Improve Your Business with a Stellar Business Plan
If you’re a business professional, you’ve probably heard about the need to create a business plan. Most of us have heard of business plans; however, we’ve pushed the idea aside in the endless responsibilities of day-to-day business. In this article, we’ll discuss the advantages of building a business plan and if time is truly short, you can choose to engage a business plan writer to complete a professional, comprehensive business plan.
Let’s first discuss what you might consider in building a business plan for your firm. A typical business plan contains the following:
Executive Overview/Summary
Mission Statement and Objectives
Milestones and Markers
Financial Plan and Forecast
Company Statement
The “Why” of the Company
Products or Services (past and current)
Customer & Competitor Assessments
Demographic image
Geographic location, if relevant
Models for Comparison: Pricing, Services, Products
Marketing Strategies
Scope and Sequence
Pricing Strategy
Metrics for Measurement
Operational Plan
Staff Member Roles
Metrics for Measurement
Financial Plan and Forecast
Revenue and Expenses
Forecast
Each of these segments has purpose and value in creating a roadmap for your business; however, there is also purpose for your business besides crafting a purposeful statement. We’ve listed these advantages for your consideration:
1. Your Presentation Package:
The first advantage to creating a business plan is found in the fact that the plan will act as your presentation to lenders or investors for startup or growth-phase funding. Lenders will offer loans to be repaid with interest on a set schedule of repayment. Investors will not typically look for repayment, but will look for a percentage of up to 15% of ownership in your company. For these reasons, you’ll want to assess offers carefully. If funding is needed, other options are available, such as bootstrapping, grants, crowdfunding and other sources, as well. The bottom line is that you do not want a business to fail for lack of funding when there are lenders or investors waiting for the opportunity to “get in on” a young, growing business. The completed business plan can take you there.
2. The Plan Tells the Story.
Crafting the business plan gives you the opportunity to look back, even as every day is another reason to look forward. The business plan is also your history book, as it details the background of the company from day one. Also, the “why” behind the reason for starting your business will bring clarity to your purpose even if your business is already a few years old. This is the history of your efforts; it is important to document that fact.
3. Opportunities for Improvement.
It never fails. During the draft of a business plan, executives will note a department or section of the business that needs improvement. A business plan will reveal the need for change or improvement and, if metrics are included, a business plan can also outline the key performance indicators (KPIs) of the business. This can reveal areas that need attention, but hadn’t previously been considered for it.
Most of the time, technological advancement comes as a secondary priority to business owners. According to an MSP in New Jersey, as your services and client pool grow, your tech needs and security grow. It is in embracing this opportunity for improvement in the security of data, information, and connections can a business continue to further expand.
4. Management & Team Member Changes.
In the same fashion, it may be clear upon completion of the business plan that management or staff members would serve the organization more effectively in different positions. A review of roles and responsibilities has a way of highlighting the practices of staff members, which inevitably leads to important changes; sometimes, even key changes.
5. Hidden Competitors Under a Rock.
Using research to discover competitors can be akin to finding an insect under a rock. Sometimes, competitors simply don’t show up on the radar, but if they are taking a percentage of business away from yours, it’s time to build a competitive marketing strategy to reclaim your customers. A business plan will illuminate such surprises and one as illuminating as this demands action.
6. Relevant Strategies and Campaigns.
Every initiative demands a strategy and every campaign requires a purpose. In marketing, strategies are designed to bring potential customers inside the fold, where they can be apprised of offers or services and can be entreated to buy products. A marketing campaign, however, is larger, as it accomplishes the repetitive delivery of a relevant communication, whether in words or images, for a certain period of time. The business plan outlines major campaigns and pivots marketing strategies that weren’t performing or improving customer acquisitions.
For these reasons and more, your business can be improved with a stellar business plan. Build a plan or send the request to a business plan writer; either way, you’ll find numerous advantages in creating and keeping it.
