Some fail because they don’t have a business plan. Others should have done better with it. In 2024 and beyond, you need to have a solid plan for your business; I mean, a bankable business plan.
We have seen a lot of fallen heroes in the past. They fell with their businesses due to a lack of plans and quality strategies. When it comes to business, I never welcome overconfidence. I will show you how to write a business plan that matches the future.
If you don’t aim it, you can’t hit it
Onifade Azeez
What is a Business Plan?
A business plan is a written document that summarizes the details of a business including the nature of the product, target market, marketing strategies, and financial projections. Whether it’s to provide direction, seek a loan, or attract investors, a business plan is vital for the success of your organization. A business plan is an indispensable business tool for every startup.
It shows a company’s goals and the way it plans to realize them. It also contains several other aspects of a company’s future agenda and may function as a tool for decisive decision-making or as a business proposal to pitch for funding purposes. Every business must have a written Business plan. Let’s check Wikipedia‘s definition.
A business plan is a formal document containing the goals of a business, the methods for attaining those goals, and the time frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization’s financial projections, and the strategies it intends to implement to achieve the stated targets.
Who needs a Business Plan?
Those who are
- Starting a new business from scratch
- Who have an existing business with the aim of expanding
- Sole proprietors
- Partnerships
- Limited Liability Company (LLC) members
Why do I need a Business Plan?
A Business Plan is a planning tool. It will often build a framework for your new or existing enterprise and align goals for your business.
It also can be employed by your startup as how to present your ideas, sales projections, and plans for achieving your objectives to potential investors for funding purposes.
Ultimately, whether you propose to launch a corporation, transition from being a freelancer to a little business owner, or wish to recreate, improve, and organize your current business, it may be a helpful document for steering your business forward and informing others of your plans.
A Business Plan helps you generate new ideas for decision-making. It also gives you an action plan after a reality check. In short, a bankable business plan is a must for any successful aiming business.
How to make a Business plan template
Begin with a clear idea of the target niche for your template. Since the Business plan template will be used across the chosen niche, you need to do well-detailed and generalized research. You will follow the steps to write a business plan that will be discussed below, after which you will write one.
The written template can later be modified to your client’s taste or to suit the purpose of another business venture entirely. Moreover, identifying your audience allows you to establish the language you’ll need to convey your ideas, as well as the level of detail you’ll need to provide to enable readers to complete due diligence.
How can I write a business plan?
It’s alright, this is how to write a business plan; Writing a Business plan is easy and also tasking at the same time. All you have to do is follow these simple steps. A business plan format and its organization determine what section will be included. Let’s have a glance:
- Executive summary
- Company Overview
- Products and services description
- Market analysis
- Marketing Plan
- Operational/Production plan
- Organizational and management plan
- Financial plan
- Business risks/SWOT Analyses
- Appendix
- Business Model Canvas
Moreover, the last 2 are optional. We want to take them one after the other. Points stated under each section should be used as subsections.
But wait!
You can make money with this skill even if you don’t have a business by writing for people or teaching people how to write.
What is the business plan outline?
1. Executive Summary
Summarize the company profile, problem, solution, product/service, competitive edge, market potential, financials, management, vision, and conclusion. It is a general overview of your business.
Anyone who reads it should be able to make a decisive decision about your business
I will advise you to write this section last since it is the summary of all.
2. Company overview
Here, You will write concisely about the Business description, Target market, Vision and Mission Statement, Goals, and objectives, including your Current milestones if it is an existing business. Goals can include both short-term goals and long-term goals.
3. Market analysis
This section should include the Industry analysis, Potential challenges and how to handle them, Opportunities, Competitive Analysis, and Effect on the local and national/international economy.
4. Marketing Plan
Before you start writing a business plan. You ought to have done a strategic market survey and feasibility study
It will help you have a smooth Marketing strategy. In this section, you want to write about Promotional strategies
Distribution strategies or sales methods.
5. Operational/Production plan
The existing Office location description or proposed office locations should be written and discussed. Other subsections include a list of consumables Equipment, Capital Expenses of Production/Services, Process technique or methodology, pricing strategy, Proposed/Existing price list, and Record/stock control process.
6. Organizational and management plan
The human effort behind your organization should be made known. That is why you have to write about the Ownership of the business, the Promoter profile and management team, details of employees, and details of the salary schedule.
The Promoter, which might also be the founder or a sole proprietorship Identity, should be revealed. Details like full name, Address, academic or professional qualifications with a valid means of Identification.
7. Financial Plan
Majorly, assumptions and financial projections. In other words, you have to be realistic when writing this section.
The Present worth and Asset Valuation will be discussed as well. Expansion capital estimation for existing business and give loan details if your business will survive on loan.
Financial projections are necessary for any business, whether it’s a start-up or an established company. They are the key to success for any company because they provide an overall view of where the business is now, where it is going, what its needs are, and how to make sure the company will be profitable in the future.
Financial projections may seem difficult to create at first glance, but there are plenty of free templates available online that can be modified depending on your personal preference.
8. Business risks and SWOT Analyses
Business risks and mitigation; Highlight, the risks and possible ways of reducing or eliminating them
SWOT (Strength, weakness, opportunities, and threat); Write about them one after the other, but make sure your strength is always more than your weakness. Note: You must have at least a weakness and a threat.
9. Appendix
You want to attach additional documents or sheets to your business plan. Especially documents that have to do with financial analyses.
10. Business Model Canvas
It is a tool that helps you put your business on one page. It can be called the one-page business plan, See the example below.
Business Plan Writing
- Keep it short
- Make it simple to read
- Divide your content into sections
- Proofread
- Use high-quality design and printing
Revising Your Business Plan
When confronted with challenging problems, conducting additional research and changing your approach may give solutions. As time goes on, the need to revise your business plan could arise. It’s a good idea to examine your business plan regularly even before that time comes, especially if you’re planning to expand or to adjust to meet a long-term goal. So you have to Refocus, Realign, and Repurpose your plan.
You most likely established your unique business and personal goals when you developed your original business plan. Take some time now to evaluate and see if you’ve met your objectives. A need to refocus might arise.
Check your instincts to see whether all of your hard work is still aligned with your initial aims and mission statement. Are they still in use? Have you forgotten about the broader picture?
Consider packaging your existing products or services differently if your time is being spent on little tasks instead of actual development and establishing a lucrative customer base.
You may like to read: How Social Media Marketing Agency Can Boost Your Business
Conclusion
Key marketing, production, and financial challenges differ amongst businesses. Their plans must depict these differences, highlighting relevant areas. Understand that investors see a plan as a reflection of the goals and personalities of the company and its management. They will be turned off by a plug-and-play, fill-in-the-blanks business plan to even worsen the situation, a computer-generated plan. That is why business plan template software should be discouraged.
Instead of looking inside to see what suits you best, write your plan with an eye outside to your major audiences. You will save time and energy this way, as well as increase your chances of attracting investors and clients to your side. Investors are uncomfortable with poorly drafted documents. You want your business plan to be as appealing and easy to read as feasible.
Hire a Professional for Writing a Business Plan
Creating a business plan might be done with a business plan template, by self-writing, or by hiring a professional. Get the best Business Plan Writing and Business Proposal.
Contact Onifade Azeez via wealthgist@gmail.com
