Throughout the start of this Blog we have posted numerous trends, tips and strategies that benefit your business. However, this post will benefit those who want to start their own businesses or lack a business plan. We will discuss what is a business plan, the importance of creating one, the benefits of having one and we will present various expert views on the subject.
Let’s start by explaining what is a business plan. A business plan is any plan that works for a business and/or company explaining what the company is, its goals, overall numbers and future. (Bplans)A business plan is meant to look ahead, allocate resources, focus on points, and prepare for different opportunities and problems.
It is crucial for any business to create a business plan. Nowadays, people continue to disregard owing a business due to a false impression that you only need a business plan to start your own business. A business can help running a business, whether you need a loan or investment or not, any business needs a plan that can optimize growth and development.
According to Dave Lavinsky, founder of Growthink and President of Growthink Publishing, a successful business plan must have the following ten key points:
1. Executive Summary
2. Company Analysis
3. Industry Analysis
4. Analysis of Costumes and Competition
5. Marketing Plan
6. Operations Plan
7. Development Plans
8. Management Team
9. Financial Plan
10. Appendix
He expresses that many forget to explain several points resulting in a poor business plan. (Growthink)Lavinsky is an internationally renowned expert in the fields of business planning, capital raising, and new venture development. Over the past decade, Dave has guest lectured at top universities, developed over 100 business plans, and has written hundreds of articles on entrepreneurship, business planning and capital-raising. (To learn more about Dave Lavinsky click here)
Another expert advice comes from Simone Brummelhuis, former attorney and founder of The NextWomen, the first Women’s Internet Business Magazine and community. She expresses the importance of highlighting your business’ success and detailing the steps you have taken to achieve success in your business plan. (To learn more about Simone Brummelhuis click here)
Pointing out in your business plan what makes your business successful and how it can benefit an investor or a bank can help your business bloom in a blink of an eye. Having key elements like your financial plan, and your analysis of customers and competition can be decision makers when negotiating an investment or a loan. People who look for smart investments want the facts and numbers right away. Sections like the ones listed above makes it easy for those interested to make a decision and have an incentive at the time of the investing.
Pointing out in your business plan what makes your business successful and how it can benefit an investor or a bank can help your business bloom in a blink of an eye. Having key elements like your financial plan, and your analysis of customers and competition can be decision makers when negotiating an investment or a loan. People who look for smart investments want the facts and numbers right away. Sections like the ones listed above makes it easy for those interested to make a decision and have an incentive at the time of the investing.
Taking these suggestions into consideration and researching more do’s and don’ts when creating a business plan can help your business enormously. Remember that creating a business plan benefits everyone; investors, banks, clients, staff and most importantly YOU! When you start creating a business plan you are a step closer to Success!
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