How to Build a Successful Business Plan
Having a successful business plan can not only keep both you and your employees on track, it can also help structure your company and create a road map to its success over the next 3-5 years. Here’s how to create a plan that’s tailored for achievement:
Elements of a Business Plan
Here is what every business plan should have:
- Company Description
- Describe your company and its marketplace goals, then explain why your products or services will make a profit and what needs they will satisfy.
- Market Analysis
- Define your industry, your target market, the needs of your customers, your pricing structure, and your competitors (which you should describe in depth).
- Organization & Management
- This part should include the structure of your business including your employees, board of directors, and company ownership. Also include whether you’re in a partnership with another company.
- Products and/or Services
- Provide details about the products and/or services you offer and why they will meet the needs of your customers.
- Marketing Strategy
- This section should describe what marketing plans you have for your business and the strategies you have in place to fulfill them.
- If you’re hoping to get funding for your business, outline your requirements and how you’re going to use the funds to succeed.
- Financial Projection
- Here you have to provide historical (if your business is not new) and prospective finanancial data. Make sure your financial projection matches your funding requirements.
- Executive Summary
- Your executive summary should teach your audience about the strengths of your business plan – where your company currently stands, where you intend to be, and why you’ll be successful.
Things to Consider
Be brief, but be specific
Since several people will be reading this business plan, make sure you keep it relatively brief. Your business plan doesn’t need to go into every single detail – in fact, including too much information could actually lead to unrealistic expectations. However, our digital marketing company suggests making sure that your brief descriptions are specific enough to explain your business and its future goals.