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How To Create A Business Plan?
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Did you know three out of four Australian businesses fail within four years of inception?
Now, what if we told you that having a well-rounded business plan can increase your chances of growth by 30%?
A business plan acts as the foundation of your business and a guide to keep you on track with your goals.
So, if you were wondering whether you really need a business plan before getting started with your business, the answer is YES!
In this blog post, we’ll explain why a business plan is so critical to your business’ success before highlighting the key elements you need to include in your plan.
Why Is A Business Plan Important?
If you’re starting a business venture, chances are you need funding. And unless you have a brimming bank account, you’ll have to ask banks, angel investors or venture capitalists for capital. And these lenders will require you to show them your business plan.
Now, it doesn’t have to be 300-pages long - in fact, you should keep it short to keep them engaged as you talk them through your plan - but it should highlight the key elements they need to see to invest in your business.
Also, as mentioned above, having a business plan improves your chances of growth by a staggering 30%! Â
That’s because writing your plan and updating it as you go allows you to lay out the foundations of your business and adjust your goals based on market conditions and other elements that might influence your activity. Besides, it helps you budget and forecast allowing you to be confident in your spending decisions.
How To Write A Business Plan Step-By-Step
Step 1:Â Write An Executive Summary
This should be written with your readers in mind and feature the key information to influence their decision.
This information includes:
- Your mission statement
- Company and management information
- Growth forecasts
- Market opportunity
- Products or services information
- Financial projectionsÂ
- Marketing and sales information
- Overview of the competition and details about your competitive advantage and selling points
Step 2:Â Describe Your Company
The company description is an opportunity for you to highlight the unique skills and expertise of your team. It should also include ownership percentages and basic details such as the business’ registered name or address.
Step 3:Â Highlight Your Business Goals
This section is crucial because this is where you set out your short term and long term goals and spell out what you’d like to accomplish.
For instance, if you’re seeking funding and are presenting to potential investors, use this section to explain why you need capital and how it’ll help underpin your business’ growth.
Step 4:Â Talk About Your Products &Â Services
This section is all about going into details about your products and services, and highlighting their features, benefits and how they can solve your ideal customer's pain points. It should also mention your sales, supply chain, distribution and pricing strategies.
Step 5: Conduct A Market Analysis & Report On It
This section will help you show potential lenders that you’ve done your research and know your competition and the challenges of the industry. It will give you the opportunity to highlight your competitive advantage and explain how your offering fits into a competitive environment. Use what you've learned from the marketing analysis to show potential areas of the market where you can win.
Step 6: Work On Your Marketing Plan
The marketing plan section is dedicated to your marketing strategy, including customer acquisition and how you plan on developing loyalty. Check out all of our articles on marketing and sales which might help you get an idea of what you need to do for this section.
Step 7:Â Conduct Financial Analysis
If you’re an existing business, this is where you include your financial statements to give potential lenders a window into the financial health of your company. This section will also allow you to showcase your financial projections, which, as you might have guessed, is a pretty important factor for investors.
And if you’re a start-up, simply focus on financial projections, including quarterly sales and profit estimates.
Show That You've Thought Of Everything
If you want to build trust with potential lenders, don’t forget to mention risk management and business insurance. Showing you’re aware of the risks you’ll face as a business in your industry and that you’ve already researched ways of covering your bases will make you appear professional and knowledgeable and help sway investors in your direction.
For business insurance tailored to your needs, don’t hesitate to check our instant quote generator, to get an estimate on market-leading insurance in seconds.Â
Simply enter your occupation and expected revenue to get started!
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