How To Write a Winning Business Plan
Imagine a sailor that left the harbour to a destination without his navigational instruments on, where then is he heading to?
Some occurrences are not natural even though sometimes we may relate it to some natural effects.
There is a general saying that majority of start ups got crashed in the first 6 years. Why?
No one who started a business, be it products or services would not want to have their dreams been eroded by natural or man made effects.
Every business person sure do experience challenges, Its either your customers own and tied down your business money leaving you stranded or its because of your inability to establish and stick to patterns that favour your business success.
What are the Patterns?
• Your managerial structure and techniques.
This means introducing a culture and a follow through to getting it establish.
• If you are starting as a young business person, sometimes it is difficult to play by the rules of the game, because you need the people that are coming in to patronise you, so hence you don’t hold much grounds to stand you got to go a little way against the ethics, but bear in mind an overdose will lead to paralysis, so the best way to maintain a balance is to follow your plan of action, which is your written business Plan.
What Is a Business Plan?
A business plan is a written statement, a document that
describes and analyzes your business and
gives detailed projections about its future. In simple terms it is explained as follows:
• Who own the business?
• What does it stand for?
• How much is it going to cost you to roll your dream
• Do you need external hand to join you in running the business, how people do you need?
• Who are the people that will use your services or products?
• Where are they and how will you reach them, through what means?
• What are the future and other opportunities that can be birthed from it?
• How can other people come in to invest and what will they request?
So as you can see, a business plan is nothing more than turning what you know into what someone else can access to solve a need, and looking for more better ways to improve and do it more excellent, following a set pattern or a written plan of action.
Note, there are no fixed patterns for success in business hence circumstances may change, but there are sure principles that gurantee success in business once you put it to work and stick to it.
There is room for modification of your business plan and rebranding, big companies does it. because as of the time of putting together a business plan for yourself, maybe you were not knowledgeable enough to know some things but as you advance you acquire new knowledge, you can modify your business plan and upgrade it.
Do You Have An Idea That Needs a Business Plan?
• Are you planning to start a small business or to grow an already existing business?-products or services.
• Are you in business already and making sales or get stucked and want to re-brand or re-invent?
• Are you a sales personel and looking for how to grow your sales?
• Are you in Muti Level Marketing and want result?
• Do you have knowledge or skill that you want to package it to attract a premium?
• Are you a football or political analyst and want premium for your services?
• Will you be happy to make more money from whatever services you renders?
• Can you turn your course of study in the University into money outside your Job?
• Do you want to attract more opportunities as a secondary school teacher or university lecturer?
You need to rebrand or repackage yourself and launch it, the people you are looking for are also looking for you, but you got to design a strategy and a plan on how to attract them for the services you renders.
How do You structure Your Business Plan?
Your business plan is your official document that you will use for different purposes, so you got to structure it in the right way:
1- Cover page, title page and content.
Your business plan is the first step of putting your ideas, knowledge, skill, talent, service or product into in writing for execution. It must be professional because this is the document you can as well present to any interested investor.
You put basic information that don’t neccessary require analysis here. As your house address and number is not hidden so are these details for your business plan.
The following information gives a business plan an identity;
If neccessary show the content page, especially for a well detailed business plan that is from 5 pages to above.
It helps for easy understanding.
2- Executive summary.
This is where you give a short summary of what the document is all about. In brief give an overview, spell out the key things to consider.
Some people may bring in description of some basic features here.
• Basic company information.
• Business concept
• Any relevant information that can enhance how well prepared you are is stated here.
If you are just starting business, you won’t have much information as an established business person. instead focus on your experience and background as well as the decision that led you to start the very business.
Demonstrate your expertise here, prove in writing that you are going to deliver your business.
3- Business description.
In details describe your business, tell the story about your business, all the specifics, the internal operating structure. what value you will bring to your customers.
You will have to show the category that your business will be involved in.
4- Product or service description.
What kind of services and products do you want to venture in? what makes it competitive?
For Instance if you are going into transport services, what area of transport would you like to run? taxi or high way transport?
How many vehicles do you plan to start with?
Show all the benefits of your products or services or others and why you think it will be accepted in the market.
You get this done when you conduct detailed research.
5- Market research or analysis.
This is the crucial part of any business because without sales your business will paralyse.
This is what put your brand in the minds of yout target audience.
• Where is the playing field? online, offline or both? and at what intervals are you going to run your adverts, when, where, how?
• Who are the competitors in your line of new business? large and small, new and old?
• What are the strength and weaknesses of the competitors?
• How good are their products or services?
• Who are their main customers and how do they buy?
• What improvements or changes in current products would encourage customers to purchase more of them?
• What price range will cause customers to switch to other competing products?
• What are the drivers of profitability?
You need all these details, that is why it is called market research analysis. It will help you to excel in the playing field.
6- Financial projections
This will help you determine how much you are going to start with and what you are expecting as gains in a week, month and year.
Financial projections works well when you put in more efforts on your marketing that creates awareness.
Your profit and loss must be planned, what are the things to expend money on and how much is it going to amount to at the end of day into to month? and what will be your gains and you run the balance sheet?
7- Operations and management
Explain your management team, the available key positions, and who mounted them?
What are their responsibilities and how it should be expressed must be written down.
This can be modify as you advance to create a balance in duty.
8- Your SWOT analysis.
What makes SWOT particularly powerful is that, with a little thought, it can help you uncover opportunities that you are well-placed to exploit.
And by understanding the weaknesses of your business, you can manage and eliminate threats that would otherwise catch you unawares.
What do you do better than your competitors? this is your winning edge, the game changer.
Will lowering down prices position you to dominate?
The US oil business man Rockerfeller once used this strategy to dominate the oil industry over his competitors, and he succeeded, because they could not compete and had to give way for him.
Anything identified as a weakness should be turned into an advantage.
What are the challenges do you think your audience will likely notice and will be a hindrance to your business success?
What are the things to avoid in other to achieve success in your business.
What are the opportunities to leverage on?
Are there means to cut down overheads to increase profits?
Which vehicles do you think can be an alternative to save your expenditures and yet have no issues with the quality of your service delivery?
Threats are good to identify and put the necessary structure in other to have control and be in charge.
If you know your business need a digital presence and you did not take it into consideration, any smart competitor that saw this as your weakness will work on it and disrupt you by dominating the market (your audience) with thesame product you renders.
The best way to stay on top of the game is to maximise your Strength, eliminate all weakness, build all opportunities and enjoy your automated income.
For you to have a smooth sail in business, you must get the basics right.
Your business plan helps you beyond sourcing for investors, it’s a document that you frequently refer to for direction.
You modify your strategies as you advance in business for higher service delivery.
I believe you learnt something from this post.
Please I will appreciate if kindly share a contribution or question in the comment box.
Your feedbacks are recommendations that will help me to improve in other to serve you better.
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