Here are 4 simple steps to write a successful business plan
Define the ideal target for your product or service. Why do they want what you provide? What motivates them? If you had to describe them as person to a friend, what attribute would you use? Capture the answers so you can use the in you business plan
Define your competitive set, strengths, weakness, etc. Compare their to yours. Note the gaps in the business plan.
Identify who can help/hinder your success. How can you influence them or lessen their impact?
Define the environmental factors which can impact your business. Capture how they can they negatively or positive affect your business in your plan.
The business model outlines how your business creates value and makes money. What's the process of how you acquire orders and convert them into cash? What are the cost drivers and inefficiencies? It can be helpful to make a diagram of all the steps required to run your business. Start at the beginning. What steps do you take to reach your customers? All the way through to how that money is deposited into your bank.
If you have don your homework in steps 1 and 2, some of these questions will already be answered.
There are four financial documents you will most likely need to complete your plan
If you mapped our your business model, step 1 should be relative straightforward. While the other three are less so, we offer some free tools that might help.
These are the steps to write a successful business plan. Some may seem easy. Others are more difficult. If you find yourself getting stuck, ProStrategix Advisors can help
Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkedIn profile