Factors to Consider While Developing a Great Business Plan
A business plan sounds so strict, serious, and a little intimidating. It’s a particularly scary word for Small and Medium Enterprises(SMEs) who have never drafted a business plan before. However, as long as you have a winning business idea, you should not be afraid to implement it in life. Thus, at some point, you’ll need to start working on that business plan. Mr. Suresh Manshramani, amongst the top 10 Business Coach in India quotes, “Don’t fall in despair, though. It’s not as difficult as it sounds.” You can simply follow the common steps of writing such a plan. To do so, just follow the five main factors:
What is a business plan?
A business plan is a breaking point in your pursuit. This concept turns your vision and dreams into reality. Thus, it turns your idea into something tangible. Business coaches often suggest being able to put your idea on paper, plan it out, and decide on every needed step. Your business idea should look like a concrete strategy for turning your dream into reality by the time you finish your plan.
Of course, you don’t write such a plan only for yourself. This is for your future sponsors, partners and employees. Hence, your plan should be professional, clear, and convincing. Overall, your business plan should always consider all necessary steps for making your idea work. Thus, it should include around five factors. These are the future strategy, people involved, finances, marketing, and operation. Let’s have a closer look at all five of them.
Strategy: The first stage of your plan should always be an introduction. Thus, you get to explain your idea. Write why you think it is a good one. Start with factors that make it special so others will get invested in further reading. Here, you write what you plan to do with this idea. Hence, you briefly draft the strategy and outcomes you expect. Outline the purpose of it all. Explain what niche it is going to take and what goals it pursues. The best business coach in Delhi suggests ending with explaining how you are going to gain profits. This part is everything your future investors or partners are interested in, so make it count.
Execution while writing your business plan: At this stage, you explain all the operational elements of your business. Hence, this step answers all the ‘how’ in your plan. You should write down how you will run your business including the type of the organization you want to have and how you will implement it. Detail all the technical and operational issues. Thus, here, you show the upwards of your business. Start with the leadership team, explaining how the system of hierarchy works in your business. Next, move to the predicted point of your first profits. Then, show how you expect to achieve it. Overall, explain every little build of how your idea can work as a business.
Marketing: In our modern world of tight competition, marketing can make or break a new business. Explain to the people your marketing approach. Find the right ways to get noticed by the public. Show several marketing strategies that aim to attract, win over, and gain customers’ loyalty. Don’t forget to stress out your online marketing strategy, as this is where the real game happens. You may even seek out some unemployed professors who can explain marketing strategies in great detail if you want.
Finances: You should write down your predictions, or better calculations, on how much money your business needs. Thus, you get to outline all your expenses. See what type of working space you need and how much that is going to cost you. Perhaps, you just need a website and social media presence. See how you plan to advertise your product. Plan how many people you need on your team to start off with your plan. Try to predict how many employees you may need if the business takes off. Overall, the financial factor is often the hardest one to predict and implement into life. However, this step is crucial for a reliable and good business plan.
2. Networking and Collaboration
Team: A good business plan will mention the people needed for the work. Overall, here you state what professionals you need to run your business. The people on your team play an essential role in your future success. So, already having good
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