Steps to Write a Business Plan
Identifying Your Objective
The first step while writing a business plan, is to clearly identify the objective of your business plan.
- Draw out the aim and underlying purpose for the business plan
- See, whether it is an internal business plan or an external one, so not to lose your mark
- Define the crucial components and elements that you want to include
- Check them with your objectives again and strike out the unnecessary details
A company’s brief is required for external business plans, and introduces and explains about the what, how, and when of your company to the outer- stake holders. So, after completing the first step of your business plan, now you need to present a noticeable picture of your company that would compliment and back up your propositions.
Classifying Your Product
The classification of a product gives a reality check to its masters. It tells them the exact position where they are standing with a hundred similar products, hence chalking out room for improvement and improvisation. The classification draft for your product should include the following:
- The exact specs of your product
- Decide on that what exactly would your product deliver in terms of utility to the buyers
- Expectations of your customers, when they buy your product and how good you are in their satisfaction and retention
- Detail out your plan for the “continued existence and survival” of your product among the plethora of similar products
- Probability of your customers, coming to buy again
Understanding the Industry
No business operates in a utopia. No matter how much one hates it, competition is present all around. For this, you have to take into account the brass tacks of the industry that you are dealing in. Market research and case studies would help you to better define your goals and strategy.
Surviving in the Industry
Survival and success in any industry owes to the fact that how fast you grasp the working principles of the market that you are dealing in, and then formulate policy to balance yourself. You can work on the following modules to start off:
- Marking your Centers of Excellence
- Identifying your USP (Unique Selling Position)
- Product Leverage
Distinguishing Your Market
On the basis of the above steps of your business plan, you can outline a feeble sketch of your market that you would be targeting. Naturally you would be tempted to take on the whole market. But in case of a start up business plan, you have to be wary of the competition that you are dealing with and hence start off from safe-spots.
Setting up a Strategic Marketing Plan
Writing up a strategic marketing plan is crucial to the success of the overall business plan. It helps you to keep in line with your marketing strategy and advertising tactic that you would implement to expound your business. Include details on how you aim for the introduction, launch and advertising, along with the anticipated costs.
Since, you have already earmarked your objectives, so you’ll see whenever you are straying off. This would help you to focus on the crucial needs only, while developing your business plan and strategy.
Concluding Steps in Writing a Business Plan
Calculation and Analysis: Analyze the time, cost, efforts and the man power that you’ll need to get your end-results
Short-Term and Long-Term Goals: These are the mission statement detailed into the land marks that you need to achieve one by one to complete the whole picture. So lay them carefully in lieu with the rest of the steps in your business plan.
Managerial Structure: Build a managerial structure that you’ll need in a six-month, one-year and three-year time period to meet your end-results.
Financial Blueprint: Jot down all the costs and expenses that you will have to bear and if tight on a budget, cross out the peripheral details and narrow the focus.
I hope, that these steps for writing a business plan would help you in producing a quality document , next time!