As we transition out of the challenges of the past year many businesses will find themselves thinking about pivoting their existing services, whilst others may be considering the opportunities of planning a new business.
Having a detailed business plan is critical to any venture and could be the difference in being prepared to succeed, or fail at the first hurdle. Creating a really detailed business plan will place you one step ahead.
We’ve outlined some points which may be of help if you are thinking of starting a new business or looking at new strategies. It will help you understand your goals and keep you focused on strategy. At the same time, it can help secure vital investment for growing your business by identifying your KPI’s.
Outline your Business Summary
Start with an executive summary. This is a brief outline of your business plan that contains your proposal and objectives. The summary builds the foundation of your plan giving you a clear focus.
This contains information about your business idea, what the services are and how everything works and the current stage of development. This is key to identifying the goals which need to be set and the direction the plan needs to follow.
Include information about the services provided and detail any additional information about how your business will benefit the community and other local businesses. Be sure to cover all the benefits; costs, building relationships, impact on communities, services and so on.
Prepare a SWOT analysis and include a detailed market breakdown. This will demonstrate your understanding of the market, your competitive stance and will help you identify opportunities at a later stage, and overall allow you to gain better insight. The strategy outlines ideas on how to build awareness and reach your potential customers. Write about how you plan to market your business and promote it.
Outline how everything runs and create a clear outline from suppliers, to produce, to operations, to marketing. In addition, you can also provide a clear picture of the key roles that the business requires. This is particularly relevant information to any investor.
Your business plan is all about getting that proposal to make sense and detail the benefits that your proposal brings to the table.
By setting out KPIs and flagging up any potential pitfalls it will be a useful tool when and if you want to pivot or seek funding for a struggling venture.
When it comes to regulations and legalities, be prepared for a fair amount of paperwork. Unfortunately, there is no umbrella licence that covers all the necessary certifications and licences you need to apply to start up a business. Therefore, you should include all regulations and legalities in a dedicated section.
Consistency is key
A comprehensive plan can be very detailed so ensure you have concise, clear continuity and all the necessary details but also good flow. With these tips, you will be able to identify systems and processes that are the best fit for your business. Plan carefully and you’ll be one step closer to achieving your business goals.
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