There are two things you will need to create and grow a successful business. The first is the knowledge of where you are going and how you are going to get there. The second is funding. Both of these important elements can be obtained when you write a great business plan. Your business plan is the document that you will use to keep on track with your business, and it is also the document that banks and other lenders will want to see when you are asking for funds. Making sure that everything is included and that you really are able to ‘sell’ your business well is essential, and here are some tips on how to get it right.
How To Write A Great Business Plan
A business plan is always going to start with a lot of research. You need to know everything about aspects such as:
- Your products and services
- Your market
- Your competition
- Your final goal
- The aims and objectives of running the company in the first place
Without this information, your business plan will be lacking in a lot of details, and it will be difficult to use it or to persuade others that you really do know what you are doing. Even if this research element of your business plan takes much longer than you had anticipated, it is something that simply can’t be rushed and that requires your full attention.
Include A Company Profile
Within the business plan you should include a company profile. This profile will include the background and history of your company and it will also explain how whatever it is you are going to be selling will solve other people’s problems. This is where you write down your USP – your unique selling point – and explain how your company is different to every other business currently trading, or how you will make the difference once it all starts. This company profile can also serve an additional purpose and you can use it on your website to encourage trust and hopefully sales.
Knowing everything about your business is essential, but getting it all written down is just as important. Just because it is information in your head doesn’t mean you can skip it because it is taking time to write it all down – you may not get the chance to explain everything in person, and to fill in the gaps when you discuss your business with someone else. It all needs to be written within the plan and it needs to be easy to understand. If, for example, your business relies on you knowing how to use certain technology, such as how to setup a differential pair in Circuitstudio, this is something you need to include. If you have a particular customer service element that is completely unique, you will need to add that to your plan. A detailed plan will always be more successful than one that has large pieces of information missing.
Your Marketing Plan
Something that can often be missed out of business plans is your marketing plan, but without this you won’t be able to show how you intend to initially grow your business. The marketing plan needs to be strategic and direct, and there should be a budget attached so that you can show how you intend to spend every penny of your funding.