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Develop a Business Plan for Better Success
 
If your business plan is only a concept in your mind, it will be hard to convince anyone that you have a credible company. Almost all companies develop a business plan to commit to paper a vision and purpose of the existence of the enterprise. A business plan is basically a written document that describes:
  • The company;
  • What is plans to achieve;
  • How it plans to overcome risks;
  • Strategies to create revenue.
Many people see the process to develop a business plan as a daunting task involving hundreds of pages. But, in reality a well thought-out business plan is a concise and structured document and an essential foundation for any start-up or established business and serves as an indispensable guide and a blue print to success.
 
How to Create a Compelling Business Plan
 
Before you even start drafting your plan, you need to assess your business's goals and objectives. Goals tell you where you want to go, usually described in words and objectives tell you exactly how to get there, often in numbers and specific dates. A best practice is to select the five goals that are absolutely essential to business success and tailor each goal using these guidelines:
  • Keep each goal clear and simple;
  • Be specific;
  • Be realistic;
  • Goals should be in sync with the company's mission.
Other elements that should be considered in a business plan include:
  • Target market – describes the demographic of the customer, for example – age, gender, location, their interests and how the product or service will benefit these interests.
  • A unique selling point – addresses how the product or service will appeal to customers and how the company will make a difference in the lives of customers.
  • Market analysis – an assessment of the customer's needs and how the product or service will fit those needs. If your business will rely heavily on marketing, you may want to develop a marketing plan separately.
  • Key competitor information – provides an evaluation of competitor weaknesses and strengths and shows how you intend to improve on what they are doing.
  • Business operations – how products will be made or services will be provided and outlines the details of critical business processes.
  • Financial data– details projected performance in terms of startup capital, profit and loss, cash flow and balance sheet. This section also includes key ratios and sensitivity analysis.
Business plans are inherently strategic and lay out a roadmap of where you are now, with certain resources and abilities, where you want to be and a business development consultant can help you get there.
 
Business Mentors Who Can Help
 
Whether your company is just starting up, or is already well established, most people who develop a business plan can benefit from the expert feedback, advice and fresh set of eyes that business consultants online provide. Seeking business plan help has the potential to:
  • Clarify your message;
  • Uncover new insights;
  • Give a fresh perspective.
A business plan will be difficult to implement unless it is simple, specific, realistic and complete. Even if it has all of these components, a great plan will need someone to double heck it for critical mistakes. Benefit from the expertise of business consultants online when it comes time to develop a business plan.
Our Mentor Engine™ matches you with the qualified and experienced mentors who give you confidential, personalized business advice and feedback that you can measure.
 
"...you provided me with more feedback in a few sentences than my previous employer provided me in 6 years! — Laureen O'Neill
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