22 Views

How To Write Your Business Plan Perfectly Without Errors

Woow, this is quite educaive and enlightening…. Every business needs to have a written business plan. Whether it’s to provide direction or attract investors, a business plan is vital for the success for your organisation. But, how do you write a business plan?

SBA.gov recommends that a business plan includes;

  • Executive summary – a snapshot of your business.
  • Company description – describes what you do.
  • Market analysis – research on your industry, market, and competitors.
  • Organisation and management – your business and management structure.
  • Service or product – the products or services you’re offering.
  • Marketing and sales – how you’ll market your business and your sales strategy.
  • Funding request – how much money you’ll need for next 3 to 5 years.
  • Financial projections – supply information like balance sheets.
  • Appendix- an optional section that includes résumés and permits.

However, getting started can be difficult to do. So, here’s a seven steps in writing a perfect business plan.

1. Research, research, research

“Research and analyse your product, your market and your objective expertise,” writes Bill Pirraglia, a former senior financial and management executive. “Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.”

“To write the perfect plan, you must know your company, your product, your competition and the market intimately.”

In other words, it’s your responsibility to know everything you can about your business and the industry that you’re entering. Read everything you can about your industry and talk to your audience.

2. Determine the purpose of your plan

A business plan, as defined by Entrepreneuris 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.

As Entrepreneur notes, it’s “also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.” That’s important to keep in mind if you’re self-funding or bootstrapping your business. But, if you want to attract investors, then your plan will have a different purpose and you’ll have to write your plan that targets them so it will have to be as clear and concise as possible. When you define your plan, make sure you have defined these goals personally as well.

3. Create a company profile

tips-on-writing-a-business-plan

Your company profile includes the history of your organisation, 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. When I crafted my company profile, I put this on our about page.

Company profiles are often found on the company’s official website and are used to attract possible customers and talent. However, your profile can be used to describe your company in your business plan. It’s not only an essential component of your business plan, it’s also one of the first written parts of the plan.

Having your profile in place makes this step a whole lot easier to compose.

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 like;

  • Introduce new products
  • Extend or regain market for existing product
  • Enter new territories for the company
  • Boost sales in a particular product, market or price range. Where will this business come from? Be specific.
  • Cross-sell (or bundle) one product with another
  • Enter into long-term contracts with desirable clients
  • Raise prices without cutting into sales figures
  • Refine a product
  • Have a content marketing strategy
  • Enhance manufacturing/product delivery

“Each marketing objective should have several goals (subsets of objectives) and tactics for achieving those goals,” states Entrepreneur.

In the objectives section of your marketing plan, you focus on the ‘what’ and the ‘why’ of the marketing tasks for the year ahead. In the implementation section, you focus on the practical, sweat-and-calluses areas of who, where, when and how. This is life in the marketing trenches.”

Of course, achieving marketing objectives will have costs. “Your marketing plan needs to have a section in which you allocate budgets for each activity planned.” It would be beneficial for you to create separate budgets for for internal hours (staff time) and external costs (out-of-pocket expenses).

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.”

For example, bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists are looking at the basic business concept and your management team. The manager on your team, however, will be using the plan to “remind themselves of objectives.”

Because of this, make sure that your plan can be modified depending on the audience reading your plan. However, keep these alterations limited from one plan to another. This means when sharing financial projections, keep that data the same across the board.

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, dedicated, and actually care about your business and the plan.

You could discuss the mistakes that you’ve learned, the problems that you’re hoping to solve, listing your values, and what makes you stand out from the competition.

When I started my payments company, I set out to conquer the world. I wanted to change the way payments were made and make it easier for anyone, anywhere in the world to pay anyone with little to no fees. I explained why I wanted to build this. My passion shows through everything I do.

By explaining why you care about your business creates an emotional connection with others so that they’ll support your organisation going forward.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Billionaire’s Daughter, DJ Cuppy Has Finally Found The Right Man And This Is What He Looks Like
Entertainment
40 views
Entertainment
40 views

Billionaire’s Daughter, DJ Cuppy Has Finally Found The Right Man And This Is What He Looks Like

MT - September 23, 2017

    Billionaire Femi Otedola’s daughter Florence Otedola popularly known as DJ Cuppy revealed she has found Mr. Right and isn’t letting him go this time around,…

6 Food You Should Be Eating To Boost Your Immune System
Food and Health
48 views
Food and Health
48 views

6 Food You Should Be Eating To Boost Your Immune System

Mabel - September 23, 2017

Feeding the body with some foods will keep your body and immune system strong – the body will be resistant to some diseases (of course not all).…

Infographic: A Peek Into The Iphone 8 Benchmarks – By Far The Most Powerful Phone Ever
Technology
34 views
Technology
34 views

Infographic: A Peek Into The Iphone 8 Benchmarks – By Far The Most Powerful Phone Ever

MT - September 23, 2017

Tests according to Tom's Hardware CPU Easily more powerful than the most powerful Android OEM chipsets GPU Video Editing Camera Summary As usual from Apple, the current…

Beautiful Military Couple’s Pre-Wedding Photos You Must See
Romance and Love
40 views
Romance and Love
40 views

Beautiful Military Couple’s Pre-Wedding Photos You Must See

MT - September 23, 2017

This military couples will be tying the knot anytime from now and they want the whole to have a test of how their wedding will look like…

Meet Drake’s Alleged New Girlfriend Nekisha, She Looks Beautifully Smashing.
Entertainment
61 views
Entertainment
61 views

Meet Drake’s Alleged New Girlfriend Nekisha, She Looks Beautifully Smashing.

