan to generate money and make your business sustainable. It often includes information about your strategies, goals, marketing and sales plans and forecasts related to finance.

Importance of a Business Plan

It is totally worth your time creating a plan. Take a look at some of the ways it is useful for you.

  • It provides a systematic and structured way of clarifying your idea and organising your thoughts

  • It helps you set your goals out and spot potential problems in achieving these goals

  • It gives you a clear marketing strategy to go with when things get busy

  • It is an essential document when you are looking to secure external finance for your business

  • It helps you measure your progress along your way

  • It makes sure that your entire team is working towards the same vision.

  • It helps you plan for near or distant future.

Key Sections of a Business Plan

In your plan, put all the information that best convey how your business is going to sustain itself. The core sections that are required are -

  • Your business and key objectives - It includes a brief description of your business and its main products or services. It also has a clear and concise overview of the short, mid and long-term goals your business wants to achieve over a certain period of time. Please make sure they are measurable and realistic.

  • Your skills and experience - It includes an overview of the experience that you have gathered or the skills that you have developed, which relate to your business.  It is a good idea to put in life experiences you have had, or any training you have completed, especially if everything is brand new to you.

  • Target audience, market and competition - It includes a summary of key insights which demonstrate you have a strong understanding of how to identify your customers, how to position yourself within your market, and how to differentiate yourself from your competitors.

  • Your sales and marketing plans - It includes how you are planning to attract customers, such as information about where you are going to distribute your products, what your branding and logo will be and what pricing you will be applying. Additionally, you need to demonstrate your advertising plans.

  • Your operational plans - It includes information about your office premises, the number of staff you need, and so on. Put in details about processes that are important to your operations, along with any industry, tax, or legal regulations related to your business.

  • Your financial plans - This outlines how you will fund the activities that you have lined up and the revenue you expect to generate.

Tips for Writing a Business Plan

When you are about to start a business, a well-written plan is important. Make your plan readable, clear, and easy to understand.  Please keep in mind the following things -

  • Include only essential information in your plan

  • Write an executive summary at the beginning of your plan, which summarises everything that is covered in the plan

  • Keep things simple. Put short paragraphs and bullet points, and include relevant graphs and tables if suitable.

  • Stick to plain English. Use readable font sizes and avoid fancy graphics.

A plan will help you decide how likely the venture you have your heart set on is to fulfil your dreams. So what are you waiting for? Roll your sleeves up, get everything down on paper and take your company where you want it to go. For more Information and to book Television Ads, you can visit Bookadsnow.

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