How To Write A Business Plan
A good business plan can serve as a useful roadmap and reminder of your goals, plans and challenges.
Do you value the success of your business? A business plan is essentially your answers to a list of comprehensive questions. A good question to ask is, ‘Where do you want your business to go?’
A business plan creates direction from the outset. We know that growing or starting your own business is difficult, keep your business on track through this initial process with a Business Plan. Plus, it is also a common requirement when seeking finance.
What elements and questions are involved in your business plan? Below the following components can help you create an executive summary:
This outlines the strengths of what your company offers, this may be present products or services as well as how these can be developed in the future. Future products and service offered may be outlined.
This is an important step as knowing who your competitors are and what their key strengths and weaknesses will give your business a competitive edge. It forces you to think about what areas will you have or gain competitive advantage? Think about how to do so. A SWOT analysis of your competitors is beneficial at this stage.
It is essential to have this in mind who are your target customers? What are their needs, wants and demographic? This affects your profit margins and growth it is important to understand the psychology of your customers.
Conduct a market analysis. Target your audience. What promotional and marketing campaigns will you use? How will you price your products or services? What market position do you want for these?
Operations and Management plan:
An operations and management plan is important for the daily function of your business. Define your action plan. At this point have a 12 month and 5 month direction for your business, what are your goals at each of these milestone years?
What is the required funding (external) to build your company ? Where will the funds be invested? What is the projected revenue for the next 12 months and next 5 years? What assets are necessary for your business to acquire?
When you have completed your business plan it is important to consider the following
- Reflect and re-examine. It is important to regularly go over your business plan to ensure you can keep that core focus on a day to day basis and that projects reflect the direction you want your business to head in. It is also important to review the plan to amend any strategies that occur.
- Share your business goals with employees so they can keep this in mind while trying to make targets. However your business plan is essentially the business blueprint and you want to keep this confidential.
At LawPath we understand the importance of a customised business plan. You can now create one for your business in under 20 minutes for absolutely free.
Unsure where to start? Contact a LawPath consultant on 1800LAWPATH to learn more about customising legal documents, obtaining a fixed-fee quote from our network of 600+ expert lawyers or to get answers to your legal questions.
Dominic is the CEO of Lawpath, dedicating his days to making legal easier, faster and more accessible to businesses. Dominic is a recognised thought-leader in Australian legal disruption, and was recognised as a winner of the 2015 Australian Legal Innovation Index.