How to Create a Business Plan: Shortcuts to a More Effective Plan
Creating a business plan doesn’t have to be hard or time consuming if you pay attention to the tips in this article. You will see that there are many shortcuts to a great business plan and knowing them, along with taking action, are great skills to acquire.
Why have a business plan in the first place? Well, to be successful, your business must have clearly defined goals and a fully developed strategy for their implementation. Without this, there is no possible way for a business to operate at peak efficiency. Sure, some businesses get lucky without one and taste success, but I’d still argue that maximum long-term success is virtually impossible without a current business plan.
A business plan is truly one of the most important tools an entrepreneur can have, so how do you create an effective business plan?
HOW TO CREATE A BUSINESS PLAN AS FAST AS POSSIBLE
Trying to build a business plan yourself without any other tools is really not the smartest way to go. Here is the best way. Use business planning software that is inexpensive and can provide all section headings in a logical and progressive manner.
Usually the software can provide the starting point for a perfect business plan design like the following:
1. Executive Summary: Very important section that summarizes the main vision and future objectives of the business in the next 1 to 5 years. It’s just one or two pages of highlights that give a clear picture of your business.
2. Description of the company: Legal constitution, background, start-up plans, etc.
3. Product or Service – Describe in some detail the different services or products you have and how these will specifically benefit the end user – the customer.
4. Market Analysis: You need to know your market, the needs of the clients, where they are, how to reach them, etc. Also, who is your customer?
5. What strategy and who will implement it: Be specific. Keeping track of who is responsible for following a specific strategy and what time it will happen is perhaps one of the greatest strengths of a great plan.
6. Website Plan Strategy – For eCommerce, include a discussion of the website, development costs, operations, sales, and marketing strategies. And follow through actions.
7. Management team: Who are the key members of your management team and what exactly are their collective and individual responsibilities in the broader business context?
8. Financial Analysis – This section covers projected budgets, cash flow summaries, profit and loss, and balance sheets. These are all important financial data.
THE ULTIMATE ADVICE ON HOW TO CREATE A BUSINESS PLAN IN THE SMARTEST WAY POSSIBLE!
The best planning software has industry-specific templates that you can model your efforts on. This is extremely beneficial. For example, seeing a complete sample plan for a travel agency, if you own a travel agency, and using it to base your own plan on is a guaranteed shortcut to creating a brilliant plan.
Using inexpensive software and sample plans can dramatically reduce the time it takes to put together a great plan. Considering that this is the biggest problem most business owners have (ie lack of time to work on their business), how to create a business plan as quickly as possible doesn’t have to be your challenge.