6 Steps to a Perfect Business Plans Writing

Every enterprise needs to have a written business plan. Whether it's to attract investors or provide direction, a business plan is vital for the success of your enterprise. In fact, according to statistics, 52 percent of all businesses that collapse do so because they don't have a valid business plan.

A good business plan helps identify what your business aims to do and how it will achieve it. With the high failure rates of new entrants into the market, a business plan is an opportunity to test the feasibility of your business idea and spot its flaws. It'll also help analyze the competition and set aside any unrealistic projections.

However, writing a business plan can be overwhelming. As the business owner, you may not have the requisite skills to write a business plan. At times, you may be too busy to undertake the exercise on your own. In such a case, you'll need to engage the best Business Plans Writing service to help you in the process.

There's a lot of advice on how to write a business plan. But there's any single correct way. Your approach is dependent on your industry, your audience, and the intended purpose. For instance, are you looking for extra financing or engaging the investors? Have a competent business Plan Writer to guide you in the process.

A business plan serves different purposes, but there's a universal consensus on the following.

1. Research, Research, and More Research

Research and analyze your market, products, and objectives. In fact, you should spend twice as much time researching, thinking and evaluating your ideas than you actually spend writing a plan.

If you want to write a perfect plan, you need to know your market, company, product, and company intimately.

Put simply, it's your responsibility to know everything about the business and industry you're venturing into. Read everything available on your industry and have a chat with your audience.

2. Understand the Purpose of Your Business Plan

Before you draft your business plan, understand your audience. Who is going to read your plan? Is it the investors, potential directors, banks, or your marketing team?

Customize the business plan in a way to accommodate the needs of your audience. For instance, the investors want to know whether the idea is viable or not. Will their money be put into good use? If your plan doesn't address this, you may not get the funds that you so much need.

3. Create a Company Profile

Your business profile includes the history of your enterprise. The products and services you offer, your target audience, target market, available resources and how you'll solve a problem in the market.

Most business owners place their company profile on their official websites. They'll then use this to attract possible talent and customers. But, you can still use the same profile to describe your company on your plan.

It's not only a crucial part of the business plan but also the first parts you'll write in the plan.

As such, having a profile makes the entire process simple to compose.

4. Document All Aspects of Your Firm

Investors want assurances that your company will make them money. Due to this, they'll want to know everything about your firm. In order to help with this process, document everything from your cash flow, expenses, and industry projections.

Also, don't forget some minor details like your licensing agreement and location strategy.

5. Have a Strategic Marketing Plan

A competent Plan Writer will help you draft a strategic and aggressive marketing plan. It should help you achieve marketing objectives like:

• Introduce new products to the market
• Extend or regain a market for the current products
• Enter new markets and territories for new products
• Boost sales in a particular market, price or product. Also, where will the business come from, be specific?
• Cross-sell one product with another
• Raise prices without reducing sales
• Refine your product
• Develop a content marketing strategy
• Enhance product delivery

Each of these objectives should have several goals and strategies for attaining these goals. When developing the marketing objectives, focus on the "why" and "what" tasks for the year ahead. When doing the implementation, focus on the practical, sweat-and-calluses areas of when, who, how and when. That's life in the marketing trenches.

Of course, you'll need to incur costs to achieve your marketing objectives. As such, you need to set aside a budget for the activities you've planned. Strive to create two separate budgets for external costs and staff hours.

6. Make it Adaptable

The potential readers of your business plan are diverse. They range from bankers, employees to venture capitalists. Despite their diversity, they're a finite group.

Each reader will have a specific interest in your plan. As such, you'll need to examine their interests. If you do know them, take them into account when preparing for that specific audience.

For instance, bankers will be interested in cash-flow statements and balance sheets. The venture capitalists will be looking at your management team and the basic business concept. Your management team will be using the plan to remind themselves of the objectives.

Because of this, ensure your plan can be modified depending on the audience reading your plan. When making alterations, keep them limited from one business plan to the other. That means some data like financial projections should be kept similar across the board.

Conclusion:

Whether you're sharing your plan with a customer, investor or your team member, your plan needs to show you care. It should show your dedication towards a business.

You can discuss the problems you want to solve, your values and mistakes you've learned from. Don't forget to state your unique selling prepositions.

In explaining why you care, your business is able to establish an emotional connection with the audience and other businesses. In this way, they'll all support your business to grow and thrive.

Don't forget that your business plan is a living document. As such, evaluate your performance and make adjustments where necessary.

Juan Bendana is a full time freelance writer who deals in writing with various niches like technology, Pest Control, food, health, business development, and more.