An entrepreneur excels at business planning. They set goals, identify consumer needs, analyze the market, build financial projections and can provide documents to support their plan. Successful entrepreneurs have a clear vision and genuinely love what they do. They are disciplined and have the drive to be successful and turn their vision into life. A successful business plan consists of many parts. Each of these holds great value, however, in my opinion 3 of these parts are the foundations of the plan: the executive summary, the market analysis, & the financial projections. These three aspects will stand out and should have strong words/descriptions with a plethora of supporting documents.
Below, you can view the significant steps to help build your business,
The Business Development Process
1. Create an executive summary: This should be attention-grabbing, brief and concise. This is the perfect place to state your mission & values.
2. Company description: Prominent information such as business name, location, key advisors/management, and history should go here.
3. Establish business goals: What exactly do you want to accomplish? How do you plan to grow?
4. Describe your product/services: Explain in detail how your product/services will be used. Tell us about your target audience and how you plan to fulfill sales & distribution.
5. Analyze the market & conduct research: Who are your competitors and what makes you significant? How does your product/service differentiate from theirs?
6. Create a marketing/sales plan: How do you plan to reach your target market? How will you advertise to them?
7. Analyze financial projections: Show how money will go in and out of the company. Provide accurate estimates for sales. How will you generate profit?
8. Add an appendix: This is where you will provide any additional documentation to support your business.
According to the U.S. Small Business Administration (SBA), creating a good business plan provides you with a “roadmap” that will guide you as you grow. You reduce the odds of failure when you have your guidelines to refer to as you set short & long-term goals. With a defined focus, you become more valuable to your customer, and you become more appealing to investors.
“It’s crucial to understand the terms correctly so you know how to present your finances when you’re speaking to investors.”
Amit Perry, CEO & Founder of Perryllion LTD
References
Mannarino, M., & Bailey, K. (2022, April 19). How to write a business plan in seven simple steps. Ideas. Retrieved October 27, 2022, from https://www.wework.com/ideas/professional-development/business-solutions/how-to-write-a-business-plan
Nicastro, S., & Murphy, R. (2022, July, 26). How to write a business plan, step by step. NerdWallet. Retrieved October 28, 2022, from https://www.nerdwallet.com/article/small- business/business-plan
Write your business plan. (n.d.). Retrieved October 28, 2022, from https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan