People have described going into business as somewhat akin to fighting in a war. You’ve got to constantly fight it out with your competitors to capture the market and you need intelligence to exploit market developments. So in this highly competitive environment it pays to have a plan. Which is why to succeed in business you will need a good business plan.
A well-written business plan will not only simplify the setting up of the business it will also help you by making it easier to get business loans. Most banks and financial institutions normally require the submission of a business plan. A well written business plan even a simple one often increases your chance of landing a loan. Here are some tips on how to write a killer business plan.
1) Be simple but complete.
A business plan basically serves as a guide to setting up and running your business. It will cover everything from the name to the logistics of the business. A business plan doesn’t need to be complicated but it would need to have the details on how you will finance the business, the organizational structure, and sales projections.
2) Understand why you need the plan in the first place.
You are writing the business plan to serve as a guide to your future strategy and long term objectives for the business. That is why your business plans must also include your projections and expansion plans.
3) Show them where you are now.
If you are writing a business plan to secure a loan or an investor it pays to include a brief background of who you are and where you are now to give the reader an insight into your business.
4) Where do you want to go.
A good business plan not only tells you how to run the business but also where you’re headed. Put in details such as what additional resources you need how you plan to acquire them. Also, details such as your marketing plans can be included.