Nothing quite compares to the excitement of launching a new venture, and very few aspects of such start-ups require as much planning and attention to detail as a business plan. There are hundreds of books and management consultants who will tell you that a business plan is the beginning and end of your enterprise.
What no one tells you is that a business plan is doesn’t involve any scientific research, but is merely a blueprint for your organization; something that provides vision in the form of goals and results, outlined with the means of achieving them. And although creating a sound business plan isn’t exactly rocket science, there are ways in which you can make your solid business plan into an exceptional one.
Consider your Audience
Any small business owner knows that all businesses have follow a general outline while drafting their business plan, but will need to follow a certain pattern depending on the nature of business and kind of customers you’re dealing. There are two main things you need to consider while fortifying your business plan:
- Whom am I making it for?
- Are you drafting it to suit your own needs, or the needs of your investors and stakeholders?
Deciding between the above options is a critical step for entrepreneurs to ascertain exactly how their business plan will be interpreted. Don’t think of it as a plan, but a to-do list of things you and your marketing professionals will need to achieve over the 12-36 months.
It might sound daft in the case of a business plan, but adding visuals to your plan not only makes it look more interesting, but is also a salient way of simplifying your business plan, for yourself, and your stakeholders. And with businesses changing the very way they create their business plans, by turning them in presentations, you shouldn’t hesitate to use pie-charts and bar-graphs to replace long boring text.
Creating a business plan is an important element in the launch of a new venture, and so is time. Just because you’ve got a business plan in place doesn’t mean that you can go and execute it at your leisure.
When you’ve created an elaborate business plan, it’s only practical to consider the timing as you’ll want to know the ideal amount of time it will take for you to achieve your business goals. Having a particular time frame in mind won’t just ensure that you strive to reach your goals in time, but can also help you fine tune your plan according to the plan.
It will certainly help you coordinate different avenues that must occur simultaneously so that you can maintain the broad picture and help line everything up in sort of decent and not haphazard way. You do not want to be buying large items if you are not going to need them for another three months, for instance. This can drain your resources quicker which could just mean that your business ideas will take many more months or even another year to execute than what could have been taking place if you had a more well thought out business plan.
Business plans are important because they act as a guide to help achieve your goals. But it’s equally important to remember that not everything you’ve planned for or plotted out in your business plan will take effect. This means that flexibility will be the key to making a decent business plan into one that could be a massive game changer for you.
Most young marketing professionals often get too hung up on their company’s business plan, slowing down their productivity and confining their actions to a box. You original business plan should be able to evolve in such a manner that it will allow you to achieve your business goals, even if you can’t recognize it!