MT - September 23, 2017

Drake has had his fair share of model and stripper girlfriends. According to reports, his latest is a Toronto model named Nekisha. As with all women linked…

SEE Photos Of Alaafin Of Oyo Wearing The Historic Crown Made Centuries Ago For The First Time.
Art, History and Culture
61 views
Art, History and Culture
61 views

SEE Photos Of Alaafin Of Oyo Wearing The Historic Crown Made Centuries Ago For The First Time.

MT - September 23, 2017

Here are photos from the grand finale of 2017 Oranyan Festival. A major highlight of the event was the wearing of Sese-Efun (White Coral Bead Crown) by…

Video: Watch Teebillz And Chris Martin Dance To Tiwa Savage’s Song
Entertainment
57 views
Entertainment
57 views

Video: Watch Teebillz And Chris Martin Dance To Tiwa Savage’s Song

MT - September 23, 2017

  Tiwa Savage finally shared the first image of her husband,Tee Billz on her Instagram page . It is of him and Cold Play front man, Chris…

This Photo Of Ooni Of Ife’s Ex Wife, Wuruola Is Too Cute For Words
Art, History and Culture
80 views
Art, History and Culture
80 views

This Photo Of Ooni Of Ife’s Ex Wife, Wuruola Is Too Cute For Words

MT - September 23, 2017

  Ooni of Ife, Adeyeye Ogunwusi’s ex-wife, Olori Wuraola (now addressed as Her Highness, Queen Zaynab-Otiti Obanor) is pictured below as she arrived New York on a…

Nigeria International Kayode Olanrewaju Explains Why He Chose Manchester City Ahead Of Newcastle, CSKA
Sports
51 views
Sports
51 views

Nigeria International Kayode Olanrewaju Explains Why He Chose Manchester City Ahead Of Newcastle, CSKA

MT - September 23, 2017

Olanrewaju Kayode has revealed how Pep Guardiola convinced him to join Manchester City in the summer transfer window. The Nigeria international was on the radar of several…

Top 7 Best Private And Government Hospitals in Nigeria
Best of Nigeria
64 views
Best of Nigeria
64 views

Top 7 Best Private And Government Hospitals in Nigeria

MT - September 23, 2017

You will definitely agree with me that the Nigeria health sector has been seriously dilapidated and this has really debilitated the well-being of average Nigeria. Though our…

Top 10 Highest Paid Nigerian Professional Footballers : Mikel 3rd, Iheanacho Now 6th,
Richest
65 views
Richest
65 views

Top 10 Highest Paid Nigerian Professional Footballers : Mikel 3rd, Iheanacho Now 6th,

MT - September 23, 2017

It is a foregone conclusion that former Watford striker Odion Ighalo is the top earning Nigerian professional footballer, with guaranteed wages of more than €12.1 million per…

Nollywood Actress, Adesua Etomi And Singer Banky W’s Traditional Marriage To Hold In November
Romance and Love
47 views
Romance and Love
47 views

Nollywood Actress, Adesua Etomi And Singer Banky W’s Traditional Marriage To Hold In November

Mabel - September 23, 2017

The much anticipate traditional wedding ceremony between our Favourtie couples, Singer/Actor, Banky W and his fiancee, Actress, Adesua Etomi will hold on the 19th of November, 2017.…

Dangerous Infections You Can Get When You Bite Your Nails
Food and Health
74 views
Food and Health
74 views

Dangerous Infections You Can Get When You Bite Your Nails

Mabel - September 22, 2017

Biting your nails might seem like a minor bad habit. The frequency of the habit might lead you to believe that it's no big deal. However, it…

The University Of Ibadan Fixes Resumption Date
General
58 views
General
58 views

The University Of Ibadan Fixes Resumption Date

Mabel - September 22, 2017

The management of the University of Ibadan (UI) Chapter returns back to classrooms, the school authority has notified the students that the second semester lectures of the…

2017 WAFU Cup: Super Eagles Defeat Benin To Set Up A Final Game Against Ghana
Sports
73 views
Sports
73 views

2017 WAFU Cup: Super Eagles Defeat Benin To Set Up A Final Game Against Ghana

Mabel - September 22, 2017

The home based Super Eagles of Nigeria on Thursday advanced top the final of the 2017 WAFU  Cup of Nations defeating  Benin 1-0 in Cape Coast in the…

Checkout Photos Of Nigerian Writer, Chimamanda Adichie’s Husband
Romance and Love
97 views
Romance and Love
97 views

Checkout Photos Of Nigerian Writer, Chimamanda Adichie’s Husband

Mabel - September 22, 2017

Photos of popular Nigerian writer, Chimamanda Adichie and her husband Dr. Ivara Esege have been celebrated on social media. The husband of the award-winning Nigerian writer, Chimamanda…

Ooni Of Ife All Smiles In New Photos As He Attends Event In Abuja
General
72 views
General
72 views

Ooni Of Ife All Smiles In New Photos As He Attends Event In Abuja

Mabel - September 22, 2017

The Ooni of Ife, is definitely in a delightful mood as he was photoed recently following reports of his estrangement to Wuraola Zynab Otiti some weeks back.…

9 Health Benefits Of Sour-Sop Fruit
Food and Health
94 views
Food and Health
94 views

9 Health Benefits Of Sour-Sop Fruit

Mabel - September 22, 2017

Sour-sop is a wonder-working fruit found in the tropical regions of the world. Around the world, it is known with different names such as Graviola, Brazilianawpaw, custard…

Loading...