Let me tell you the answer clearly. A complete fiasco. Period. Well, maybe it’s too hard for you to chew the fact, but this is the ultimate reality.
Simply writing down the business plan helps you to communicate your vision and ensures that everyone is on the same page. At the same time, you can benchmark your startup and check the progress with the passage of time. In fact, a comprehensive business plan is a prerequisite for a successful business and proves that you are not winging about your vision.
Are you scratching your head by this time? Don’t. Though this guide is not intended to explain step-by-step about how to write a business plan. But it will definitely teach you to implement some of the most crucial tips of designing a working business plan. Ready for it? Let’s dive in.
Keep it Short
You are super serious about your business and just made a 100-page comprehensive business plan. It includes everything in the finest detail. You are done, right?
Oh, sorry. There’s a minor problem. Your business plan is supposed to provide you a guideline and roadmap for your business. In fact, it gives a firm structure for your yet-to-be-successful startup. Long story short: you will need to go through your business plan from time to time and check whether your ship is on the right path. So, it has to be readable as well.
But do you know what you have just done with a 100-page business plan? Well, you just made a report which will only be relegated to your office’s desk drawer, and you will never see them again.
- Keep your business plan short, succinct, and readable. In a business, everyone should be on the same page, and you don’t want to create hassles for anyone to deal with your super serious 100-page business plan.
- Remember that your business plan is the most powerful tool that you want to deploy from time to time. You will continue to use and refine as you grow your business.
- Try to get rid of the fluff as much as you can. Any filler language will hurt your business plan and instantly investors will turn away from it.
You need a business plan to be novel, creative, and executable. As you craft your business plan, you must thoroughly research before you design one. Even before you start, it’s desirable to make a great outline of your plan, which helps tremendously in extensive research.
- You have to be realistic with your business plan. If you are not honest with yourself in designing a working business plan, sooner or later, your business will collapse. That’s why it’s extremely important to consider all the challenges and opportunities involved with your business.
- Everyone screams about being conservative in their business plans, but sadly, they aren’t. You have to be. Get conservative with the available resources and financial information. If you can show relevant examples that show you are conservative in your approach and projections, it will go an extra mile for you.
- Get creative with your business plan. Crafting you full business plan depending only on a simple, rigid business template will seriously hurt you. In fact, this is the most stupid idea an entrepreneur can have. There are a countless number of business plans. So, it all comes down to how you set yourself apart from the crowd and grab someone’s attention.
Have Your Vision in Mind
Your business plan is the biggest stage for you to communicate your vision to everyone. Indeed, a business plan is your perfect canvas to bring all your sweet ideas into life.
The first thing that investors are going to notice is your vision statement. It shows your extra passion and zeal for your business. As you outline your business plan have your vision in your mind; otherwise, everything will be amorphous for you. Investors always love to work with those who are engaged in and passionate about their business.
- Don’t get clichéd when you write your own company’s vision statement, which expresses your effort and energy towards the business. Simply telling “we want to be the best in the industry” doesn’t work. In fact, it’s such a common phrase that leaves people underwhelmed.
- The vision should always be forward-looking. Definitely, you want to tell your customer and envision how you would like to see your business in next (put a number) years in the future. It exudes confidence and spurs you toward success.
These are some of the most important tips that I’ve learned throughout my career, and you can get benefitted from them today! So, to implement these ideas as you outline and design a working business plan. Best of luck to your new venture!
Do you have a question?
Also published on Medium.