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Important Steps to Write a Good Business Plan



Important Steps to Write a Good Business Plan

Planning is one of the most important and relevant strategy you can adapt to accomplish any in the business world.  To succeed in any business of your choice you need a good business plan. 

Here are some Steps in writing a good business plan;

Step 1: Executive Summary

This opening section starts your business plan and concisely outlines the key points of your plan. The objective here is to explain what your firm does and why it will be successful. Add a company mission statement, (i.e., what your vital goal is as a business, in maybe a sentence or two.)

Step 2: Business Description

This part leads off the main part of your business plan. In it, you’ll go into more detail on what your firm does and what solutions to bring to the marketplace. In this section, it’s time to get precise and detail what product or services you’re developing and what clients you’re targeting. Add a brief history of your firm and list any top-level talent you have aboard to get your firm off the ground.

Step 3: Market Analysis

In this part, you’ll detail the marketplace you’ll be contending in. Where are the best opportunities in your market? What is the marketplace? Who are your competitors? What are their strong point and softness? What is the leading marketplace product or service and what are you doing to improve on the leading products or services? Funding companies want to work with differentiators, and they’ll want to know what set apart your business from the rest. Here’s the place to tell them exactly that.

Step 4: Company Organization

How will your firm operate? (i.e., as a partnership or as a conglomerate, primarily) and who will be the primary decision makers? How will the firm be organized legally? What is the management hierarchy? Who has proprietorship of the company and at what percentage? These are the main questions you’ll need to answer in the firm organization section of your business plan.

Step 5: Products or Services Provided

What will your firm produce and how will it profit customers? What kind of research and development have you already put into your firm and what results are you getting – and expecting? Also, how will you sell your product or service to clients? These are the questions you’ll need to answer in this section.

Step 6: Financial Outlook

In this section, you’ll need to outline your financial projections for your firm. If your firm is already up and running, list any income statements and cash flow numbers for the past several years, if possible. Do you have any loans outstanding? What does your balance sheet look like? What are your periodical projections going forward? Firm funders consider this the most important section of your business plan, so be detailed and as accurate as possible in presenting financial data to your readers – they’ll be pouring over every word and every digit to judge whether there’s a good business opportunity here or not.

Step 7. Get the Right People

This is one of the greatest significant factors. Think about who you want to hire. How will you find people whose abilities complement yours? And how will you persuade them to work for you?

Also, think about who you want as your business advisors. You’ll need people you can trust, to guide and guide you at times when you need it.

Related: Apply as Programme Manager in Save the Children International Company Abuja

Step 8: Summary

Close your business plan with a pitch for funding, and list any supportive data, graphs and charts that bolster your pitch. Make it perfect what you’re looking for financially from financiers – equity, a partnership or a loan. Give a ballpark estimate of the funding you need and make it clear whether you’re open to cooperation. A firm that knows how much money it needs will be taken as a serious one and will be treated as such by funders and financiers. The best business plans shield the most ground in the minimum amount of time. The target for the three “C’s” in developing your business plan – give clarity, be brief, and be compelling

Step 9. Find a Good Business Plan Outline

There’s really no need to start your business plan from scratch. Use a strong online business plan like Live Plan, which walks you over the creation of your entire business plan. Look for great examples of industry-specific business plans at online sites like Bplans or Find good examples and follow to their pattern

Step 10. Simplicity is the Key

Don’t “overvalue” your firm with inflated financial projections and pumped-up sales figures. Businesses that have invested in young firms have been around the block a few times and have a broad understanding of what’s genuine. If you claim sales figures twice as large as the competition, for example, they may well think you’re not being realistic. Be general and direct plan and keep readers from concentrating on what really matters, like your firm’s organizations and how your product or services will sell in your market.

Check Your Copy Thoroughly

Good grammar and spelling are totally imperative in a business plan. One missing comma or one misspelt word may be taken by readers as a sign of disorder. Hire a professional business writer and copy editor to make sure you have a clean and error-free business plan – good writing and editing will get observed by readers, and in a positive way.

Precious Victory is a journalist with SearchNGR. She has a special interest in Education, Celebrity news and Entrepreneurship.

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