A Solid Business Plan Is Key To Your Success
Category: Business Planning
With a plan, you are able to more efficiently manage your time and stay focused on those things which are priorities that direct you towards your desired goals. For any prospective entrepreneur or small business owner, a solid business plan remains a crucial tool for demonstrating where you’ve been, where you are and where you’ll eventually go.
Do not undervalue its role as a key asset to your developing business. David Wilton, director of small business for Scotiabank says: “The importance of having a business plan is all about having a systematic look at the opportunities and challenges that you may encounter as you’re going into business.
It gives you the opportunity to go through your business idea and convert it from an idea into a practical business that you can implement.”
Often considered a necessity for those seeking to “sell” prospective investors, a business plan is equally beneficial to small business owners who already have the necessary financing.
Thought you may procrastinate finding the time to create one, the investment will pay off in the long run. It is an ongoing project that should be updated on a regular basis, and reviewed often to ensure that it accurately reflects your business needs.
Your business plan should provide you with focus; something that is invaluable to busy business owners with plenty of things on their plate. With a plan, you are able to more efficiently manage your time and stay focused on those things which are priorities that direct you towards your desired goals.
The backbone of a successful business plan
Research doesn’t have to mean enlisting the help of a consultant, it simply requires putting some thought into identifying any issues that may arise, as well as a strategy to deal with them.
Put your customers to work by conducting a questionnaire and have conversations with others who own similar businesses. Including this type of information in your plan will allow potential investor to better understand your business and its mission. As your business evolves, more and more issues will come to light and beg for new solutions. Your business plan is an ever changing document that shifts its focus according to the business’ growth.
If you build it, they will come
Below are a few of what I consider to be the key aspects to building a solid business plan:
Opening statement
Begin by describing what your business is, and more importantly, how it defers from other business in your chosen industry.
The team
Even if you’re not looking to get funding from investors, it’s a very good practice to create a listing of those who you’ll be working with. In case of an emergency, you won’t have to stress over who is in charge of what.
Your team should extend beyond just your employees and management, to any outside help (freelancers, contractors, mentors, etc.) who’s help you plan to seek out.
Competitive analysis
It is imperative that you understand the industry that you’re looking to go into. A crucial part of a solid business plans involves taking a critical look at your competitors; both those you do and don’t want to compete with.
Your analysis should also include a look at market trends, potential locations, advertising and marketing concepts, as well as potential suppliers.
The final stage of your plan means examining financial projections; don’t focus on the financial without first carefully reviewing all the others. Proper research ensures that your financial projections present an accurate picture to your potential investors.
Be familiar with your inventory, equipment and receivables in order to complete your cash flow estimates.
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