Businesses that aim to get funding from outside sources should give a formal business plan. Even if your company has enough funding, there are other reasons to have a good business plan. The process of making a business plan is helpful in defining the kind of company that you want to develop and focusing on the goals which should be achieved. A business plan can be useful for measuring your progress, strategizing a marketing plan and hiring professionals for particular positions within your company. A great plan doesn`t just explain who you are but also what you do. This is a strategy for designing the future of your business. The bottom line is a business plan serves as a way to completely understand every aspect of your business. When writing a killer business plan, the rules below must be followed.
It Should be Clear
There are some things more disappointing than trying to read through a material that is poorly written. When you are not good at writing a business plan, you can consider hiring a business plan consulting firm to help you get your plan on paper. From the cover to the appendix, you will wish to make sure your plan is concise, clear and detailed. The business plan should not be more than 20 pages long. Partners, investors and employees who will go through your business plan will check for specific details so ensure you come up with an easy-to-understand plan.
Make your Executive Summary as Impressive as Possible
The executive summary describes what you want and what your business does clearly and when investors aren`t impressed with it, they will stop reading your plan. Investors will want to know the reason your business is unique so try to offer them a reason to believe it will succeed in the industry. Try to make it easy for investors to be confident of the ability of your business to thrive; however, ensure your reasons are short and to the point.
Be Specific about your Target Market
Ensure you give specific information on growth potential, size, trends and future sales. Each business serves a particular demographic like coffee drinkers, new moms or certain bracket. This is where you will show off your excellent research skills and knowledge of your industry. The majority of market information can be obtained through your census data, chamber of commerce, industry associations and business owners. Don`t forget to monitor your sources to back up your claims. When you let a pro write your business plan, ensure that he`s writing not only based upon the business plan writing service cost; rather on the quality of write-ups he is expected to produce.
You can define the market by offering specific information on growth potential, trends, future sales and size. Here you will state your marketing technique and pricing in order to show the way you plan to profit against your competition.
Ensure you Show your Business in the Best Light
Make use of the “Company Overview” to offer your company`s profile like the date it was established, its location and your chosen legal business structure. This is a great portion to describe your company`s success or when your company is new, the previous accomplishments of your partner and your own.
Joe Goerbert is a successful entrepreneur. He always believes that a business plan should be created by a writer who works for a reputable business plan consulting firm.