An effective business plan serves as a roadmap for your company's growth and success. While plans vary in detail, the process involves clearly articulating your vision and strategy:
-
Executive Summary: Write this last.
It's a concise, compelling overview of your entire plan, covering your business concept, financial highlights, and funding needs (if applicable).
-
Company Description & Offerings:
Detail your business structure, mission, and the specific products or services you offer, focusing on the unique value they provide to customers.
Demonstrate a deep understanding of your industry, target market (customer segments), and competitive landscape. Identify market opportunities and threats (often via a SWOT analysis).
-
Marketing and Sales Strategy:
Outline how you will reach and retain customers, including your branding, pricing, distribution channels, promotional tactics, and specific sales goals.
-
Organisation and Management:
Present your team, key personnel, and organisational structure, highlighting their relevant experience and roles.
Provide realistic financial forecasts, including projected income statements, cash flow, and a break-even analysis. If seeking funding, clearly state the amount requested and how it will be used.
Key takeaway:
Keep your plan clear, concise, realistic, and tailored to your audience (e.g., internal use, investors, or lenders). Use data to back up your claims and ensure all goals are specific, measurable, achievable, relevant, and time-bound (SMART).
Finally, make sure it provides answers to the SHARE agenda questions:
Is it?
