Earth Change Forum

1. Research, research, research.

“Research and analyze your product, your market and your objective expertise,” William Pirraglia, a now-retired senior financial and management executive, has written. “Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.

2. Determine the purpose of your plan.

A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.” However, your business plan can serve several different purposes.

3. Create a company profile.

Your company profile includes the history of your organization, what products or services you offer, your target market and audience, your resources, how you’re going to solve a problem and what makes your business unique.

4. Document all aspects of your business.

Investors want to make sure that your business is going to make them money. Because of this expectation, investors want to know everything about your business. To help with this process, document everything from your expenses, cash flow and industry projections. Also, don’t forget seemingly minor details like your location strategy and licensing agreements.

5. Have a strategic marketing plan in place.

A great business plan will always include a strategic and aggressive marketing plan. This typically includes achieving marketing objectives such as:

    Introducing new products
    Extending or regaining market for existing products
    Entering new territories for the company
    Boosting sales in a particular product, market or price range. Where will this business come from? Be specific.
    Cross-selling (or bundling) one product with another
    Entering into long-term contracts with desirable clients
    Raising prices without cutting into sales figures
    Refining a product
    Having a content marketing strategy
    Enhancing manufacturing/product delivery

6. Make it adaptable based on your audience.

“The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees,” states Entrepreneur. “Although this is a diverse group, it is a finite one. And each type of reader does have certain typical interests. If you know these interests up-front, you can be sure to take them into account when preparing a plan for that particular audience.”

7. Explain why you care.

Whether you’re sharing your plan with an investor, customer or team member, your plan needs to show that you’re passionate and dedicated, and you actually care about your business and the plan. You could discuss the mistakes that you've learned, list the problems that you’re hoping to solve, describe your values, and establish what makes you stand out from the competition.

For more information visit : https://www.entrepreneur.com/article/281416